Particle.news
Download on the App Store

Europe Gets Its First Physically Backed Zcash ETP

The listing widens regulated brokerage access to ZEC, raising questions about custody, concentrated holdings, leverage risk, market liquidity.

Overview

  • 21Shares listed a physically backed Zcash ETP as ZCASH on Euronext Paris and Amsterdam that launched Sept. 22 and trades in euros and dollars through conventional brokerages.
  • The ETP holds underlying ZEC with institutional custodians, names BitGo in its documentation, charges a 2.5% annual fee and began with about 5,000 securities and roughly $100,000 in assets.
  • The European product follows Grayscale’s conversion of its Zcash Trust into the U.S. ZCSH spot ETF, a fund that received an affiliated DCG ZEC exchange and is set for a 3-for-1 share split before markets open Sept. 30.
  • ZEC’s price surged to multiyear highs near $1,600–$1,680 as on‑chain activity spiked, with Messari reporting about $23 billion in weekly transfer volume and Zodl showing a jump in shielded transactions.
  • Market watchers warn the new regulated access brings tradeoffs for investors: higher custody and management costs, no direct coin ownership, tighter supply from affiliated flows, and greater price sensitivity from rising derivatives exposure.