On January 13, 2026, 21Shares officially launched its Bitcoin and Gold ETP (ticker: BOLD) on the London Stock Exchange, marking a first for the UK market.
BOLD is the first UK-listed exchange-traded product to combine physically backed bitcoin and gold exposure in a single vehicle, offering investors a hybrid approach to growth and stability.
How the BOLD Strategy Works
The BOLD ETP follows a risk-weighted allocation model, rebalanced monthly based on the inverse volatility of the two assets.
- Gold typically carries a higher weight due to lower volatility, anchoring the portfolio.
- Bitcoin provides asymmetric upside and long-term growth potential.
Since its initial launch in Switzerland in April 2022, the strategy has outperformed both bitcoin and gold held individually. As of January 2026, BOLD has delivered an approximate 122.5% total return in GBP, highlighting the effectiveness of blending the two assets.
The product carries a total expense ratio (TER) of 0.65% and is 100% physically backed, with assets secured in institutional-grade cold storage.
Why the UK Launch Is Significant
The LSE listing comes after regulatory shifts that reopened the UK market to crypto-linked exchange-traded products. BOLD becomes the fifth 21Shares product approved for UK retail investors by the Financial Conduct Authority, following the FCA’s decision in October 2025 to lift long-standing restrictions on crypto ETPs.
For UK investors, the product is positioned as a balanced inflation hedge, combining:
- Gold’s long history as a store of value
- Bitcoin’s digital scarcity and growth profile
By pairing the two, BOLD aims to deliver bitcoin-like returns with materially lower volatility and drawdowns than holding bitcoin alone, an approach designed for investors seeking exposure to digital assets without taking on full single-asset risk.
