Key Highlights
- 21Shares has listed the BOLD ETP on the London Stock Exchange, offering UK retail investors a regulated blend of Bitcoin and gold.
- The product uses a rules-based monthly rebalancing strategy that weights assets based on historical volatility.
- The physically backed vehicle acts as a diversified hedge against inflation by combining digital growth with traditional asset stability.
Digital asset management firm 21Shares launched its Bitcoin Gold ETP, ticker BOLD, on the London Stock Exchange on Tuesday. The new investment option gives UK retail investors a regulated way to combine crypto and precious metals.
Developed with ByteTree Asset Management, the Exchange-Traded Product (ETP) uses a monthly rebalancing strategy that adjusts asset weights based on historical stability, with the aim of managing risk.
Listing and fees
As per the official announcement, the 21Shares Bitcoin Gold ETP is listed on the London Stock Exchange under ISIN CH1146882308. It is denominated in GBP and has an annual management fee of 0.65%. The net asset value is $50.28.
The product is designed to provide a diversified hedge against inflation while allowing investors to share the growth experience of the digital economy through one instrument that is physically backed.
The ETP adjusts the ratio of Bitcoin to gold every month. Instead of a fixed division, the allocation depends on the assets’ historical volatility. This means the portfolio will favor the more stable asset at any given time.
Risk and security
The approach aims for equal risk contribution from both holdings. As of today, the strategy has a 3-year Sharpe ratio of 1.79 and assets under management totaling $40.1 million. Security is ensured through complete physical backing, with all underlying assets stored in cold storage by a high-quality custodian.
This launch responds to changes in the UK regulatory landscape. BOLD is the fifth cryptocurrency-related product from 21Shares to gain prospectus approval from the Financial Conduct Authority for retail distribution. Earlier, 21Shares successfully introduced Bitcoin and Ethereum offerings to the local market.
Bridging TradFi and crypto
By mixing a traditional store-of-value asset like gold with a modern digital asset like Bitcoin, the product aims to bridge traditional finance with the crypto market. It provides a more balanced risk profile than typical crypto exchange-traded notes.
The emergence of BOLD at the LSE reflects an intersection of digital assets within the financial infrastructure of the UK. With the rise of additional regulated investment vehicles available for retail investors, the landscape may become more stable.
This level of advancement may give rise to innovations through hybrid assets as the different markets are combined for the specific needs of a volatile world economy.
21Shares’ recent ETP launches
This is part of a broader expansion strategy for 21Shares, which has been listing new products across major markets over the past few months. In December 2025, the firm launched a suite of crypto ETPs on Nasdaq Stockholm, targeting the growing institutional and retail demand in the Swedish market.
Simultaneously, 21Shares has been diversifying its product range beyond core assets like Bitcoin and Gold to include decentralized finance (DeFi) primitives. The recent launch of the Morpho and Ethena ETPs highlights this shift, offering investors regulated access to yield-generating protocols and governance tokens.
Addressing market volatility
The launch of the BOLD ETP represents the expansion of the regulated crypto-access products available in the UK. With the balance created by the combination of Gold and Bitcoin, 21Shares and ByteTree aim to cover the gap that market volatility exposes.
21Shares CEO Russell Barlow said, “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. Now that retail investors in the UK have access to crypto ETPs, 21shares is dedicated to delivering a wider selection of innovative regulated products.”
Moreover, Charles Morris, Founder and CIO of ByteTree Asset Management, commented on the product, stating, “Bitcoin and gold are increasingly viewed as complementary assets in a world of persistent inflation and monetary uncertainty. BOLD applies a disciplined, rules-based approach to combining them, aiming to provide a transparent solution for investors seeking diversified exposure to these assets.”
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