Euronext suspended CoinShares’ physical Zcash ETP (ticker ZCSH, ISIN GB00BNRRG954) from trading on Euronext Paris “until further notice” on Wednesday 28 October 2026, the very day the product was due to start trading. The exchange operator’s notice gave no reason. A Euronext spokesperson later told Cointelegraph that the hold is limited to operational settlement requirements at the central securities depository. No new start date has been given.
For CoinShares, it is an awkward morning. The asset manager had announced the launch earlier the same day, pitching ZCSH as a way to own ZEC on an exchange investors already use, with no wallet or private keys to manage. By midday in Europe, the Zcash ETP existed on paper, had a ticker and an ISIN, and could not be bought.
Zcash itself was rising. ZEC traded near $1,301 at 11:45 UTC, up about 4.2% over 24 hours, after a jump of roughly 8% overnight as the network marked its tenth anniversary, as our Asia morning market report noted.
Euronext says the Zcash ETP halt is about settlement at the depository
The suspension notice itself, published by Euronext and cited by Cointelegraph, simply says ZCSH is suspended from trading on Euronext Paris until further notice. The explanation came afterwards, from Flavio Bornancin-Tomasella, Euronext’s press and communications manager.
He told Cointelegraph the suspension will last until “standard settlement operations can be fully supported by the Central Securities Depository (CSD)”, and that the measure was limited to “operational settlement requirements”.
That is the only explanation on the record. Euronext did not name the depository, did not say what was missing, and did not give a date. Coindaro could not read the notice itself: the PDF on Euronext’s site still returned an empty file when we tried it again at 11:50 UTC, so the wording above comes from Cointelegraph’s report.
CoinShares had not commented by 11:55 UTC. Cointelegraph said it asked the company and had no reply at publication. Follow-up reports by Crypto Briefing (11:32 UTC), Cointelegraph’s French edition and The Cryptonomist carried no statement from CoinShares either. When we checked CoinShares’ website at 11:50 UTC, the launch announcement still said nothing about settlement or the suspension, and its news page listed nothing newer. We found no Euronext notice lifting the suspension either.
What a central securities depository does, and why a listing can stall there
A trade on a stock exchange is two events. First, a buyer and a seller agree on a price on the exchange’s order book. Then, usually two business days later in Europe, the security and the cash actually change hands. That second step, settlement, does not happen at the exchange. It happens at a central securities depository.
A CSD keeps the official record of who owns which securities, holds them in electronic form and moves them from the seller’s account to the buyer’s account against payment. Banks and brokers have accounts there; private investors see the result as a line in their securities account. If the depository cannot yet process a security in the standard way, trades in it could be agreed on screen but not completed afterwards. An exchange will normally not let trading start in that case, because it would leave buyers and sellers with trades that cannot settle.
Seen from that angle, Euronext’s wording describes a plumbing problem: the product is listed but the post-trade side is not ready for it. What exactly is not ready is not public. Euronext did not say whether the issue is specific to this ETP, to how CoinShares’ securities are set up at the depository, or to something else, and Coindaro will not guess.
What CoinShares had announced for ZCSH
According to CoinShares’ launch announcement of 28 October, ZCSH is 100% physically backed by ZEC, meaning each unit is matched by coins the issuer holds rather than by derivatives. It trades in euros on Euronext Paris and carries a management fee of 1.50% a year. The coins are “held in institutional custody”, the company said, without naming the custodian.
Jean-Marie Mognetti, CoinShares’ co-founder, president and chief executive, framed the product around the coin’s selling point: “Privacy is one of the oldest requirements in finance, and one of the hardest to engineer on a public blockchain.” The announcement set 28 October as the first trading day.
| Item | CoinShares Zcash ETP | 21Shares Zcash ETP |
|---|---|---|
| Ticker | ZCSH | ZCASH |
| ISIN | GB00BNRRG954 | not given in our sources |
| Venues | Euronext Paris (EUR) | Euronext Paris (EUR), Euronext Amsterdam (USD) |
| Annual fee | 1.50% | 2.5% |
| Backing | 100% physical ZEC | physical ZEC |
| Custodian | not named (“institutional custody”) | BitGo |
| First trading day | planned 28 Oct 2026, suspended | 22 Sept 2026 |
| Status on 28 Oct 2026 | suspended until further notice | trading, no reported interruption |
Sources: CoinShares announcement (28 Oct 2026), Decrypt (23 Sept 2026), Crypto Briefing (28 Oct 2026).
Price was the selling point. At 1.50% a year, ZCSH would have cost one percentage point less than the 21Shares product on the same exchange, and about the same as Virtune’s Stockholm-listed Zcash ETP at 1.49%.
