Zcash institutional products, European ETPs and price surge

The combined wave of product launches and market moves around Zcash has deepened institutional access while amplifying price volatility. 21Shares listed physically backed exchange-traded products on Euronext Paris and Amsterdam: the 21Shares Zcash ETP (ISIN CH1608218801, ticker ZCASH) and the 21Shares ether.fi ETP (ISIN CH1608218819, ticker ETHFI). Both ETPs carry a 2.5% annual management fee, opened with an inception date of Sept. 21, 2026 and initially showed 5,000 securities outstanding and roughly $100,000 in assets under management apiece in early snapshots (ETHFI was reported at approximately $99,600 AUM).

21Shares describes both products as physically backed, meaning the underlying tokens are held by institutional custodians; current key-information references name BitGo as a custody provider, while documentation lists other institutional custody options. The ETPs give brokerage investors indirect ZEC or ETHFI exposure without requiring private key management or direct custody. 21Shares framed Zcash’s investment case around its capped supply and optional privacy features, while noting the evolving size of the privacy-coin sector.

The European launches follow Grayscale’s U.S. move: Grayscale converted its Zcash Trust into The Zcash ETF (ticker ZCSH) on NYSE Arca in late August. A later SEC filing showed Digital Currency Group invested roughly $100 million in the ETF on Sept. 8 by exchanging 85,705.32563297 ZEC through an authorized participant. Grayscale has scheduled a 3-for-1 forward split for ZCSH, with record date Sept. 28 and split distribution after market close on Sept. 29; the split will not change total holding value but will alter per-share NAV and share count.

Market reaction has been significant. CoinGecko reported ZEC climbing above $1,600 on Sept. 23, with an intraday high near $1,643. Across different reports the one-year gains vary—sources cited growth from roughly 1,100% to as much as 3,266%—and recent metrics showed ZEC up more than 10% in 24 hours, 43% in seven days, and over 91% in 30 days, with 24-hour volume near $1.77 billion. The rally has enticed leveraged traders and sparked liquidations: Lookonchain flagged a trader (0xE34E) opening a 50x long on 140 ZEC (about $224,000 notional) that showed an unrealized profit of roughly $70,700 (~1,581% reported return) as prices moved above $1,600. CoinGlass data recorded about $21.62 million in 24-hour liquidations, with approximately $19.39 million hitting short positions.

Mining-side developments also surfaced: Fortitude Digital Mining reported it mined roughly 28% of all ZEC produced in the first half of 2026, underscoring concentrated production on the network. Meanwhile, 21Shares’ materials noted the privacy-coin sector’s expansion—estimates of sector size and Zcash market capitalization varied between reports—while the ETHFI product connects investors to the governance and utility token of Ether.fi, a protocol reported to hold about $4.9 billion of assets on its platform in September (per 21Shares citing DeFiLlama), though that figure relates to the protocol rather than the ETP’s assets. The convergence of regulated ETP listings in Europe, a U.S.-listed spot ETF, concentrated mining activity, and leveraged trading has reshaped how investors access and trade ZEC, with product fees, custody arrangements and legal structures remaining material considerations for institutional and retail participants.