Zcash’s Wall Street Moment Reaches Europe With Its First ETP Listing

The cypherpunk favorite Zcash continues to find interest among traditional investors. 21Shares listed Europe’s first Zcash exchange-traded product on Euronext Paris and Euronext Amsterdam on Sept. 22.

The physically backed fund trades under the ticker ZCASH and charges a 2.5% annual management fee, well above what most Bitcoin and Ether ETPs charge on the same exchanges.

The listing arrived alongside a companion product tracking ETHFI, the governance token of restaking protocol ether.fi, carrying the same fee. Both funds hold the underlying tokens with institutional custodians rather than tracking a futures contract, and 21Shares named BitGo as custodian for the Zcash product.

ZCASH trades in euros in Paris and in dollars in Amsterdam. The fund launched small: 5,000 securities outstanding, a net asset value of $20.04 per unit, and about $100,000 in assets under management on day one, according to 21Shares’ own factsheet.

What the Zcash product means for investors

Zcash is a privacy coin that allows its users to shield balances and transfers, unlike more traditional crypto assets like Bitcoin and Ethereum, which are transparent by default. It’s been on a tear this year, with ZEC gaining by over 2,700% as investors pile into the “Bitcoin, but private” trade.

For investors who’ve already decided they want Zcash exposure, the ETP removes the operational headache of buying it directly. There’s no crypto exchange account to open and no private keys to lose track of—mismanage those and the coins are gone for good, a risk the ETP sidesteps by trading through the same brokerage account someone already uses for stocks or bonds.

That convenience comes at a cost higher than a plain Bitcoin or Ethereum fund would charge, and because the product is physically backed rather than synthetic, the fee also covers custody of an asset most institutional custodians handle far less often than BTC or ETH.

21Shares is betting regulated demand for privacy-coin exposure justifies it, following the same logic that pushed Grayscale to convert its nine-year-old Zcash Trust into the ZCSH ETF on NYSE Arca in August.

Zcash forks Bitcoin’s code and keeps its 21 million coin cap, proof-of-work mining, and halving schedule, but adds optional shielded transactions that hide the sender, receiver, and amount. Coinholders voted 98.9% last week to keep that Bitcoin-style halving model—a baked-in mechanism that keeps inflation in check over time—over smoother issuance, an outcome the ETP now gives European brokerage investors exposure to as well.

Privacy, so hot right now

ZEC has experienced astronomical gains over the last year, and the ETP listing added fresh fuel Tuesday. The token pushed past $1,600, touched an intraday high near $1,680 on Wednesday, then eased back to roughly $1,522—a slide of about 6.6% today.

BitcoinBTC · USD

$84,540+11%

24H7D1M1YYTD

Sep 16Sep 18Sep 20Sep 22Sep 23

$87.2k$83.3k$79.5k$75.7k

24h HighHigh$87,251

24h LowLow$83,654

VolVol$1.9B

Market projectionsOdds by Myriad

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Buy

Despite the brief correction today, all available data suggests the bullish sentiment for ZEC is real and potentially lasting.

ZEC’s market cap sits near $27.5 billion, the ninth-largest among crypto assets, while Grayscale’s ZCSH—which has pulled in more than $233 million and now holds close to $890 million in assets—completes its 3-for-1 share split on Sept. 30.