Zcash Price Cracks $1,600 as 21shares Lists Europe’s First ZEC Product

Published:Sep 23, 2026, 3:59 AM EDTZcash Price Cracks $1,600 as 21shares Lists Europe’s First ZEC Product

ZEC cleared $1,600 on Tuesday for the first time since 2016, hours after 21shares listed Europe’s first Zcash exchange-traded product on Euronext Paris and Amsterdam.

WRITTEN BYShiraz JagatiSHAREPublished: Sep 23, 2026, 3:59 AM EDT

Key Takeaways

• 21shares’ Zcash ETP carries a 2.5% annual fee, well above most European bitcoin products.
• ZEC’s market cap reached $27.5 billion on Sept. 23, ranking it ninth among all crypto assets.
• Grayscale’s ZCSH splits 3-for-1 on Sept. 30, lowering the entry price for U.S. buyers.

The Listing That Moved It

ZEC pushed past $1,600 over the past 24 hours and is currently trading at $1,622 (up 8%). The catalyst arrived from Europe as asset manager 21shares announced the listing of the region’s first physically backed exchange-traded product (ETP) tied to zcash on Euronext Paris and Amsterdam, trading under ISIN CH1608218801. The firm listed a second ETP alongside it, tracking ETHFI, the governance token of Ether.fi, a decentralized finance (DeFi) protocol built around staking.

Both products are physically backed, meaning the issuer holds the underlying coins rather than synthetic exposure. Both also carry a 2.5% annual fee, a number worth sitting with. That is several times what a European investor pays for mainstream bitcoin or ether products, and it prices in exactly how hard the underlying asset is to source and custody.

Why Europe Went Second

The European listing follows Grayscale, which brought the first spot Zcash exchange-traded fund (ETF) to NYSE Arca under the ticker ZCSH. That fund has since pulled in enough demand to make the split arithmetic necessary. To elaborate, Grayscale is running a 3-for-1 forward split with a Sept. 28 record date, additional shares distributed Sept. 29, and post-split trading beginning Sept. 30.

Bitcoin.com News reported earlier this month that ZCSH absorbed $46.56 million in a single session, its second-largest daily inflow since launch, lifting net assets near $917 million.

What the Shielded Pool Says

The supply data is the part that argues this is a genuine positioning shift rather than a momentum chase. More than 30% of all ZEC in existence, roughly 4.9 million coins, now sit fully shielded in encrypted pools, an all-time high for the network.

Shielded coins are assets that have been deliberately moved out of transparent addresses and holders pay a usability cost to do it. A record share of supply taking that step, while price runs, suggests the buyers are not purely speculative.

That distinction has been building for a while and Bitcoin.com News recently covered the asset when it first crossed $1,000, a time when Arthur Hayes and Bitwise’s Matt Hougan both referred to privacy as a “structural trade rather than a seasonal one.” ZEC has since run roughly 19-fold over a year.

The Rally Is Not Clean

The rally hasn’t been unequivocally clean given that ZEC fell from a year-to-date high of $1,590 on Sept. 18 to $1,429 before finding support above $1,440. Tuesday’s move reclaimed that ground and then some.

Also, while leverage has followed, so have the risks, and one trader running a 50x long on Aster DEX was reportedly up 1,581% on a $224,000 position as ZEC broke through, per Lookonchain.

In any case, ZEC now commands a $27.5 billion market cap, regulated wrappers on two continents, record shielded supply, and a 2.5% fee that tells everyone that the plumbing is still expensive. The next test is whether the European flows show up in the same size as the U.S. ones did.

Read Now

Read Now