21Shares has expanded its footprint in the U.K. market with the launch of its Bitcoin and Gold Exchange-Traded Product (ETP), known as BOLD, on the London Stock Exchange (LSE). The product began trading on January 13, marking a significant milestone for regulated crypto investment products available to U.K. retail investors.
The listing follows the removal of long-standing U.K. restrictions on crypto-backed exchange-traded products in October 2025, a regulatory shift that has opened the door for broader participation in digital asset markets.
With BOLD, 21Shares becomes the first issuer to offer U.K. investors exposure to both Bitcoin and physical gold within a single exchange-traded instrument.
A Dual Store-of-Value Strategy
BOLD is designed to combine Bitcoin’s long-term growth profile with gold’s historical role as a hedge against inflation and monetary instability. Rather than allocating capital equally between the two assets, the ETP uses a risk-weighted approach.
Portfolio weights are determined by the inverse historical volatility of Bitcoin and gold, meaning the more stable asset receives a higher allocation at any given time.
This structure aims to balance risk more effectively, reducing the sharp swings often associated with holding Bitcoin alone while preserving upside potential. The portfolio is rebalanced monthly to maintain roughly equal risk contribution from both assets, automatically trimming exposure to the stronger performer and increasing exposure to the weaker one.
The ETP is developed in partnership with ByteTree Asset Management and is fully physically backed. Both the Bitcoin and gold are held with institutional-grade custodians, with digital assets stored in cold storage, offering an added layer of security compared to many retail custody options.
Performance and Market Context
Since its initial launch in Switzerland in April 2022, BOLD has delivered a total return of 122.5% in sterling terms through the end of 2025. Over the same period, it outperformed holding Bitcoin or gold individually, highlighting the impact of its risk-managed allocation strategy.
The product currently carries a three-year Sharpe ratio of 1.79, reflecting strong risk-adjusted returns, and has assets under management of approximately $40.1 million as of January 12, 2026.
The launch comes at a time when Bitcoin and gold have moved in sharply different directions. Over the past year, Bitcoin finished 2025 largely flat and remains nearly 30% below its all-time high, while gold surged more than 65%, recently trading around a record $4,600 per ounce.
Despite these contrasting price trends, institutional interest in both assets has continued to grow amid global monetary uncertainty.
Product Details and Fees
The 21Shares Bitcoin Gold ETP trades on the LSE under the ticker BOLD and is denominated in British pounds. It carries a total expense ratio of 0.65% per year.
The product has received approval from the Financial Conduct Authority, making it the fifth 21Shares crypto product cleared for U.K. retail investors, following its Bitcoin and Ethereum offerings.
Commenting on the launch, 21Shares CEO Russell Barlow said the product is intended to offer investors a potential hedge against inflation while providing exposure to Bitcoin’s growth potential alongside the relative stability of gold.
With regulated crypto ETPs now accessible in the U.K., BOLD positions itself as a diversification tool for investors seeking exposure to alternative assets without taking on single-asset volatility.
As trading begins in London, BOLD represents a notable step in the integration of digital assets into traditional financial markets, offering a blended approach to two of the world’s most widely recognized stores of value.
