21Shares has expanded its European ETP lineup with two physically backed products—one linked to Zcash (ZEC) and another tied to Ether.fi’s ETHFI token. The Zcash launch marks the first exchange-traded product in Europe specifically offering exposure to the privacy-focused coin through regulated market infrastructure.
On Tuesday, the firm listed its physically backed Zcash ETP on Euronext Paris and Amsterdam, enabling investors to obtain ZEC exposure via traditional brokerage accounts without directly holding the cryptocurrency. In parallel, 21Shares introduced a physically backed ETP tracking ETHFI, the governance and utility token of Ether.fi, also trading on Euronext Paris and Amsterdam.
Key takeaways
- 21Shares launched Europe’s first Zcash-linked physically backed ETP on Euronext Paris and Amsterdam.
- A second new product tracks Ether.fi’s ETHFI token, also in physically backed form on the same venues.
- Both ETPs charge a 2.5% annual management fee—significantly higher than many comparable European crypto products focused on bitcoin and ether.
- The expansion follows the U.S. debut of a Grayscale Zcash ETF trading on NYSE Arca under ticker ZCSH, underlining growing institutional reach for ZEC.
Regulated access for Zcash in Europe
ETPs have become a common route for institutional and retail investors to access crypto exposure within traditional market frameworks. By listing a physically backed Zcash ETP, 21Shares is effectively bringing ZEC into that ecosystem on two major Euronext markets: Paris and Amsterdam.
The listing structure is straightforward: rather than using derivatives or synthetic exposure, a physically backed ETP is designed to hold the underlying asset. For investors, that can simplify operational considerations—especially for those who prefer not to self-custody or manage direct exchange and wallet logistics—while still accessing ZEC exposure through a broker.
However, the economics matter. The 2.5% annual management fee is well above the level charged by many bitcoin and ether ETPs in Europe, which could influence investor demand—particularly for those assessing total cost over time rather than only near-term price momentum.
ETHFI ETP broadens the theme beyond privacy coins
Alongside the Zcash product, 21Shares launched an ETP tracking ETHFI, the token associated with Ether.fi, a decentralized finance protocol offering staking and other crypto-based financial services. Like the Zcash offering, the ETHFI ETP is physically backed and trades on Euronext Paris and Amsterdam.
This second listing signals that 21Shares is not only focused on privacy-coin exposure. Instead, it is also adding a product tied to the broader DeFi ecosystem—where token value is often linked to participation in protocol services such as staking, governance, and network activity. For investors, that creates a choice between two different “entry points” into crypto themes: privacy-focused infrastructure on the one hand, and DeFi utility on the other.
As with the Zcash ETP, the 2.5% annual fee also sets a notable baseline. Traders and long-term holders will likely weigh that ongoing cost against expected volatility and the pace at which token fundamentals can change in DeFi markets.
Zcash’s surge renews Bitcoin comparisons
21Shares’ decision to launch the Zcash ETP arrives amid a renewed spotlight on the coin after a strong market run. According to CoinMarketCap data cited in the original reporting, Zcash recently pushed above $1,500 and has gained nearly 1,100% over the past year.
That performance has pulled Zcash back into debates about whether it can operate as more than a niche privacy asset. In particular, renewed attention has returned to the idea of Zcash acting as a potential alternative to bitcoin—an argument that has appeared in past discussions around network effects and long-term survivability.
Grayscale head of research Zach Pandl has previously argued that Zcash could benefit from “second-mover advantages” that might help it overcome bitcoin’s entrenched network effects, according to earlier commentary covered by Cointelegraph. The broader question for investors is whether Zcash can convert price momentum into durable demand from institutional channels—especially as more regulated products become available.
At the same time, the existence of institutional ETP and ETF wrappers does not automatically solve underlying adoption challenges. For privacy-focused networks, sustainability often depends not only on price cycles but also on ecosystem growth, developer activity, liquidity depth, and regulatory treatment across jurisdictions.
Institutional momentum: U.S. ETF and ongoing mining activity
Europe’s new Zcash ETP follows a related development in the U.S. Earlier coverage highlighted the launch of a Grayscale Zcash ETF that trades on NYSE Arca under the ticker ZCSH, described in the original reporting as arriving after U.S. regulatory approval.
Taken together, a U.S. exchange-traded product plus the arrival of a European ETP suggests Zcash is increasingly on the radar of asset managers that focus on regulated access. That shift matters because it can widen the investor base—particularly among participants who may face internal constraints on direct cryptocurrency ownership.
There are also signals of scale within the network’s proof-of-work ecosystem. Fortitude Digital Mining told Cointelegraph that it mined about 28% of all ZEC produced in the first half of 2026, framing its focus on Zcash around its proof-of-work model, capped supply, and privacy features. While such statements do not directly determine price, they can be relevant to how investors think about network participation and the operational depth behind the asset.
For now, investors should treat the product rollout as a step forward in access rather than a guarantee of sustained outperformance. The key variable will be whether higher-cost ETP structures—especially with a 2.5% fee—can attract steady flows as the market digests Zcash’s recent rally.
Looking ahead, readers should watch how trading volumes and inflow dynamics develop for both of the new Euronext listings, and whether Zcash’s institutional exposure continues to broaden after the U.S. ETF addition—alongside any further clarity on long-term catalysts for ZEC that go beyond price momentum.
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