21Shares has launched two new cryptocurrency exchange-traded products on Euronext Paris and Amsterdam, including what is being described as Europe’s first ETP providing direct exposure to Zcash, as crypto issuers continue expanding regulated investment products beyond Bitcoin and Ethereum.
The Zurich-based digital-asset manager announced the 21Shares Zcash ETP (ZCASH) and 21Shares ether.fi ETP (ETHFI) on September 22. Both products are physically backed by their respective cryptocurrencies and can be purchased through conventional brokerage accounts.
The products began trading with euros as the trading currency on Euronext Paris and U.S. dollars on Euronext Amsterdam. Each charges an annual management fee of 2.50%.
Zcash Gets Regulated European Investment Wrapper
The Zcash product trades under ticker ZCASH and carries ISIN CH1608218801.
Unlike a futures-based product, the ETP is physically backed, meaning ZEC tokens corresponding to the product are held with institutional custodians. 21Shares lists BitGo among the product’s custody providers and Flow Traders and Virtu Financial Ireland as authorized participants and market makers.
The product had approximately $100,212 in assets under management, 5,000 securities outstanding and a NAV of $20.04 per unit in 21Shares’ initial product data. Its inception date is listed as September 21.
Zcash differs from Bitcoin primarily through its optional privacy architecture. The network supports shielded transactions using zero-knowledge proofs, allowing transaction information to be concealed while enabling the network to verify that a transaction is valid.
The ETP does not itself give investors those privacy capabilities. Instead, it provides price exposure to ZEC through a conventional exchange-listed security, eliminating the need for investors to directly manage wallets or private keys.
Its European launch follows the expansion of regulated Zcash exposure in the United States, adding another institutional investment wrapper around an asset historically associated with privacy-focused cryptocurrency markets.
ETHFI Product Extends ETPs Deeper Into DeFi
Alongside Zcash, 21Shares launched its first product tracking ETHFI, the governance and utility token of ether.fi.
The 21Shares ether.fi ETP carries ticker ETHFI and ISIN CH1608218819, with the same Euronext Paris and Amsterdam listings and 2.50% annual fee. It is also physically backed.
Initial 21Shares data showed approximately $99,612 in assets under management, 5,000 securities outstanding and a NAV of $19.92 per security.
Ether.fi has grown into a significant Ethereum-focused decentralized-finance platform. 21Shares said approximately $4.9 billion of assets were on the platform as of September, supported by its staking ecosystem and weETH liquid-restaking token.
The two launches illustrate the widening scope of Europe’s crypto ETP market. Products that initially concentrated heavily on Bitcoin and Ethereum increasingly provide regulated access to individual DeFi protocols, alternative layer-1 networks and specialized cryptocurrencies.
There is also an important structural distinction from U.S. terminology. 21Shares notes that European single-crypto investment products are generally structured as ETPs rather than UCITS ETFs, because European fund-diversification requirements prevent conventional fund structures from holding a single crypto asset.
For Zcash in particular, the Euronext listing creates a regulated route into an asset whose privacy features have historically complicated access through mainstream financial institutions.
For 21Shares, launching ZCASH and ETHFI together extends the same strategy in two directions: bringing a privacy-focused cryptocurrency into a traditional investment wrapper while expanding regulated ETP exposure deeper into Ethereum’s DeFi ecosystem.