21Shares Expands European Crypto Access With Zcash and Ether.fi ETPs

The two new securities, listed under tickers ZCASH and ETHFI, carry an annual management fee of 2.5% and operate through institutional custody providers. By utilizing these ETPs, investors can gain market exposure to ZEC and the ether.fi governance token without the technical hurdles of managing private keys or maintaining dedicated crypto exchange accounts. Both products debuted with 5,000 securities outstanding and initial assets under management totaling roughly $100,000 each.

Jasmin Muelhaupt, director of financial product development at 21Shares, pointed to Zcash’s capped supply and optional privacy features as key drivers for the product's development. This launch arrives during a period of significant market momentum for Zcash, which recently saw its market capitalization climb toward $25 billion amid a sharp rally in token price. While the European ETPs offer a new vehicle for regional participants, they operate under different regulatory frameworks than the U.S.-based Zcash ETF managed by Grayscale, which began trading on NYSE Arca in late August.

The expansion into ether.fi products signals 21Shares’ focus on the liquid restaking sector. While the ETHFI ETP tracks the price of the protocol’s utility token, it does not confer ownership in the underlying company or provide direct protocol revenue. As the market for these products matures, both 21Shares and Grayscale continue to refine their offerings, with Grayscale already preparing a 3-for-1 forward split for its U.S.-listed ZCSH fund scheduled for late September.