21Shares launches Europe's first Zcash ETP on Euronext
In brief
- 21Shares listed ZCASH ETP on Euronext Paris and Amsterdam September 22, with BitGo serving as custodian.
- Annual management fee of 2.5% exceeds Bitcoin and Ether ETP fees on the same exchanges.
- ZEC rallied past $1,600 post-listing; market cap now stands at $27.5 billion.
Fee Structure and Launch Scale
The ETP charges a 2.5% annual management fee, well above what most Bitcoin and Ether ETPs charge on the same exchanges. The fund launched modestly: 5,000 securities outstanding, a net asset value of $20.04 per unit, and approximately $100,000 in assets under management on day one.
This isn't Zcash's first institutional moment. Grayscale converted its Zcash Trust into the ZCSH ETF on NYSE Arca in August, and that product has pulled in more than $233 million, now holding close to $890 million in assets. The Euronext listing expands access for European investors who want direct token exposure without the operational complexity of buying Zcash directly.
Why Zcash Matters
Zcash is a privacy coin that allows users to shield balances and transfers, unlike Bitcoin and Ethereum which are transparent by default. The network forks Bitcoin's code and maintains its 21 million coin cap, proof-of-work mining, and halving schedule. It adds optional shielded transactions that hide the sender, receiver, and amount.
Zcash's community recently doubled down on this model. Coinholders voted 98.9% to keep the Bitcoin-style halving model over smoother issuance, signaling strong preference for the original design.
Market Momentum
The ETP listing arrived at a bullish moment for ZEC. The token gained over 2,700% in the year to the listing date. ZEC pushed past $1,600 following the listing, touched an intraday high near $1,680, then eased back to roughly $1,522.
ZEC's market cap sits near $27.5 billion, making it the ninth-largest among crypto assets. Institutional infrastructure is expanding faster than it did even two years ago—and the Euronext listing signals that privacy coins are now part of the mainstream investor toolkit.
