21Shares opens Europe's first Zcash ETP with 5,000 units on Euronext Paris and Amsterdam
The fund charges 2.5% a year on about $100,000 of day-one assets held with BitGo, four weeks after Grayscale's US Zcash ETF began trading on NYSE Arca. The European money has not shown up yet.
The Investor · Invest desk
What happened
- 21Shares listed Europe's first Zcash exchange-traded product on Euronext Paris and Amsterdam on Sept. 22, physically backed, trading as ZCASH and charging a 2.5% annual management fee.
- The fund opened with 5,000 securities outstanding at a net asset value of $20.04 a unit and about $100,000 of assets under management, according to 21Shares' own factsheet.
- Grayscale's US Zcash ETF, ZCSH, splits 3-for-1 with a Sept. 28 record date and trades on a post-split basis from Sept. 30.
- ZEC's market capitalisation is near $27.5 billion, the ninth-largest among crypto assets, according to Decrypt.
Why it matters
- What it costs cost Holders pay 2.5% a year, so the fund has to reach $4 million of assets before that fee produces $100,000 of annual revenue for 21Shares.
- Who has to decide decision A European brokerage client now chooses between paying 2.5% a year and self-custodying a coin that is gone for good if the keys are mismanaged.
- What doesn't add up contradiction Decrypt had ZEC sliding about 6.6% to roughly $1,522 on Wednesday while Cryptopolitan had it near $1,629 and up about 7% in 24 hours, so launch-week price direction is not something a buyer can take from the coverage.
- What it sets up precedent A shielded-asset wrapper can be listed on Euronext before any demand for it exists, and the next long-tail token needs only a custodian willing to hold it and a shelf fee.
Next story · Invest · Oct 6
Winklevoss prices its Zcash ETF at a tenth of Grayscale's 2.5% feeConfirmed7 publishers
Grayscale's ZCSH has traded on NYSE Arca since Aug. 25 and holds close to $890 million [5][23]. The Euronext product holds $100,200, being 5,000 units at a net asset value of $20.04 [9][18]. The American fund is about 8,900 times the size [21].
Most of that gap is not money anyone wired this year. Grayscale has taken in more than $233 million, so about $657 million of the $890 million, roughly three quarters of it, came from somewhere other than disclosed creations [23][22]. ZCSH was a Zcash trust for nine years before it converted [5], and ZEC is up more than 2,700% this year [10]. Cryptopolitan puts the fund's net assets closer to $917 million, $27 million above the figure Decrypt used [24][27].
The fee pays 21Shares about $2,505 a year on its day-one assets [19]. The companion product listed the same day, tracking ether.fi's ETHFI governance token, charges the same 2.5% [4]. Decrypt argued the fee covers custody of an asset institutional custodians handle far less often than bitcoin or ether [29]; the identical price on an unrelated restaking governance token suggests 2.5% is what 21Shares charges for a listing off its main shelf. Decrypt said the fee sits well above what most bitcoin and ether ETPs charge on the same exchanges, and did not publish those fees [28].
"Zcash offers something truly distinct by combining Bitcoin's capped supply with optional privacy and future-proof cryptography," said Jasmin Muelhaupt, director of financial product development at 21shares [11]. The firm is a subsidiary of the prime broker FalconX [12]. Coinholders voted 98.9% last week to keep the Bitcoin-style halving schedule over smoother issuance [13].
About 4.9 million coins, more than 30% of all ZEC ever created, now sit in shielded pools, the highest share the network has recorded [8]. Against the 21 million cap Zcash inherited from Bitcoin's code, that is 23% of maximum supply [14][16], and the 30% share implies roughly 16.3 million coins issued so far [17].
In my view this is an option on demand that nobody has exercised. The counter is distribution: European wrappers get bought when bank platforms and fund selectors add the line, and that takes months, which is why Grayscale's second-largest single session since inception was a $46.56 million inflow in September rather than in August [24]. A third possibility is that the 2.5% is itself the obstacle, because a fee that size is hard to defend in a selection meeting once a cheaper European Zcash wrapper lists.
I would abandon the option-on-demand reading if ZCASH units outstanding move from 5,000 into six figures while ZEC is flat or falling. That would be new money choosing the wrapper, not a rising coin price flattering the assets.
