Euronext Paris halted trading in CoinShares’ new Zcash product for about three hours on its first day. The exchange said it was waiting for the central securities depository to support settlement.
Euronext Paris halted trading in CoinShares’ new Zcash exchange-traded product on October 28, its debut day, and resumed it the same day. CoinShares press contact Benoît Pellevoizin told Unchained that trading resumed at noon CET. The outlet put the suspension at 09:00 CET, making the interruption approximately three hours, from 08:00 to 11:00 UTC.
Euronext’s product page lists both a trading-suspension notice and a trading-resumption notice dated October 28. The security is issued by CoinShares Digital Securities, with ticker ZCSH and ISIN GB00BNRRG954. CoinShares’ launch announcement that day says the product trades in euros and is fully backed by ZEC.
Euronext links the halt to settlement support
Euronext spokesperson Flavio Bornancin-Tomasella told Unchained that the instrument would remain suspended until the central securities depository could fully support standard settlement operations. A central securities depository holds securities and records transfers between holders when trades settle. Matching a buy order with a sell order does not mean the security has already been delivered to the buyer.
The spokesperson said the exchange halted trading solely to meet settlement requirements, rather than because of broader concerns or regulatory trends surrounding crypto-based ETPs. Announcing the restart, Pellevoizin said the settlement issue had nothing to do with CoinShares. Both officials’ comments come from Unchained’s reporting.
In their comments to Unchained, Euronext and CoinShares did not explain the technical problem, name the depository or say how pending orders were handled. It remains unclear how long individual orders waited.
ZCSH’s fee and underlying asset
CoinShares says investors can use an existing brokerage account to buy and sell the security on a regulated exchange. Institutional custodians hold the underlying ZEC, so investors do not need to manage their own crypto wallet or private key. Their account holds a security representing ZEC, rather than the cryptocurrency itself.
| Feature | Details |
|---|---|
| Product | CoinShares Zcash ETP |
| Ticker / ISIN | ZCSH / GB00BNRRG954 |
| Venue / currency | Euronext Paris / euro |
| Underlying asset and backing | Zcash’s ZEC / 100% physically backed |
| Annual management fee | 1.50% |
CoinShares is not the only issuer offering Zcash exposure on Euronext. 21Shares’ ZCASH product listed in Paris and Amsterdam on September 22. Its stated annual fee is 2.5%, one percentage point above CoinShares’ 1.50%. That comparison covers product fees, excluding brokerage costs and the prices at which trades execute.
CoinShares has not specified broker commissions, bid-ask spreads or minimum order sizes. Physical backing does not protect invested capital: a fall in ZEC’s price can reduce the investment’s value.
The company describes crypto ETPs as complex products carrying a high risk of capital loss. It asks investors to review the current prospectus, key information document and risks. The group also discloses that some of its companies may act as market makers or investors in its own products.
Zcash privacy depends on the user’s choice
Zcash launched in October 2016 as a fork of Bitcoin’s code. CoinShares says the network caps supply at 21 million ZEC, uses proof of work and halves mining rewards roughly every four years. The network also lets users choose to shield the details of their transactions.
Shielded transactions use zero-knowledge proofs to let the network verify validity without seeing the transaction’s contents. Users can share viewing keys to disclose specific transactions to an auditor or authority without publishing the information for everyone on-chain. Zcash’s network privacy features do not make a ZCSH investor’s brokerage account anonymous.
The company also announced the launch in its official October 28 X post. CoinShares’ October 16, 2025 explanatory video compares buying crypto directly with tracking its price through an investment product.
