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Privacy coin investing just got a lot more formal. Valour Inc., the ETP arm of DeFi Technologies, listed a Zcash exchange-traded product on Sweden’s Spotlight Stock Market on September 29, priced in Swedish kronor and carrying a 1.9% annual management fee.
The vehicle trades under ISIN CH1108681763 and is structured as open-ended, meaning investors can gain price exposure to ZEC without touching a wallet, managing private keys, or worrying about custody.
A crowded week for Zcash in Europe
Here is where the “first” claim gets complicated. 21Shares had already listed a physically backed Zcash ETP on Euronext Paris and Amsterdam on September 22, a full week earlier, at a 2.5% annual fee. That product held the “Europe’s first Zcash ETP” title for exactly seven days before Valour entered the room with a cheaper alternative.
Jacob Lindberg, Chief Revenue Officer at Valour, pointed to rising interest from both professional and retail investors in ZEC, describing demand for a regulated, structured product as the primary driver behind the launch.
Why Zcash, and why now
Zcash is built around cryptographic privacy, specifically the ability to shield transaction details from public view using a technology called zk-SNARKs.
Valour’s product sits inside a portfolio that now spans more than 100 digital asset ETPs, making it one of the larger single-issuer crypto ETP libraries in Europe.
What the competition means for investors
The 21Shares product is physically backed, meaning the fund actually holds ZEC. Valour’s structure offers price exposure without specifying the same direct backing model in current disclosures, which is a distinction worth understanding before choosing between them. Investors who care about the mechanics of how the product tracks ZEC’s price should review each issuer’s documentation carefully.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
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