Zcash Joins Nasdaq Stockholm Through New ETP
Virtune has listed a Zcash ETP on Nasdaq Stockholm, giving Nordic investors a broker route to ZEC exposure while leaving the asset’s private-payment features on the blockchain.
Key Takeaways
Virtune launched VIRZEC on October 6, presenting the product as a physically backed way to follow Zcash’s market price through an ordinary securities account. The Swedish issuer says the underlying ZEC is held in Coinbase cold storage, while investors buy and sell ETP shares in Swedish kronor.
A broker account removes the custody work
For someone who already uses Avanza, Nordnet or another securities broker, the appeal is straightforward. They can add ZEC exposure to an existing portfolio without opening a crypto-exchange account, setting up wallet software or holding a private key themselves.
Virtune takes care of the custody and the product mechanics, while the investor holds a security whose value is linked to ZEC. The company says it has built a base of more than 160,000 investors across its crypto ETP range and manages roughly $380 million in assets. Its distribution strategy already extends beyond Sweden; Virtune’s Hyperliquid ETP began trading in Warsaw through the same broader effort to bring crypto exposure into conventional brokerage accounts.
The product tracks ZEC, but it does not act like a Zcash wallet
That convenience changes what the investor owns. A person buying ZEC directly can choose where to hold it and, with a compatible wallet, decide whether to use a transparent or shielded address. A VIRZEC holder owns an ETP share, while Virtune holds the underlying ZEC for the product.
Zcash’s privacy feature applies when users move ZEC on its network. Shielded transactions use zero-knowledge proofs to verify a payment while keeping the sender, recipient and amount out of the public ledger. A VIRZEC position instead sits within the normal records of a brokerage account, where ownership of the security is known to the financial intermediaries handling it.
The two formats serve different purposes. The ETP gives an investor a familiar route to ZEC’s price, while a shielded wallet enables private on-chain payments. Virtune’s launch broadens the first route without changing the second.
Existing Zcash products show why availability and demand differ
A listing only proves that investors can access a product. Assets under management and trading activity show whether they choose to use it, and the figures behind different Zcash wrappers need to be read carefully.
Virtune: Its product page listed about $97,000 in assets under management in statistics dated October 5, before VIRZEC’s first trading day. That amount is better treated as opening inventory or seed issuance until later figures show whether investors added capital after launch.
21Shares: The 21Shares Zcash ETP, launched on September 21, displayed roughly $100,000 in assets under management on its product page. Its early size shows that a regulated listing can widen access without immediately creating a large pool of ZEC demand.
Grayscale: The U.S.-listed Zcash ETF disclosed in a September SEC filing that DCG acquired about $100 million in shares through an authorised participant in exchange for 85,705 ZEC. Because the creation used an in-kind contribution, it does not reveal dispersed brokerage demand in the way smaller investor purchases might.
Demand can also change quickly once a ZEC product begins trading. SoSoValue’s weekly data recorded net inflows of $101.89 million and $98.21 million in entries dated September 11 and September 18, before recording a $93.56 million net outflow on October 2. The October 5 entry showed a further $3.57 million outflow, although that weekly period was still incomplete.
These U.S. figures cannot predict how Nordic investors will use VIRZEC. They do show why the listing alone is only the starting point: ZEC exchange-traded products can draw substantial inflows and then see money leave within weeks. Virtune’s assets under management, trading activity and spreads after launch will therefore give a clearer picture of demand.
Seed capital, an in-kind institutional creation and sustained investor buying can all increase an ETP’s assets. Flow data adds the missing context by showing whether money continues to enter or leave once the product is trading.
VIRZEC now needs to prove that access turns into use
The next evidence will come after the opening period. Assets rising beyond the initial issuance would show that investors are adding exposure, while regular trading and narrow bid-ask spreads would make the product easier to use for both buyers and sellers.
Virtune has given Zcash a new place in Nordic portfolios. Whether the listing becomes an important source of regulated ZEC demand will depend on what happens after launch day, when the first broker orders and creation activity begin to reveal how much appetite exists for the product.
This article is for informational purposes only and does not constitute investment advice. Crypto ETPs can lose value, and investors should review the issuer’s prospectus, fees and risks before investing.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
