Euronext suspends CoinShares Zcash ETP on debut day over settlement

Key points

• Euronext suspended CoinShares' Zcash ETP (ZCSH) on its Oct. 28 Paris debut day
• Spokesperson cited 'operational settlement requirements' tied to CSD support
• Suspension is 'until further notice'; no new debut date given
• Would have been the fourth Zcash ETP in Europe, per Cointelegraph

Euronext suspended trading in CoinShares’ new Zcash exchange-traded product (ETP) on Wednesday, the day it was due to begin trading on Euronext Paris, citing settlement requirements, according to Cointelegraph.

The product, ticker ZCSH, was suspended “until further notice,” Cointelegraph reported. The exchange’s notice did not give a reason. A Euronext spokesperson, identified by Cointelegraph as Flavio Bornancin-Tomasella, later said the suspension was due to “operational settlement requirements.”

What Euronext said about the suspension

According to the spokesperson, the suspension stays in place until standard settlement operations can be fully supported by the central securities depository, or CSD. The report did not say which depository is involved, what specific operational gap has to be closed, or when trading might start.

CoinShares announced the Paris launch earlier on the same day, Cointelegraph said. The company had not responded to the outlet’s request for comment before publication.

The product CoinShares planned to list

According to CoinShares’ product announcement, the Zcash ETP was scheduled to start trading on October 28, 2026, on Euronext Paris in euros. The company describes it as 100% physically backed by ZEC, the native token of the Zcash network, with a management fee of 1.50% per year. Its ISIN is GB00BNRRG954. The page says the tokens are held in institutional custody but does not name the custodian.

Where it fits in Europe’s Zcash ETP market

Cointelegraph described the delayed product as what would have been the fourth Zcash-based ETP listed in Europe. It said 21Shares, Virtune and Valor launched Zcash ETPs earlier in 2026. Separate reporting indicates 21Shares listed a physically backed Zcash product on Euronext Paris and Amsterdam in September, so a Zcash product has already been able to trade on the exchange.

The suspension is specific to the CoinShares product and, based on the information available, does not affect those earlier listings. Neither Euronext nor CoinShares has said whether the issue is particular to the structure of the CoinShares ETP or to the depository arrangements for it.

What happens next

No new debut date has been given. Trading is expected to remain halted until Euronext confirms that settlement can be handled in the usual way by the CSD. Investors who had planned to buy the product on its first day will have to wait for either Euronext or CoinShares to publish an update.