European asset manager 21Shares has launched two new physically backed exchange-traded products tracking Zcash and the ether.fi token, listing them on Euronext Amsterdam and Euronext Paris. The products began trading on September 22, giving investors exposure through traditional brokerage accounts without the need to hold the underlying cryptocurrencies directly or manage private keys.

The 21Shares Zcash ETP trades under the ticker ZCASH with ISIN CH1608218801, while the 21Shares ether.fi ETP is listed as ETHFI with ISIN CH1608218819. Both products trade in euros on Euronext Paris and in U.S. dollars on Euronext Amsterdam. They are available via European brokerage platforms and financial institutions. Underlying assets are held with third-party custodians.

The fee level sits above the range typically seen for many Bitcoin and Ether investment products available on European exchanges, which often fall between 0.2% and 1.5%. Market participants are monitoring whether the higher cost structure will affect demand for these specialized offerings, which provide exposure to assets with lower liquidity than the largest cryptocurrencies.

Product Details and Underlying Assets

The Zcash ETP delivers exposure to ZEC, a privacy-focused cryptocurrency with a maximum supply of 21 million coins. The product structure supports optional shielded transactions and incorporates a focus on privacy alongside post-quantum security considerations. This marks the first European exchange-traded product tied to Zcash.

The ether.fi ETP tracks ETHFI, the governance and utility token of the ether.fi protocol. The platform began with liquid restaking and has expanded into services that include earning, borrowing, payments, and spending. Both products are designed as physically backed alternatives, linking each share to actual holdings of the respective tokens rather than synthetic exposure.

Zcash Market Context and Institutional Interest

The European listing arrives after Zcash recorded strong price performance. At recent market readings on September 22, ZEC traded near $1,530 to $1,546. The token had recently moved above $1,500 and posted gains of nearly 1,100% over the past year according to market data providers.

The rally has renewed discussion of Zcash as a potential alternative to Bitcoin in certain use cases. Grayscale head of research Zach Pandl noted that Zcash could benefit from second-mover advantages that may help it address Bitcoin’s established network effects, a hurdle that earlier alternatives such as Litecoin faced.

The European ETP follows the earlier introduction of the Grayscale Zcash ETF in the United States, which trades on NYSE Arca under the ticker ZCSH. Together, the U.S. and European products indicate expanding institutional interest in regulated access to the privacy-focused asset.

Mining activity has also drawn attention. Fortitude Digital Mining reported that it mined approximately 28% of all ZEC produced in the first half of 2026. The firm cited Zcash’s proof-of-work model, capped supply, and privacy features as factors in its focus.

Broader Access Through Regulated Channels

The new listings add ZEC and ETHFI to Europe’s expanding range of crypto exchange-traded products. Investors can now gain exposure through established securities exchanges rather than purchasing tokens on crypto platforms. This approach removes the operational requirements of direct ownership while maintaining physical backing of the underlying assets.

21Shares positioned the products as ways for both institutional and retail investors to access these assets via regulated channels. The ether.fi offering in particular extends European ETP coverage into tokens linked to active decentralized finance protocols beyond the largest cryptocurrencies.