Zcash has climbed sharply toward $1,600 as European investors gain a new way to access ZEC through a regulated exchange-traded product.
21Shares launched its physically backed Zcash ETP on Euronext Paris and Amsterdam, giving European brokerage customers exposure to ZEC without having to purchase and store the cryptocurrency themselves. The issuer announced the listing on Sept. 22, although Zcash’s rally was already underway before the product reached the market.
The product trades under the ticker ZCASH, with a euro-denominated listing in Paris and a dollar-denominated listing in Amsterdam. Its ISIN is CH1608218801. The ETP structure provides exposure to ZEC while the underlying assets remain in the product’s custody.
The annual management fee is 2.5%, while investors may also face additional brokerage costs. This setup differs from buying ZEC directly, where users can transfer their coins to a personal wallet and manage their own custody.
According to 21Shares, the product is the first Zcash ETP made available to European investors.
The ETP came after the rally had already started.
The timing is important when looking at the connection between the new product and Zcash’s price move.
21Shares lists Sept. 21 as the product’s inception date, while the public listing announcement followed on Sept. 22. ZEC was already trading near $1,540 on Sept. 19, when CryptoSlate reported on the rally and linked increased market attention to Grayscale’s separate U.S. Zcash ETF efforts.
That means the European ETP provides a new route for investors to gain ZEC exposure, but it does not by itself explain the entire price increase that came before its launch.
Zcash network activity reaches levels not seen in years
Price isn’t the only metric drawing attention to Zcash.
Last week Zcash saw its highest transfer volume since 2021, it’s second highest week ever, settling over $23B in value. pic.twitter.com/RfhaLFALB2
— Messari by Blockworks (@MessariCrypto) September 22, 2026
Messari reported more than $23 billion in Zcash transfer volume during the previous week. That was the network’s highest weekly transfer volume since 2021 and its second-highest weekly figure on record.
Transfer volume measures the value moved across the Zcash network. It should not be treated as a direct measure of new investment into ZEC or money flowing into the 21Shares ETP, since those are separate metrics.
Activity involving shielded transactions has also increased.
Shielded Zcash activity just hit a four-year high.
62,379 transactions were sent last week, the highest weekly total since 2022. pic.twitter.com/D7BK6LvyhS
— Zcash Open Development Lab (@zodl_co) September 22, 2026
Zodl reported on X that Zcash recorded 62,379 shielded transactions during the week, the highest weekly figure since 2022. Shielded transactions are designed to hide transaction details that would otherwise be visible on the public blockchain.
The figure counts transactions, rather than individual users, so it does not show how many people were behind that activity. Future weekly data will help determine whether the increase continues.
For investors watching Zcash, the European ETP and the recent network activity provide additional data points beyond the token’s price. Assets held by the ZCASH product could eventually indicate how much demand is coming through European brokerage channels, while network activity can provide a separate view of how Zcash itself is being used.
These indicators will develop at different speeds as the new product begins trading.
