21Shares Launches Europe’s First Zcash ETP on Euronext Alongside ETHFI Product

21Shares has launched what it describes as Europe’s first exchange-traded product (ETP) tied to Zcash, giving investors regulated exposure to the privacy-focused cryptocurrency through traditional brokerage accounts without requiring direct custody of the token.

According to Wu Blockchain, the asset manager listed the physically backed Zcash ETP on Euronext Paris and Amsterdam. The launch was accompanied by a second physically backed ETP tracking Etherfi’s governance token, ETHFI.

Zcash ETP Debuts on Euronext

The new Zcash product provides exposure to Zcash through a listed investment vehicle rather than requiring investors to purchase and hold ZEC directly. The product is physically backed, according to the information shared by Wu Blockchain.

The ETP is listed on both Euronext Paris and Euronext Amsterdam, expanding the availability of Zcash-linked exposure through established European market infrastructure.

The structure allows investors to access the asset through traditional brokerage accounts. This removes the need for investors using the ETP to maintain direct custody of Zcash tokens themselves.

ETHFI Product Launched Alongside Zcash ETP

21Shares also launched a physically backed ETP tracking ETHFI, the governance token associated with Etherfi.

Both products carry an annual management fee of 2.5%, according to the information reported by Wu Blockchain. The fee applies to the investment products rather than to the direct acquisition or custody of the underlying digital assets.

The simultaneous launch gives European investors access to two different crypto assets through exchange-traded structures, with each product providing exposure through traditional financial-market infrastructure.

The use of physically backed structures means the products are designed to provide exposure to the underlying tokens rather than relying solely on derivative contracts to track their prices.

European Launch Follows U.S. Zcash ETF

The European debut comes after Grayscale launched its spot Zcash ETF on NYSE Arca in the United States, according to the X post.

The sequence places the 21Shares product within a broader expansion of listed investment vehicles offering direct exposure to individual crypto assets. Unlike direct token ownership, exchange-traded products can be accessed through conventional brokerage accounts, with custody handled through the product structure.

For Zcash, the 21Shares listing represents a new European market vehicle for gaining exposure to the asset. The product's availability on Euronext Paris and Amsterdam provides listed-market access while retaining the underlying asset's connection to the cryptocurrency itself.

Regulated Access Without Direct Token Custody

The products' structure is particularly relevant for investors who want cryptocurrency exposure without managing wallets, private keys or direct token custody. Instead, investors purchase securities through their brokerage accounts and gain exposure through the ETP.

Both the Zcash and ETHFI products carry the same 2.5% annual management fee, according to the information provided by Wu Blockchain.

The launch markets therefore adds two new exchange-traded crypto products to European markets, with Zcash becoming the focus of 21Shares' latest ETP offering and ETHFI introduced through a separate physically backed product on Euronext Paris and Amsterdam.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.