Asset manager 21Shares has expanded its European exchange-traded product lineup with two new listings on Euronext, including what it describes as Europe’s first ETP tied to Zcash. The launch was reported by Wu Blockchain, which said the Zcash product is arriving alongside an ETHFI-related ETP.
The move adds a privacy-focused digital asset to the European ETP market at a time when regulated vehicles for bitcoin and Ethereum have become common. Zcash has a smaller and more specialized user base, but it remains one of the most recognized privacy coins. By packaging Zcash into an exchange-traded product, 21Shares is allowing investors to gain exposure through a listing on a major European exchange instead of managing private keys or trading on crypto-native venues.
How the Zcash and ETHFI products fit the wider ETP market
Exchange-traded products have become a familiar route for traditional investors seeking crypto exposure. European issuers have introduced products tied to a range of assets, from bitcoin and Ethereum to staking tokens and thematic baskets. The new Zcash ETP is notable because it brings a privacy-focused blockchain project into that regulated wrapper. Privacy coins have often faced a more difficult listing environment, with some exchanges and service providers choosing to limit support, so a European ETP launch can be seen as a test of institutional appetite for that segment.
The ETHFI product adds another layer. ETHFI is the token associated with Ether.fi, a liquid restaking protocol. A dedicated ETP would offer exposure to a protocol-specific token that sits within the Ethereum staking and restaking ecosystem. Rather than interacting with smart contracts or staking infrastructure, an investor could hold a listed security that tracks the token’s market performance. That may appeal to investors who want narrower exposure to Ethereum-adjacent activities without the operational complexity of on-chain participation.
Both products are examples of how European ETP issuers are moving beyond simple bitcoin or Ethereum exposure into more targeted strategies. The addition of Zcash, in particular, shows that issuers are still willing to engage with assets that have distinct technical features, even if those features raise compliance and monitoring questions.
What to watch after the Euronext listings
The immediate question is whether the new products can attract enough liquidity to become viable. Listing on Euronext provides access to established market infrastructure, but demand depends on whether investors want exposure to Zcash and ETHFI at current market conditions. The products do not change the underlying risks of the tokens, including volatility and regulatory uncertainty. Investors should review each product’s documentation and fees before making decisions.
A second factor is regulatory posture. European regulators have generally allowed crypto ETPs, but privacy-focused assets have come under scrutiny in other jurisdictions. If the Zcash ETP trades without significant friction, it could reinforce the view that regulated European listing venues can accommodate a broader range of digital assets. If liquidity remains thin or compliance challenges emerge, the launch may serve as a cautionary example for other issuers considering privacy-coin products.
For now, the launch is a product expansion rather than a market-wide shift. It adds Zcash exposure to the European ETP universe and gives protocol-specific Ethereum exposure through ETHFI, while leaving broader adoption questions to be answered by trading activity and investor demand.
