21Shares has rolled out a new set of exchange-traded products in Europe, bringing Zcash exposure to regulated Euronext markets and pairing it with a physically backed product tied to Ether.fi’s ETHFI token. The Zcash launch underscores how far privacy coins have traveled from niche infrastructure toward mainstream portfolio wrappers.
On Tuesday, the firm listed its physically backed Zcash ETP on both Euronext Paris and Euronext Amsterdam, giving investors the ability to hold Zcash-linked exposure through brokerage accounts rather than managing the cryptocurrency directly.
Key takeaways
- 21Shares listed a physically backed Zcash ETP on Euronext Paris and Amsterdam, offering ZEC exposure in a traditional investment format.
- A second physically backed ETP tracks ETHFI, the governance and utility token of Ether.fi, trading on the same Euronext venues.
- Both products charge a 2.5% annual management fee, which is higher than many comparable European crypto ETPs.
- The timing aligns with strong Zcash performance, including a recent push above $1,500 and a large gain over the past year, according to CoinMarketCap data.
- US and European product expansion is building momentum, following the earlier launch of Grayscale’s Zcash ETF on NYSE Arca.
Physically backed Zcash enters the Euronext wrapper
With the new Zcash ETP, 21Shares is effectively translating ZEC ownership into an exchange-listed product. Instead of buying and safeguarding the coin themselves, investors can access the asset through regulated trading and standard brokerage infrastructure.
The ETP is described as physically backed, meaning the product is intended to be supported by underlying Zcash holdings rather than relying on derivatives-based exposure. That structure often appeals to investors who want direct asset linkage while avoiding custody and operational complexity.
ETHFI ETP also lands in Europe
Alongside the privacy-coin listing, 21Shares introduced an ETP tracking ETHFI, associated with Ether.fi—an ecosystem that supports staking and other crypto financial services. The ETHFI product, like the Zcash offering, is physically backed and trades on Euronext Paris and Euronext Amsterdam.
For investors, the ETHFI ETP provides a similar “wrapper” experience for a token tied to a DeFi platform’s governance and utility. It also signals that ETP issuance in Europe is not limited to legacy assets such as bitcoin and ether, but is extending into tokenized access to active on-chain finance segments.
Fees: 2.5% puts both products above many peers
While the headline is new access via Euronext, the pricing details are equally important for potential buyers. Both the Zcash and ETHFI ETPs carry an annual management fee of 2.5%. The fee level stands out because it is well above what many Bitcoin– and Ether-linked investment products typically charge in Europe.
That higher fee can matter significantly for investors planning to hold over longer periods, especially in a market where alternative routes to crypto exposure—such as lower-fee ETPs or other regulated products—may be available. Investors evaluating either ETP may want to compare the total cost relative to their time horizon and expected volatility.
Zcash’s momentum revives “Bitcoin alternative” comparisons
The Euronext listing arrives during a period of renewed attention to Zcash’s market performance. The article notes that Zcash recently moved above $1,500 and was up nearly 1,100% over the past year, based on CoinMarketCap data.
That performance has also been feeding broader discussions about whether Zcash can serve as an alternative to bitcoin in certain narratives. Cointelegraph previously reported that Grayscale’s head of research, Zach Pandl, argued that Zcash could benefit from “second-mover advantages,” potentially helping it overcome Bitcoin’s entrenched network effects—an area where some earlier alternatives have struggled.
In practical terms, product listings like these often follow market interest. When an asset’s price action and institutional visibility rise together, it can create a feedback loop: regulated wrappers expand the investor base, and that expanded access can further boost attention.
Mining interest and institutional build-out
The Zcash story is not only about exchange-traded products. Mining activity has also been in focus. Cointelegraph reported that Fortitude Digital Mining said it mined about 28% of all ZEC produced in the first half of 2026, highlighting the scale of its operations on the network. The company tied its focus to Zcash’s proof-of-work model, its capped supply, and privacy features.
Meanwhile, Zcash’s move into regulated product structures is not confined to Europe. The source notes that the addition comes after the arrival of the Grayscale Zcash ETF in the United States, which trades on NYSE Arca under the ticker ZCSH. Combined with this European rollout, the trend points to a widening institutional appetite for Zcash exposure—despite ongoing debates about how privacy-oriented assets fit into regulated finance.
Investors should watch how these ETPs trade after launch—particularly whether the relatively high 2.5% fee influences demand—and whether Zcash’s recent momentum persists alongside further product announcements in other jurisdictions.
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