21Shares launches Zcash and ether.fi ETPs on Euronext

Swiss asset manager 21Shares introduced two physically backed exchange‑traded products (ETPs) that give brokerage investors exposure to Zcash (ZEC) and ether.fi (ETHFI) without the need to manage private keys or hold the crypto directly.

European launch details

Both the Zcash ETP (ticker ZCASH, ISIN CH1608218801) and the ether.fi ETP (ticker ETHFI, ISIN CH1608218819) began trading on Euronext Paris and Amsterdam on 21 September. The securities are priced in euros on the Paris market and in U.S. dollars on the Amsterdam market. Each product carries an annual management fee of 2.5%.

Initial size and custody

• Each ETP started with 5,000 securities outstanding.
• Early assets under management were reported near $100,000 per product.
• Underlying tokens are held by institutional custodians; BitGo is named as the custody provider for the Zcash ETP.

Zcash ETP

The Zcash ETP provides indirect exposure to ZEC through a traditional brokerage account. Investors own the exchange‑traded security, while the ZEC tokens remain in custody. 21Shares highlights Zcash’s capped supply of 21 million coins and its optional privacy features based on zero‑knowledge cryptography.

ether.fi ETP

The ether.fi ETP tracks the governance and utility token of the ether.fi protocol, which originated as a liquid restaking platform and has expanded into borrowing, swaps, payments and card services. The ETP does not confer ownership of ether.fi as a company nor a share of protocol revenue.

Context with U.S. offerings

The European launch follows Grayscale’s debut of a U.S.-listed Zcash ETF (ticker ZCSH) on NYSE Arca in late August. Grayscale’s fund holds ZEC directly and recently received a $100 million investment from its parent, Digital Currency Group. The U.S. ETF announced a 3‑for‑1 forward split effective at the end of September.

Regulatory structure

21Shares structures its single‑asset crypto products as ETPs under European regulations, whereas Grayscale’s product is registered in the United States as an ETF.