21Shares has launched physically backed Exchange Traded Products for Zcash and Ethereum Fi on Euronext Amsterdam and Paris, according to the announcement. Trading in the ZCASH and ETHFI products began September 22. Both charge a 2.50% annual management fee.
21Shares, a regulated Swiss digital asset manager majority-owned by Grayscale, has built its business on converting cryptocurrencies into instruments tradable through traditional brokerage accounts. The firm's ETPs, structured as exchange-traded commodities in Europe rather than funds, allow institutional and retail investors to gain crypto exposure without holding the underlying assets directly. The expansion to Zcash and Ethereum Fi follows 21Shares' earlier launches of Bitcoin and Ethereum products on the same exchanges.
Zcash is a privacy-focused blockchain with a market capitalization near $2.3 billion as of September 2026. Ethereum Fi is a staking derivative protocol built on Ethereum, with significantly smaller adoption than established layer-one blockchains. 21Shares listed both products on Euronext Amsterdam and Paris separately, targeting European investors and institutional allocators in each jurisdiction with its own regulatory framework for digital asset products.
The 2.50% fee places both products at the higher end of the digital asset ETP market. Bitcoin and Ethereum ETPs from competing issuers typically charge between 0.18% and 0.95% annually. 21Shares charges higher fees based on the operational costs of physically backing each product with the asset itself, rather than using synthetic derivatives.
Euronext has become a primary venue for European crypto ETPs since the bloc's Markets in Crypto Regulation framework took effect in December 2023. The exchange now hosts digital asset products from Grayscale, Invesco, VanEck, and iShares, making it the de facto hub for institutional-grade crypto trading in Europe.
21Shares has launched 18 crypto ETPs since 2021, with cumulative assets under management exceeding $3.2 billion as of mid-2026. The Zcash product is the first time the firm has offered a privacy coin through European regulated exchanges. Ethereum Fi represents a bet on liquid staking derivatives, a segment that has attracted billions in capital following Ethereum's 2022 shift to proof of stake.
The pricing structure and choice of two smaller-cap assets expand 21Shares' product range beyond the established Bitcoin-Ethereum duopoly that dominates ETP flows. The number to watch is whether either product accumulates material assets under management within six months, which would indicate investor appetite for alternative crypto exposure through regulated venues.
