21Shares launched Europe’s first physically backed ETP tracking Zcash on Tuesday on Euronext Paris and Euronext Amsterdam, giving investors ZEC exposure through brokerage accounts without directly holding crypto. According to ChainCatcher, the firm also introduced a physically backed ETP tracking ETHFI, the governance and utility token of Ether.fi, a decentralized finance protocol that offers staking and other crypto financial services.

Both products carry an annual management fee of 2.5%, which is higher than most European Bitcoin and Ethereum investment products. The Zcash ETP launch followed Grayscale’s U.S. listing of a Zcash ETF on NYSE Arca under the ticker ZCSH.

Zcash has recently gained momentum, briefly topping $1,500 and rising nearly 1,100% over the past year, as interest in it as a Bitcoin alternative increased. Grayscale research head Zach Pandl said Zcash may benefit from a late-mover advantage that could help it overcome Bitcoin’s entrenched network effects.

Interest in Zcash has also extended to mining. Fortitude Digital Mining told Cointelegraph that it mined about 28% of the network’s ZEC in the first half of 2026 and said its Zcash strategy is based on the network’s proof-of-work model, supply cap, and privacy features.