21Shares has launched a physically backed Zcash ETP on Euronext Paris and Amsterdam, giving European investors direct brokerage access to ZEC. The debut comes as Zcash sees a spike in network activity and price swings.
Zcash hit a 24-hour high of $1,651 on September 23. The price surge came as 21Shares rolled out the first physically backed Zcash ETP in Europe. The new product, trading under the ticker ZCASH, is now listed on Euronext Paris and Euronext Amsterdam. This lets European investors buy ZEC through regular brokerage accounts, without having to hold or manage the tokens themselves.
The 21Shares Zcash ETP holds real ZEC in custody. Its inception date is September 21, 2026. The ETP trades in euros on Euronext Paris and in U.S. dollars on Euronext Amsterdam, under ISIN CH1608218801. Investors pay a 2.5% annual management fee. The product is built so users can get exposure to ZEC without handling private keys or crypto wallets. This is the first time European investors can access Zcash through a standard brokerage, according to 21Shares and independent market reports.
At launch, the 21Shares Zcash ETP had just 5,000 shares in circulation and approximately $100,000 in assets under management, highlighting its initial boutique scale.
Trading in the ZCASH ETP started on September 22, 2026. 21Shares positions the product as a bridge between digital assets and traditional finance. The launch followed a period of strong price action for ZEC. The token climbed from about $1,540 on September 19 to a peak of $1,651 before pulling back. Some of this move was linked to attention on Grayscale's U.S. Zcash ETF. The European ETP now gives investors on the continent a new, regulated way to access ZEC. 21Shares confirmed in its press release that it launched both the Zcash and ether.fi ETPs at the same time, showing its push to expand its crypto offerings.
Independent reports confirm that the ETP lets investors get ZEC exposure through a regular brokerage account, without owning the tokens directly. This setup matters for people who want regulated, custodial solutions. It removes the need for self-custody and the risks of managing private keys. The launch is seen as a step toward making privacy coins like Zcash easier for mainstream investors in Europe to access.
On-chain data shows a jump in Zcash network activity. Messari reported over $23 billion in ZEC transfer volume during the week of the ETP launch. That's the highest since 2021 and the second-highest ever. Zodl tracked 62,379 shielded transactions in the same week, the most since 2022. Shielded transactions hide transaction details and are a key privacy feature of Zcash, but they also make it hard to count unique users. It's not clear yet if this spike in privacy activity will last as more data comes in.
Physically backed crypto ETPs like the 21Shares Zcash product offer regulated market access without requiring investors to manage private keys or wallets. However, ETP holders rely on the issuer and custodian for security and redemption, and do not participate directly in on-chain privacy features such as shielded transactions.
The ZCASH ETP gives European investors a regulated way to access ZEC. This could help Zcash reach beyond crypto-native platforms. The 21Shares factsheet shows the fund started small, with 5,000 shares in circulation and a net asset value (NAV) of about $20.04 per share. That's roughly $100,000 in assets under management on day one. These numbers will now help track traditional investor demand for Zcash, alongside on-chain activity and price moves.
Physically backed ETPs are meant to connect digital assets with traditional markets. They offer regulated access and remove the need for direct custody. But owning an ETP is not the same as holding the actual tokens. For privacy coins like Zcash, the difference between on-chain activity and brokerage-based exposure matters. Shielded transactions and direct wallet control are not part of most exchange-traded products. As the Zcash network keeps seeing high transaction volume and privacy use, the market will watch both ETP inflows and on-chain data for more signals.
