21Shares Launches Bitcoin-Gold ETP, BOLD, on London Stock Exchange
Highlights:
- 21Shares’ Bitcoin-Gold ETF provides balanced exposure to gold and Bitcoin.
- The monthly rebalancing offers stability in case of market volatility.
- The lifting of the retail ban in the UK has sparked unprecedented crypto ETF trading on the LSE.
The leading cryptocurrency exchange-traded product (ETP) issuer 21Shares has introduced a Bitcoin-Gold ETF, BOLD, on the London Stock Exchange. The ETF incorporates both Bitcoin and gold, which provides regulated exposure to both digital and traditional assets for UK retail investors. The Financial Conduct Authority (FCA) authorized the product prospectus, expanding 21Shares’ regulated product offering beyond Bitcoin and Ethereum.
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BOLD, developed in collaboration with Asset Management ByteTree, follows a rule-based framework that adjusts each month according to the inverse volatility of each asset. This approach provides more exposure to the more stable of the two, typically gold, and still has the upside potential of Bitcoin. The management fee is at 0.65% per year, and the product trades in GBP.
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🇬🇧 Introducing the 21shares Bitcoin Gold ETP… pic.twitter.com/neRbphESOr
— 21shares (@21shares) January 13, 2026
Bitcoin-Gold ETP Balances Stability and Growth
The Bitcoin-Gold ETP seeks to help investors navigate across the volatile markets by combining two established stores of value. Its monthly rebalancing ensures that it has almost equal exposure to the risks of Bitcoin and gold, reducing exposure to sharp price swings. The ETP has a three-year Sharpe ratio of 1.79 and holds assets under management of $40.1 million as of January 2026.
Moreover, each BOLD unit is 100% physically backed by Bitcoin and gold stored in cold storage with institutional-grade security. The custodial structure also provides that all the holdings may be verifiable and hedged against exchange risks. The hybrid character makes BOLD effective among investors seeking one vehicle that merges inflation protection with exposure to digital asset performance.
Since its launch in Switzerland in 2022, the product has gained traction in key European exchanges, such as Zurich, Frankfurt, Paris, Amsterdam, and Stockholm. During that period, it achieved 122.5% sterling-based returns, surpassing both Bitcoin and gold individually.
According to Russell Barlow, CEO of 21Shares, the goal is to provide innovative and regulated solutions to UK investors. He noted that Bitcoin-Gold ETP is an inflation hedge, and it fits the rising demand for diversified exposure. The founder of ByteTree, Charles Morris, further emphasized that in an unpredictable monetary situation, Bitcoin and gold complement each other, supporting the strategic purpose of BOLD.
UK’s Regulatory Change Spurs Market Growth
The introduction of Bitcoin-Gold ETP follows a significant change in the UK regulation. In October 2025, the FCA removed its four-year ban on retail access to crypto exchange-traded notes following a prior announcement in June. The migration enabled regulated platforms, such as ISAs and SIPPs, to cater to a larger audience of investors with crypto ETPs.
The London Stock Exchange announced over $280 million in trading volume in crypto ETN within a month following the change of policy. The daily average volume reached $11.7 million, making the UK the third-largest crypto ETP market in Europe. In addition, this influx attracted a number of other asset managers, including Bitwise and WisdomTree, listing their Bitcoin and Ethereum ETPs alongside 21Shares.
UK Climbs to Europe’s 3rd Largest Crypto ETP Market — Just One Month After the Ban Was Lifted.
The latest data from the London Stock Exchange shows over $280m in crypto ETN trading volume since the FCA lifted the restriction on retail access just a month ago. This rapid growth… pic.twitter.com/60LOR3NDg3
— CryptoUK 🇬🇧 (@CryptoUKAssoc) December 3, 2025
Meanwhile, the UK government is making progress in the development of its digital asset roadmap by introducing stablecoin, trades, and staking consultations. This phased approach intends to create a transparent framework while supporting innovation in the crypto investment market.
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Raymond Munene
Raymond Munene is a crypto content writer who contributes to Crypto2Community. With over three years of experience, he is interested in Bitcoin, Blockchain, and Technical Analysis. Focusing on daily market analysis, his research helps traders and investors alike. His particular interest in cryptocurrency and blockchain aids his audience.
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