21Shares launches Zcash ETP on Euronext…

21Shares brought a physically-backed Zcash ETP (ticker ZCASH) and an Ether.fi ETP (ETHFI) to Euronext Amsterdam and Paris on 22 September, both carrying a 2.5% annual fee. The launch follows Grayscale's US Zcash ETF debut (ZCSH), which now manages nearly $890 million in assets. ZEC climbed above $1,500 this year.

What 21Shares actually launched

The Zcash ETP (ISIN CH1608218801) and the Ether.fi ETP (ISIN CH1608218819) both trade on Euronext Amsterdam (in dollars) and Euronext Paris (in euros), with an annual management fee of 2.5% (source: 21Shares press release via GlobeNewswire, 22 September 2026). Jasmin Muelhaupt, director of financial product development at 21Shares, said: "European investors want straightforward access to projects that are building useful technology" (source: GlobeNewswire, 22 September 2026). Cointelegraph independently confirms these are physically-backed products, listed on both Euronext Paris and Amsterdam (source: Cointelegraph, 22 September 2026).

Grayscale's US Zcash ETF is running hot

The Zcash ETP follows closely on Grayscale's US ETF debut: the Zcash Trust converted into a listed ETF under ticker ZCSH on NYSE Arca on 25 August. The fund now manages nearly $890 million, with $11 billion in cumulative trading volume since launch (source: The Block, 18 September 2026, checked 23 September 2026). Digital Currency Group invested roughly $100 million in early September, and the fund is getting a 3-for-1 stock split on 30 September after the strong inflows (source: The Block, 18 September 2026).

Why ZEC climbed so hard this year

ZEC hit $1,521 in early September, a multiple of where it started the year (source: The Block, 18 September 2026). Grayscale analyst Zach Pandl points to Zcash's "second-mover advantage": the project can benefit from bitcoin's network effect while offering optional privacy features bitcoin doesn't have (source: Cointelegraph, 22 September 2026).

What it means for European investors

Where US investors already had access via ZCSH since late August, European investors had no comparable listed product to buy until this week. The ZCASH ETP on Euronext closes that gap — much like 21Shares' Injective ETF did earlier this week: again a case where European investors get Euronext access to a product that made headlines in the US first.

The catch: high fee, small start, high volatility

The 2.5% annual fee is relatively high compared with mainstream ETFs, and the product launches with a small amount of assets under management. ZEC is also one of the most volatile major cryptocurrencies this year: a price that multiplied within a few months can fall just as hard. This article isn't investment advice — anyone buying in is doing so at a price level already well above where it started 2026.

Frequently asked questions

Where can I buy 21Shares' new Zcash ETP?

On Euronext Amsterdam (in dollars) and Euronext Paris (in euros), under ticker ZCASH.

Is this the same product as Grayscale's US Zcash ETF?

No. Grayscale's ZCSH trades on NYSE Arca in the US; 21Shares' ZCASH is a separate, physically-backed European product on Euronext.

How much does 21Shares' Zcash ETP cost?

2.5% per year in management fees, the same as the Ether.fi ETP launched alongside it.

Why did ZEC's price rise so much this year?

Through a combination of Grayscale's US ETF debut, growing inflows and what analysts call a "second-mover advantage" relative to bitcoin, thanks to Zcash's optional privacy features.

Sources, checked 23 September 2026:

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