Zcash Gains First European ETP as 21Shares Lists ZEC

Zcash has secured its first European exchange traded product as 21Shares listed physically backed ZEC and ETHFI products on Euronext Paris and Amsterdam. The listings give regulated European investors direct exposure to Zcash for the first time through an ETP structure, following a US ETF launch for the privacy coin. 21Shares confirmed the two products are physically backed and trade on both French and Dutch Euronext venues. The move fits a wider push by issuers to extend offerings beyond bitcoin and ether.

What happened in Paris and Amsterdam?

21Shares listed two new crypto products on Euronext Paris and Euronext Amsterdam on the Sept. 22, 2026 coverage date. One tracks ZEC, the native asset of Zcash, and the other tracks ETHFI, the governance token of Ether.fi. Both are described as physically backed, meaning the issuer holds the underlying coins to support the notes. Trading on two Euronext venues opens access to investors in France, the Netherlands and other connected European brokerage accounts.

The ZEC listing is notable because it is presented as the first European ETP for Zcash. European investors previously had limited regulated options for direct Zcash exposure outside spot exchanges and over the counter desks. A listing on a regulated stock exchange changes custody, clearing and reporting for professional and retail brokerage users. It does not change the Zcash protocol itself.

The dual listing with ETHFI shows a parallel strategy. Issuers often launch more than one niche product at once to share listing, market making and education costs. Pairing a privacy coin with a restaking governance token reaches two distinct user bases. It also signals demand for regulated altcoin exposure beyond the largest market cap assets.

Why does a Zcash ETP matter now?

It matters now because issuers are moving quickly beyond bitcoin and ether into smaller, use specific tokens. Spot bitcoin funds in the US drew mainstream attention to regulated crypto wrappers in 2024 and 2025. Ether spot products extended that template to a programmable chain asset. Altcoin filings and listings have followed, with issuers testing investor appetite for Solana, XRP, Litecoin and privacy focused assets like Zcash.

Timing also reflects the established ETP framework in Europe. Europe has listed crypto exchange traded notes and products for several years, well before US spot approvals. 21Shares itself built much of its business on that early European structure. Adding ZEC in Paris and Amsterdam uses familiar rails rather than creating a new legal category.

For Zcash specifically, regulated access addresses a practical friction. Several centralized exchanges reduced or removed privacy coin support in recent years under compliance pressure. That reduced liquidity venues for some European users. An exchange traded product on Euronext does not replace spot markets, but it offers a separate, brokerage based path.

How did Zcash reach this point?

Zcash launched in 2016 as a code fork of Bitcoin with a focus on optional privacy. Founder Zooko Wilcox and a team of cryptographers built it around zero knowledge proofs called zk-SNARKs. Those proofs allow a transaction to be verified without revealing sender, receiver or amount in shielded transfers. Users can still choose transparent transactions that work much like bitcoin.

The network shares several Bitcoin like traits, including a fixed supply cap of 21 million coins and periodic block reward halvings. Development has been led by the Electric Coin Company with support from the Zcash Foundation and community grants. Upgrades over the years focused on lighter clients, improved shielded wallet support and reduced proving times. Adoption has centered on users who want optional confidentiality rather than mandatory privacy.

Regulatory debate has followed the coin from the start. Privacy features drew interest from civil liberties advocates and scrutiny from exchanges and regulators concerned about anti money laundering controls. Some platforms added enhanced due diligence for shielded deposits or limited support to transparent addresses. That history explains why a regulated ETP listing is a milestone for visibility, even without changing protocol rules.

What is Ether.fi and why list ETHFI alongside ZEC?

Ether.fi is a liquid restaking protocol on Ethereum, and ETHFI is its governance token. Users deposit ether and receive a liquid token that represents their staked position for use in decentralized finance. The protocol also allocates restaked security through platforms like EigenLayer. ETHFI holders can vote on protocol parameters and incentive programs.

Listing ETHFI next to ZEC highlights two different crypto investment themes. ZEC represents a decade old layer one payment network built around privacy. ETHFI represents a newer staking infrastructure token tied to Ethereum yield and governance. One appeals to scarcity and fungibility narratives, the other to staking rewards and protocol fees. Packaging them together lets 21Shares test both narratives in one announcement.

Physically backed structure applies to both products in the same way. The issuer buys and custodies the underlying digital asset to match notes outstanding. Creation and redemption by authorized participants keeps market price close to net asset value. Investors still bear token price volatility, issuer credit risk and annual product fees. Structure is familiar.

What does this mean for crypto traders?

For traders, it creates a regulated brokerage route to ZEC and ETHFI without managing private keys or crypto exchange accounts. Orders can be placed through existing equity brokers during Euronext trading hours. Holdings settle in standard securities accounts with standard tax reporting documents. Spreads and liquidity will depend on designated market makers and early volume.

The structure also changes trading constraints. ETP investors cannot use the underlying tokens for on chain payments, staking or shielded transfers. They cannot withdraw coins to a private wallet. What they gain is custody outsourcing, exchange surveillance and eligibility for certain investment mandates that cannot hold spot crypto.

Context matters for expectations. European crypto ETPs for altcoins often start with modest volumes compared with bitcoin products. Liquidity can build over months as market makers tighten quotes and platforms add the securities. Traders watch early turnover, premium or discount to asset value and growth in assets under management as signals of traction.

What to watch next

Catalysts include trading debut activity, market maker performance and whether other exchanges add the products. Observers typically track daily turnover, bid ask spreads and creations in the first weeks. Broader crypto price moves will dominate returns, since a physically backed note follows its token. Any pause in listings or technical issues would show up quickly in those metrics.

Regulation remains a key risk, especially for Zcash. The European Union Markets in Crypto Assets framework sets custody, disclosure and conduct rules for crypto service providers. Privacy coins face added compliance questions from banks and brokers about source of funds and screening. Future guidance on shielded transactions could affect exchange support and institutional comfort.

Competition is the other factor to monitor. Other issuers have broadened lineups beyond majors, so rival ZEC or ETHFI products could follow if demand appears. Fee levels, custody arrangements and lending policies will differentiate offerings. For now, 21Shares holds the first mover label for a European Zcash ETP after the US ETF step.