The 21Shares Bitcoin and Gold ETP, branded as BOLD, began trading on the London Stock Exchange on January 13.
The listing offers a single exchange-traded vehicle that combines exposure to both Bitcoin and gold.
It is worth noting that BOLD hits the UK market just after regulators relaxed long-standing restrictions on crypto exchange-traded products. As a result, asset managers have been quick to introduce offerings geared towards meeting demand for regulated digital asset exposure.
The launch follows the UK Financial Conduct Authority’s lifting of its ban on crypto exchange-traded notes for retail investors in October. In the first month following the policy change, trading volumes in crypto-linked exchange-traded notes totaled $280 million, according to data cited by IFA Magazine, putting the UK behind only Germany’s Xetra and Switzerland’s SIX Swiss Exchange.
BOLD becomes the first UK-listed exchange-traded product that combines Bitcoin and gold under one structure.
By design, the product aims to appeal to investors who are looking beyond equities and bonds. It is designed for market participants who wish to gain exposure to digital assets but prefer not to hold Bitcoin directly.
Portfolio structure aims to reduce volatility
BOLD combines the growth profile of Bitcoin with the store of value role of gold. Instead of equal capital weights, the portfolio is a risk-weighted portfolio, which weights the allocations according to the inverse volatility of each asset. As a result, Bitcoin and gold provide about the same level of risk to overall performance.
Rebalancing occurs monthly. Stronger-performing assets are reduced, and weaker assets are increased, which is intended to smooth returns over time. According to product data, BOLD has generated a 3-year Sharpe ratio of 1.79 and has $40.1 million in assets as of Jan. 12, 2026. Since its launch, it has returned 122.5% in sterling terms by the end of 2025, outperforming both Bitcoin and gold alone over the same period.
Issuers’ position BOLD for inflation-focused investors
Russell Barlow, 21Shares chief executive, said the product is designed to be a hedge against inflation and simultaneously to offer exposure to the growth potential of Bitcoin and the relative stability of gold. Barlow noted, “BOLD is an exciting new product that aims to offer investors a potential hedge against inflation, exposure to Bitcoin’s growth potential, and the relative stability of gold.”
Charles Morris, founder and chief investment officer of ByteTree Asset Management, said Bitcoin and gold are increasingly complementary in an environment marked by persistent inflation and monetary uncertainty. He said the rules-based structure seeks to offer a transparent option for a diversified exposure.
The UK Financial Conduct Authority has approved 21Shares, Bitwise, and WisdomTree to offer Bitcoin and Ether ETPs to retail investors. Several products have already been listed in London, bringing the UK market closer to the US, EU, Hong Kong, and Canada.
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