What to watch
- Whether ZEC holds the support above $1,440 that Cryptopolitan flagged after its pullback to $1,429, since the fee base moves with the coin.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence58
- Adoption28
- Hype gap+44
- Incentives72
- Confidence57
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
21Shares listed Europe's first Zcash exchange-traded product on Euronext Paris and Euronext Amsterdam on Sept. 22, trading as ZCASH with a 2.5% annual management fee.
- [2]
The fund is physically backed and holds the underlying tokens with institutional custodians; 21Shares named BitGo as custodian for the Zcash product.
- [3]
ZCASH is listed in Paris in euros and in Amsterdam in dollars under ISIN CH1608218801, according to a 21shares press release of September 22.
- [4]
21Shares listed a companion physically backed ETP tracking ETHFI, the governance and utility token of the restaking protocol ether.fi, at the same 2.5% fee.
- [5]
Grayscale's ZCSH, the first US spot Zcash ETF, launched on NYSE Arca on Aug. 25 as a conversion of Grayscale's nine-year-old Zcash Trust.
- [6]
ZCSH splits 3-for-1, with a September 28 record date and trading on a post-split basis from September 30.
- [7]
ZEC's market cap sits near $27.5 billion, the ninth-largest among crypto assets.
- [8]
More than 30% of all ZEC ever created, or about 4.9 million coins, are now held in shielded pools, the highest share ever for the network.
- [9]
The fund launched with 5,000 securities outstanding, a net asset value of $20.04 per unit and about $100,000 in assets under management on day one, according to 21Shares' own factsheet.
- [10]
ZEC has gained by over 2,700% this year.
- [11]
"Zcash offers something truly distinct by combining Bitcoin's capped supply with optional privacy and future-proof cryptography," said Jasmin Muelhaupt, director of financial product development at 21shares.
- [12]
21shares is a subsidiary of prime broker FalconX.
- [13]
Coinholders voted 98.9% last week to keep Zcash's Bitcoin-style halving model over smoother issuance.
- [14]
Zcash forks Bitcoin's code and keeps its 21 million coin cap, proof-of-work mining and halving schedule, while adding optional shielded transactions that hide sender, receiver and amount.
- [15]
For investors who want Zcash exposure the ETP removes the need for a crypto exchange account and private keys; mismanage those keys and the coins are gone for good.
- [16]
The 4.9 million ZEC in shielded pools is 23% of the 21 million maximum supply.
- [17]
If 4.9 million coins are more than 30% of all ZEC ever created, issued supply is roughly 16.3 million coins.
- [18]
Day-one assets of 5,000 units at $20.04 of net asset value come to $100,200.
- [19]
A 2.5% annual fee on $100,200 of assets produces about $2,505 a year for the issuer.
- [20]
At a 2.5% annual fee, the fund needs $4 million of assets to generate $100,000 of annual fee revenue.
- [21]
Grayscale's ZCSH, at close to $890 million, is about 8,900 times the size of the 21Shares product's $100,200 of day-one assets.
- [22]
With more than $233 million of disclosed inflows against close to $890 million of assets, about $657 million of ZCSH's assets, roughly 74%, came from something other than disclosed creations.
- [23]
Grayscale's ZCSH has pulled in more than $233 million and now holds close to $890 million in assets.
- [24]
Earlier in September ZCSH saw a single-session inflow of $46.56 million, its second-highest daily inflow since inception, and net assets pushed close to $917 million.
- [25]
ZEC touched an intraday high near $1,680 on Wednesday, then eased back to roughly $1,522, a slide of about 6.6% on the session.
- [26]
The ZEC price traded at about $1,629 on Wednesday, up about 7% in the past 24 hours.
- [27]
Cryptopolitan's ZCSH net asset figure of close to $917 million is $27 million above Decrypt's close to $890 million.
- [28]
The 2.5% fee is well above what most Bitcoin and Ether ETPs charge on the same exchanges, according to Decrypt, which did not publish those fee levels.
- [29]
Because the product is physically backed, the fee also covers custody of an asset most institutional custodians handle far less often than BTC or ETH, according to Decrypt.
Sources
2 independent publishers whose own reporting we read for this story.
- cryptopolitan.com21shares charges 2.5% a year for Europe's first Zcash ETP as ZEC passes $1,600
1 article · September 23, 2026
- decrypt.coZcash's Wall Street Moment Reaches Europe With Its First ETP Listing
1 article · September 23, 2026
Topics and entities
Topics
- Digital Asset Custody
- Privacy Coins
- Crypto exchange-traded products
- Fund Fees and Expense Ratios