Euronext Paris suspended trading in the CoinShares Zcash ETP, ticker ZCSH, on October 28, the day it was scheduled to debut. The product is an exchange-traded note issued by CoinShares Digital Securities and backed 100% by ZEC. It trades in euros, charges a 1.50% annual management fee and holds the underlying ZEC in institutional custody.
The exchange’s notice gave no reason, but a Euronext spokesperson, Flavio Bornancin-Tomasella, later said the suspension lasts until “standard settlement operations can be fully supported by the Central Securities Depository (CSD).” In other words, the gap sits in post-trade infrastructure: the CSD finalises securities trades, so the note cannot change hands until that layer supports it. Euronext described the halt as limited to operational settlement needs, not a rejection or delisting.
Reports differ on timing. One account said trading was set to resume at 12:00 CET the same day on Euronext’s decision, while another said no end date had been given. Check Euronext’s notices for the current status before acting on it.
CoinShares had announced earlier that morning that investors could “now gain exposure to ZEC through a regulated CoinShares ETP.” ZEC traded around $1,300 on the day, and none of the reports tied a price move to the suspension.
The episode shows that a listing approval does not guarantee a smooth launch: custody, trading and settlement all have to be ready together.
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Sources:
- CoinMarketCap Academy: Euronext Halts, Then Resumes CoinShares’ New Zcash ETP on Debut Day
- ForexCrunch: Euronext halts CoinShares Zcash ETP over settlement gap
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