21shares在泛欧证券交易所推出欧洲首个Zcash ETP…

Zcash faces severe test, traders aim for new lows: What does the new Zcash ETP offer investors?

European asset manager 21Shares has launched the region's first exchange-traded product (ETP) linked to Zcash. Amid the sharp rise in ZEC prices and growing demand for listed cryptocurrencies other than Bitcoin and Ethereum, the launch of the product gives investors access to cryptocurrencies focused on privacy protection through regulated brokerage channels. The product, called "21Shares Zcash ETP," is traded under the code "ZCASH" and began trading on Euronext Paris and Amsterdam markets on Tuesday.

The product has a physical support structure, which means that the fund holds the actual ZEC tokens to support the value of the security, rather than relying on derivatives to replicate the price fluctuations of the tokens. This structure allows investors to gain Zcash exposure through traditional investment accounts without having to manage digital wallets, private keys or directly hold cryptocurrency.

At the same time, 21Shares also launched a physical support ETP linked to the governance and utility token ETHFI of the decentralized financial protocol ether.fi. The product is also available in Paris and Amsterdam. Both products have an annual management fee of 2.5%, which makes them cost much higher than many existing Bitcoin and Ethereum products in Europe. In contrast, 21Shares currently have rates for some core Bitcoin and Ethereum products. Less than 1%.

Why launch Zcash exchange-traded products now?

The release in Europe follows Zcash's rapid expansion in the U.S. regulated investment market. Grayscale's Zcash fund began trading on the New York Stock Exchange's Apache Market under the code "ZCSH" on August 25, converting its existing trust funds into exchange-traded products. The U.S. product's assets exceeded US$500 million within two weeks of its launch in NYSE Arca, and options trading was subsequently introduced. This expansion gives U.S. investors access in spot form to a cryptocurrency that has historically complex relationships with regulated exchanges and financial institutions due to its privacy features. 21Shares now provides similar access for European investors.

The launch also coincides with Zcash's strongest price increase in years. The recent price of ZEC once exceeded US$1,500. It was about US$850 in early September of the beginning of the year, and remained in the range of more than US$1,400 on Tuesday. The rally sparked discussions about comparing Zcash to Bitcoin. Both networks use a proof-of-work (PoW) mining mechanism and each has a maximum supply of 21 million coins, but Zcash adds an optional blocking function designed to hide transaction information.

Investor revelation

Zcash is transforming from a niche private asset to a cryptocurrency that is increasingly accessible through traditional brokerage accounts. The key test will be whether regulated investment demand can remain strong after the recent price surge, especially given the annual rates of up to 2.5% for new European products.

Can Zcash overcome the regulatory challenges faced by privacy coins?

受监管的Zcash产品的增长形成了一种不寻常的对比。机构投资者的准入正在扩大，与此同时，专注于隐私的加密货币在某些司法管辖区仍面临限制。例如，菲律宾已禁止受监管的加密货币平台上市匿名增强型加密货币，这类资产可能包括Zcash和门罗币（Monero）。

Zcash与一些专注于隐私的竞争对手不同之处在于，其隐私功能是可选的而非强制性的。交易可以是透明的，也可以使用屏蔽地址，这一区别对于交易所、托管机构和投资产品发行商评估合规风险至关重要。

Grayscale研究主管Zach Pandl认为，Zcash在试图与比特币既定的网络效应竞争时，可能会受益于“后发优势”。早期的比特币替代方案难以挑战原始加密货币的地位，但受监管的托管服务、ETF准入以及改善的市场基础设施，现在为新投资产品提供了以往加密周期中不存在分销渠道。

机构接入会改变ZEC市场吗？

上市产品不会改变Zcash的基础协议，但它们可以改变谁可以持有该资产以及资金如何进入市场。无法直接持有加密货币的专业投资者，理论上可以通过受监管证券获得ZEC敞口；经纪商和投资组合经理也可以在无需构建加密托管基础设施的情况下将该资产纳入投资组合。

兴趣也延伸到了Zcash挖矿领域。随着ZEC价格的上涨，大型运营商增加了对该网络的曝光度，这得益于其工作量证明模型、固定供应量以及对隐私导向资产需求的回升。下一个问题是，欧洲首款Zcash ETP在初始发行后是否能吸引持续的资产流入。Grayscale在美国快速的资产增长表明需求确实存在，但ZEC的大幅反弹以及相对较高的2.5%欧洲产品费率，提高了在大部分近期价格上涨已经发生后进入市场的投资者的门槛。