What holders and buyers in France and Italy can do now
Nobody holds ZCSH yet in any normal sense: the product could not trade on its first day, and no source says whether any trade went through before the halt. For investors who wanted Zcash exposure through a securities account, the practical picture is this.
The 21Shares Zcash ETP, ticker ZCASH, has traded on Euronext Paris in euros and on Euronext Amsterdam in US dollars since 22 September 2026, according to Decrypt. Crypto Briefing reported on 28 October that it has kept trading without any reported interruption. It is physically backed, its coins are held by BitGo, and it costs 2.5% a year. On launch day it had a net asset value of $20.04 per unit and about $100,000 in assets, per Decrypt.
French investors reach Euronext Paris through any broker that offers it, in euros, inside an ordinary securities account (compte-titres). Whether such ETPs fit in a PEA is not something our sources address, so do not assume it. Italian investors can buy the same Paris line in euros through brokers that give access to Euronext Paris. We found no statement on the suspension from the AMF or from Consob by 11:55 UTC.
Cointelegraph counted CoinShares’ product as the fourth Zcash ETP in Europe, after 21Shares, Virtune and Valour. Those two trade in Stockholm, in Swedish kronor. Valour, a subsidiary of DeFi Technologies, said its Valour Zcash (ZEC) SEK ETP began trading on the Spotlight Stock Market on 29 September 2026 with a 1.9% management fee; the release speaks of price exposure and does not say how the product is backed. Virtune’s Zcash ETP (VIRZEC) has traded on Nasdaq Stockholm since 6 October with a 1.49% annual fee, according to its Nordnet listing. Of the four, only 21Shares’ ZCASH had a euro line open on Euronext on 28 October.
One trap to avoid: the ticker ZCSH is also used by Grayscale’s Zcash ETF, which has traded on NYSE Arca in the United States since 25 August 2026. It is a different product, from a different issuer, under US rules. When searching a broker’s platform, use the ISIN GB00BNRRG954 and check that the venue is Euronext Paris before assuming a quote belongs to CoinShares’ ETP. Our glossary entry on crypto ETFs explains how exchange-traded products differ from holding the coin directly.
Buying ZEC itself on a crypto platform remains the other route. Our Zcash page covers how the coin and its shielded transactions work. None of this is investment advice: an ETP carries the price risk of ZEC plus the issuer’s fees and, as today shows, the risk that trading is not available when you want it.
The Zcash ETP race in Europe, and where the US stands
ZCSH would have joined a small but growing shelf of Zcash products. 21Shares opened the European list on Euronext on 22 September, Valour followed in Stockholm a week later and Virtune on 6 October. In the US, Grayscale converted its Zcash Trust into an ETF that started trading on 25 August 2026; Decrypt put its assets close to $890 million in a report on 23 September.
The coin’s own development calendar is busy too. The network is preparing its NU7 upgrade at block 3,543,405, which our estimate puts around 5 or 6 November; it cuts block times from 75 seconds to 25, as detailed in our report on the NU7 activation.
Context only: the EU’s 2027 rule on privacy coins
No source links the Euronext suspension to Zcash’s privacy features or to European anti-money-laundering rules. Euronext’s spokesperson described the measure as limited to operational settlement requirements. The following is background, because the question will come up.
The EU’s Anti-Money Laundering Regulation (Regulation (EU) 2024/1624) applies from 10 July 2027. Its Article 79 bars credit institutions, financial institutions and crypto-asset service providers from keeping anonymous crypto-asset accounts, or any account that allows the anonymisation or increased obfuscation of transactions, including through anonymity-enhancing coins. The text names no coin. Cointelegraph and other outlets have read it as a ban on regulated firms handling privacy coins, citing Monero and Zcash as examples. Our AMLR 2027 event page tracks the date.
Whether that rule would touch an exchange-traded product whose coins sit with a custodian is not clear, and no regulator or issuer has said. Nor does any source say exchanges must delist ZEC. 21Shares’ Zcash ETP has traded on Euronext for more than a month under the same exchange’s rules, which fits Euronext’s description of today’s halt as an operational issue with the CSD rather than a judgement on the asset.
What is still unknown, and what to watch
Several basic questions have no public answer yet:
- Which central securities depository is involved, and what it cannot yet support for ZCSH.
- Whether the issue concerns this product alone or CoinShares’ securities more generally, given that 21Shares’ Zcash ETP trades on Euronext with no reported problem.
- Whether any ZCSH trade took place before the suspension.
- When trading will start, and whether CoinShares will keep the 1.50% fee and the euro line unchanged.
The next signals will be a new Euronext notice lifting the suspension, which would set the real first trading day, and a statement from CoinShares, which had not replied to press questions by 11:55 UTC on 28 October. Until then, 21Shares’ ZCASH is the only Zcash product trading on Euronext.