CoinShares Launches Physically Backed Zcash ETP on Euronext Paris

CoinShares launched a physically backed Zcash exchange-traded product on Euronext Paris on Oct. 28, 2026, expanding its physical digital asset lineup to include privacy-focused layer-1 networks ¹. Trading under the ticker ZCSH in euros, the vehicle provides institutional and retail market participants with indirect exposure to $ZEC without requiring direct management of private keys or self-custody wallets ¹.

The product is 100% physically backed by ZEC held in institutional custody and carries an annual management fee of 1.50% ¹. CoinShares stated that while Zcash has maintained a market valuation above $20 billion, its native asset has faced limited distribution channels and narrower institutional custody options compared to peers of similar scale ¹. The new security allows market participants to access the asset through traditional brokerage accounts ¹.

Network Design and Distribution

Originally launched in October 2016 as a fork of the Bitcoin codebase, Zcash retains key parameters of $BTC, including a 21 million coin supply limit, a proof-of-work consensus mechanism, and quadrennial halving schedules ¹. The network differentiates itself through optional transactional privacy enabled by zero-knowledge proofs ¹. Transactions remain public by default, while users can generate viewing keys to grant external auditors or regulators visibility into specific shielded activities without broadcasting transaction data publicly on-chain ¹.

CoinShares Chief Executive Officer Jean-Marie Mognetti noted that the product serves as a regulated bridge for investor demand in privacy-preserving public blockchain infrastructure ¹. At the time of writing, $ZEC traded at $1,305, up 4.4% over the prior 24 hours, amid broader market stability.