Europe asset manager 21shares has listed two physically backed ETPs tracking Zcash (ZEC) and Ether.fi’s governance token ETHFI on Euronext Paris and Amsterdam. This is Europe’s first Zcash product, following the U.S. Grayscale Zcash ETF. ZEC has surged and broken through $1,500, and the mining side has also seen a 28% concentration. Privacy coins and DeFi tokens are moving from the fringes into mainstream financial channels. (Background: The Zcash (ZEC) ETF pulled in $98.21 million in a single week, beating Bitcoin.) (Extra context: Dragonfly calls a halt to the Zcash development fund—should the $95 million be returned to the market?) On Tuesday, Europe’s crypto asset manager 21shares officially listed two physically backed ETPs on Euronext Paris and Amsterdam: one tracking Zcash (ZEC) and the other tracking Ether.fi’s governance token ETHFI. This allows European retail investors and institutions to invest directly in these two crypto assets through traditional brokerage accounts, without needing to hold the coins themselves or set up wallets. The Zcash ETP is especially worth watching: it is Europe’s first exchange-traded product tied to Zcash, coming right after the Grayscale Zcash ETF listed in the U.S. (NYSE Arca, ticker ZCSH). With both products moving forward in parallel, it signals that privacy coins are making their way from crypto-native communities into regulated institutional investment channels. Both ETPs charge an annual management fee of 2.5%, far higher than the typical 0.2%–1% range for Bitcoin and Ethereum ETPs. This reflects that compliance costs for emerging crypto assets in Europe remain high, and it also shows that investors who are willing to touch these niche products are currently willing to pay a premium for convenience. ZEC has risen 30x in a year—Bitcoin’s “alternative” narrative is returning to Zcash as the past year’s performance has been standout. Recently, the stock price broke through $1,500. According to CoinMarketCap data, its one-year gain is close to 30x. This move has brought the discussion of whether “ZEC can be a Bitcoin alternative” back to the forefront. Grayscale’s research head Zach Pandl has publicly said that Zcash has a “late-mover advantage.” It uses a proof-of-work (PoW) consensus, a capped total supply of 21 million coins, and privacy transaction technology—features that, by design, make it highly similar to Bitcoin. Pandl noted that early competitors such as Litecoin failed to shake Bitcoin’s network effects, but Zcash’s privacy features and more modern codebase could help it secure a foothold in the next-generation Bitcoin alternative race. Meanwhile, Zcash’s mining ecosystem has also become highly concentrated. Fortitude Digital Mining (led by former Hut 8 CEO Jaime Leverton) told Cointelegraph that in the first half of 2026 they mined about 28% of ZEC. The company’s focus on Zcash is straightforward: PoW consensus, fixed total supply, and privacy properties. With these three factors combined, Fortitude views Zcash as a mining target with longer-term value than Bitcoin. ZEC/USDT last ~720 hours trend (Source: Binance; chart drawn by Dongqu) Ether.fi also launches ETP—DeFi tokens enter Europe In addition to Zcash, the ETHFI ETP launched the same day is also worth attention. Ether.fi is a liquidity staking protocol on the Ethereum ecosystem. Users deposit ETH into the protocol to receive stETH or eETH, while also obtaining the governance token ETHFI. With this launch, ETHFI shifts from a DeFi-native asset to a financial product that can be traded through traditional brokerage platforms—just like Zcash’s ETP. Both are concrete examples of crypto product lines expanding from BTC/ETH into niche assets. Privacy coins enter Europe—the tug-of-war between compliance and narrative is only just beginning The fact that a Zcash ETP can be listed in Europe is, in itself, a signal: regulators’ tolerance for privacy coins is adjusting. In recent years, regulators have often viewed privacy coins as money-laundering tools due to their untraceable transaction characteristics. But this time, 21shares is able to list on Euronext officially, which suggests the compliance framework has found a balance point—possibly by letting exchanges control beneficiary information through the ETP structure, or by regulators accepting the “physically backed” setup as a risk-control measure. What to watch next: if Europe keeps loosening the rules, will compliance products for other privacy coins (Monero, Oasis Network) follow suit? This could be an important indicator of whether the “privacy narrative” can move from the fringe into mainstream adoption. On the other hand, although 21shares only charges a 2.5% management fee, the fund size is small—whether it can sustain compliance costs will also depend on future months’ capital inflows. The path from Grayscale’s U.S. Bitcoin ETF-like product for Zcash to 21shares’ European ETP is only just beginning. If compliance channels keep getting opened, mining concentration remains steady, and the NU7 upgrade (faster block times, quicker transaction processing) goes smoothly live, then ZEC’s “Bitcoin privacy alternative” narrative won’t just be community talk—it could become a real trend backed by institutional capital voting with their feet. Related reports Zcash (ZEC) ETF pulls in $98.21 million in one week, beating Bitcoin Zcash surges against the trend—up 23%! Paradigm says it’s Bitcoin’s “privacy add-on” Zcash NU7 upgrade confirmed to launch in November! Block production speeds up 3x, halving stays the same—ZEC jumps 20% in a day Dragonfly halts the Zcash development fund—should the $95 million be returned to the market? Ether.Fi full tutorial: the strongest credit card all-channel rewards—3% back, USDT payments directly, Taiwan test… "Zcash makes its move into Europe! 21shares launches ZEC ETP, expanding again after the U.S. Grayscale ETF" This article was first published on BlockTempo (Dongqu—one of the most influential blockchain news media).