21Shares在Zcash美国ETF亮相后推出ETP

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21Shares 推出实物支持的 Zcash 和 ether.fi 交易所交易产品，扩展欧洲受监管访问权限

本周，21Shares 在泛欧交易所巴黎和阿姆斯特丹分行推出了实物支持的 Zcash 和 ether.fi 交易所交易产品（ETP）。这一举措标志着欧洲投资者在 Grayscale 推出美国上市的 Zcash ETF 数周后，获得了更广泛的受监管加密资产投资渠道。

产品详情与费用结构

这两款新产品均收取每年 2.5% 的管理费，并通过托管机构持有相应的底层加密资产。ZCASH ETP 为经纪商投资者提供了 ZEC 的 exposure，而无需他们管理私钥或承担保管责任。

Zcash ETP (代码: ZCASH)：于 9 月 22 日宣布上线，ISIN 代码为 CH1608218801。产品在巴黎以欧元计价交易，在阿姆斯特丹以美元计价交易。初始发行量为 5,000 份证券，早期报告的资产管理规模（AUM）约为 10 万美元。
ether.fi ETP (代码: ETHFI)：ISIN 代码为 CH1608218819，同样收取 2.5% 的年费。初始发行量也为 5,000 份，初期 AUM 约为 99,600 美元。

Zcash ETP：隐私币的新选择

Zcash ETP provides indirect ZEC exposure through traditional brokerage accounts. Unlike buying Zcash directly, investors do not need to open a crypto exchange account or manage private keys. The product is defined as "physical support", meaning that the number of ZECs held in the product structure corresponds to the number of securities issued.

According to the disclosed documents, institutional investor custody providers include entities such as Coinbase Custody, Zodia Custody, Anchorage Digital and BitGo, of which the currently designated custodian is BitGo. It should be noted that this ETP does not give investors direct ownership of the underlying ZEC. Investors own exchange-traded securities, while crypto assets remain within the custody system of the product structure.

21 Jasmin Muelhaupt, director of financial product development at Shares, described Zcash as a "truly unique existence" and cited its fixed supply cap and optional privacy features as investment arguments. Zcash uses a proof-of-work (PoW) network with a maximum supply of 21 million coins. Its blocked transactions feature allows users to hide transaction information through zero-knowledge cryptography, while users can still choose to conduct transparent transactions.

According to 21Shares, the privacy coin sector has grown nearly fivefold in the past year, from approximately US$6.2 billion to approximately US$30 billion. In preparation for the analysis, Zcash's market value was approximately US$20 billion. However, independent market data shows that as of September 23, ZEC's trading price has exceeded US$1,500 and its market value is close to US$25 billion, with an increase of more than 30% in the past seven days and an increase of approximately 77% in the past 30 days.

ether.fi ETP：去中心化金融协议的代币化

另一款产品 ETHFI 追踪 ether.fi 治理和实用代币的价格表现。ether.fi 最初是一个流动再质押协议，随后扩展到借贷、交换、支付和卡片服务等领域。据 DeFiLlama 数据，2024 年 9 月该平台上的资产总额约为 49 亿美元。需注意的是，这指的是 ether.fi 协议内的资产，而非新 ETP 持有的资产。

ETHFI ETP 通过常规交易所上市的证券为投资者提供代币价格敞口。它不代表对 ether.fi 公司的所有权，也不保证投资者获得协议收入份额。

欧美市场对比：Grayscale 与美国 ETF 的跟进

欧洲产品的推出紧随 Grayscale 于 8 月 25 日在 NYSE Arca 推出的 Zcash ETF（代码: ZCSH）之后。Grayscale 将其现有的 Zcash Trust 转换为首个在美国上市且直接持有 ZEC 的 ETF。该基金旨在扣除费用和支出后跟踪其持仓价值。

NYSE Arca 于 8 月 24 日正式认证了该基金的上市资格。随后，Grayscale 将信托更名为“The Zcash ETF”。SEC 文件显示，数字集团（DCG，Grayscale 的母公司）于 9 月 8 日通过授权参与者向该 ETF 投资了约 1 亿美元，换取了 85,705.32563297 枚 ZEC。这笔交易属于关联方投资，而非独立的第三方资金流入。

欧美两地使用的法律结构有所不同。21Shares 解释称，欧洲的单资产加密货币产品通常构建为 ETP，而非常规的 UCITS ETF；而 Grayscale 的产品则在美国注册为 The Zcash ETF。