21Shares Launches Europe’s First Zcash ETP Alongside a New Ether.fi ETP on Euronext
Two more tokens crossed the bridge into Europe’s traditional exchange system on Tuesday, as issuer 21Shares listed physically-backed exchange-traded products tracking Zcash and Ether.fi’s ETHFI token on Euronext Paris and Euronext Amsterdam. The Zcash product is the first of its kind available to European investors, arriving days after Grayscale’s Zcash ETF began trading on NYSE Arca in the United States under the ticker ZCSH. Both new products carry an annual management fee of 2.5% and trade under the tickers ZCASH and ETHFI respectively.
Each ETP is structured to hold the underlying token directly rather than through derivatives, with custody handled by established third-party providers, meaning the products track spot price movements in ZEC and ETHFI without investors needing to manage a private wallet, seed phrase, or exchange account of their own. For institutions and retail investors alike operating inside Europe’s regulated brokerage system, that structure turns owning exposure to a privacy coin or a DeFi governance token into the same click-and-hold process as buying a conventional equity ETF.
The Zcash listing lands during a genuine surge in interest around the asset. ZEC has climbed roughly 1,100% over the past year and briefly traded above $1,500, a run that coincided with Grayscale’s U.S. ETF launch and a broader rotation of trader attention toward privacy-focused cryptocurrencies. Grayscale founder Barry Silbert marked that U.S. launch, the direct predecessor to this week’s European listing, when trading began:
Monero, the other major privacy coin, posted its own double-digit percentage gain this same week. Whether that momentum reflects a durable institutional thesis around financial privacy as an asset category, or a shorter-lived speculative rotation, is something a wider set of regulated products like this one will help test over time — European allocators now have a straightforward way to take a position either way.
The ETHFI listing is a smaller, more targeted bet. Ether.fi has built one of the larger liquid-restaking protocols in the Ethereum ecosystem, and its ETHFI token functions as a governance and utility asset within that system. Packaging it into a Euronext-listed ETP extends 21Shares’ strategy of taking DeFi-native tokens that would otherwise be accessible only through crypto-native exchanges or wallets and making them purchasable through the same brokerage accounts investors already use for stocks and bonds.
Both products add to 21Shares’ already broad European lineup, which spans holdings on the SIX Swiss Exchange, Euronext, Deutsche Börse Xetra, the London Stock Exchange, and Cboe. As competition among crypto ETP issuers in Europe intensifies, breadth of product coverage — reaching beyond Bitcoin and Ether into higher-conviction, higher-volatility tokens like ZEC and ETHFI — has become one of the clearer ways issuers are trying to differentiate themselves from each other.
Exchange-traded products tracking individual cryptocurrencies carry the full price volatility of the underlying asset, and privacy coins in particular face an evolving regulatory landscape in multiple jurisdictions; nothing here constitutes financial advice. Readers wanting background on how token custody and ETPs work can visit coin680’s Bitcoin Academy.