21Shares Launches Bitcoin-Gold BOLD ETP at London Stock Exchange

21Shares, a Switzerland-based provider of investment products, has launched its BOLD Bitcoin-gold Exchange-Traded Product (ETP) on the London Stock Exchange (LSE). This innovative product blends exposure to both Bitcoin and gold, aiming to capture gains while minimizing volatility through a diversified approach.

Key Takeaways

Product Launch: 21Shares has introduced the BOLD Bitcoin-gold ETP on the London Stock Exchange, the first of its kind to combine Bitcoin and gold.
Regulatory Development: This launch follows the UK Financial Conduct Authority's recent removal of restrictions on Bitcoin ETPs for professional investors.
Performance: BOLD has achieved a total return of 122.5% since its inception in April 2022, outperforming Bitcoin and gold during the same period.
Rebalancing Strategy: The product employs a unique risk-weighted rebalancing strategy rather than a static allocation, optimizing returns.
Custodial Support: BOLD is backed physically, with gold held by JP Morgan and Bitcoin managed by Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG.
Market Trends: There's a notable net outflow of investments in digital assets, reflecting market reactions to potential changes in US Federal Reserve interest rates.

21Shares BOLD Bitcoin–gold ETP lists on London Stock Exchange

21Shares Lists in London

On Tuesday, Swiss investment firm 21Shares officially listed its Bitcoin and gold exchange-traded product (ETP), known as BOLD, on the London Stock Exchange. This marks a significant development as it is the first ETP on this exchange to offer investors exposure to both Bitcoin and gold within a managed risk framework.

The London listing coincides with the UK Financial Conduct Authority's decision in October 2025 to lift certain restrictions on Bitcoin ETPs for professional investors. As a result, crypto-related investment products now have greater access to the UK market.

According to 21Shares, BOLD integrates Bitcoin and gold into a single, physically backed product. This structure aims to harness Bitcoin’s potential price increases while mitigating risks through diversification with gold. From its launch in Switzerland in April 2022 until the end of 2025, BOLD recorded a total return of 122.5% in GBP terms, inclusive of fees. In comparison, Bitcoin yielded a return of 111.3%, and gold achieved 113.0% over the same timeframe.

BOLD employs a monthly risk-weighted rebalancing system that is based on a 360-day inverse volatility model, distinguishing it from typical static 50/50 allocations. Under this mechanism, the asset that is less volatile receives a greater weighting, targeting equal risk exposure for both Bitcoin and gold rather than an equal capital distribution. The monthly rebalancing process adjusts exposure by trimming gains from the stronger-performing asset and increasing investment into the weaker one. This strategy has historically generated an additional 5-7% in excess returns annually, according to data from BOLDETF.com.

Since the Bitcoin market reached its peak in late 2017, the BOLD Index has yielded a remarkable return of 450.3%, surpassing individual performances of Bitcoin and gold as well as a static 50/50 distribution.

The BOLD product is physically backed, with custody of gold managed by JP Morgan and Bitcoin secured with Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG. It carries a total expense ratio of 0.65% and trades intraday.

The BOLD ETP is already traded on exchanges in Zurich, Frankfurt, Paris, Amsterdam, and Stockholm. Its listing in London increases access for institutional and professional investors seeking regulated avenues for exposure to both digital assets and gold.

However, the landscape for digital asset investments reflects recent challenges. CoinShares reports a net outflow of $454 million in digital asset investment products over the past week, following a four-day trend of outflows totaling $1.3 billion. This downturn has nearly erased $1.5 billion in inflows noted during the first two trading days of 2026. Analysts attribute this shift to declining expectations regarding a potential interest rate cut by the US Federal Reserve in March, as recent economic data suggests inflation may persist longer than previously expected.