21Shares listed Europe's first Zcash exchange-traded product on Euronext Paris and Amsterdam this week, expanding institutional access to the privacy-focused cryptocurrency amid a surge in ZEC trading activity.
The ETP, ticker ZCASH, trades on both venues and allows European investors to gain exposure to Zcash without holding the asset directly. 21Shares has become one of the primary issuers of cryptocurrency ETPs in Europe, with products covering Bitcoin, Ethereum and other digital assets. The listing comes as Zcash has seen significant trading volumes in 2026, driven in part by growing institutional interest in privacy-preserving blockchain technologies.
Zcash uses zero-knowledge proofs to enable shielded transactions that hide sender, receiver and transaction amounts on its public ledger. The protocol has remained active since 2016 but faced regulatory headwinds in several jurisdictions due to its privacy features. Japan, South Korea and some European exchanges have delisted or restricted ZEC trading, citing money laundering concerns. The technology itself remains legal and operational across most major markets, including the United States and Switzerland.
21Shares operates under Swiss regulatory oversight and distributes its products through exchanges across Europe. The firm has grown its product suite to cover emerging cryptocurrency sectors, recently adding an ether.fi ETP alongside the Zcash listing. Traditional asset managers and banks have increasingly partnered with ETP issuers to offer crypto exposure within regulated frameworks that meet institutional compliance requirements.
Zcash's market capitalization has climbed significantly this year as traders and investors reassess privacy-focused projects. The listing on two major European exchanges broadens distribution channels for institutional buyers in the region, where regulatory clarity around digital assets has advanced faster than in some other jurisdictions. Retail demand for privacy-preserving technologies in finance has also grown, particularly in regions with stringent data protection regulations like the EU.
21Shares' expansion into Zcash ETPs follows a broader trend of cryptocurrency issuers bringing niche assets into traditional markets. The number of crypto ETPs launched across European venues has accelerated since 2024, with issuers competing to capture institutional allocations. The Zcash ETP joins a growing library of single-asset and diversified products that let qualified investors access digital assets through their existing brokerage accounts.
The listing on Euronext Paris and Amsterdam represents a second major regulatory approval for a Zcash ETP in Europe. Privacy coins have found regulated pathways to institutional investors despite scrutiny from some financial authorities. If regulatory pressure on Zcash intensifies in other European markets, the availability of ETP products may determine whether institutional capital flows to the protocol remain stable.
