Zcash ETF Interest Grows as 21Shares Launches European ETP

Published: 2026-09-23 19:53:18 |

21Shares launched Europe’s first Zcash ETP, ZCASH, on Euronext Paris and Amsterdam on 22 September. The physically backed Zcash ETP uses BitGo as custodian, trades in euros in Paris and US dollars in Amsterdam, and charges a 2.5% annual management fee. It began with 5,000 units at a net asset value of $20.04 each, representing about $100,000 in assets under management. The listing expands regulated European access to Zcash without requiring investors to manage private keys or use a crypto exchange. However, the ETP’s initial size is too small to materially affect ZEC liquidity or price in the short term. Its fee is also higher than those charged by many Bitcoin and Ether products. Investor interest in Zcash investment products is already evident in the US. Grayscale’s ZCSH ETF, launched on NYSE Arca on 25 August, has attracted more than $233 million in inflows and holds nearly $890 million in assets. A one-for-three share split is scheduled for 30 September. Zcash has rallied more than 2,700% this year, reaching nearly $1,680 before falling to about $1,522, a daily decline of roughly 6.6%. With a market capitalisation near $27.5 billion, ZEC ranked among the largest crypto assets. The European Zcash ETP may support longer-term institutional access, but the sharp rally, high volatility and risk of profit-taking remain important trading considerations.

Neutral

The launch is structurally positive because it broadens regulated access to Zcash and may support institutional demand over the long term. Grayscale’s nearly $890 million ZCSH asset base also signals meaningful investor interest in Zcash products. However, the new 21Shares ETP started with only about $100,000 in assets, limiting its immediate effect on ZEC demand, liquidity and price. In the short term, ZEC’s price is more likely to be driven by its exceptional 2,700% annual rally, recent retreat from nearly $1,680 to about $1,522, and elevated profit-taking risk. The 2.5% management fee may also reduce demand compared with lower-cost crypto products. As a result, the listing provides a long-term access catalyst but does not establish a clear near-term directional signal, supporting a neutral assessment.