21 shares list Bitcoin-and-gold ‘BOLD’ ETP on LSE
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Tanzil Akhtar
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Switzerland-based investment product provider 21Shares has listed its Bitcoin and gold exchange-traded product (ETP), BOLD, on the London Stock Exchange, the first product in the space to combine exposure to Bitcoin and gold in a risk-managed structure.
Trading will begin on Tuesday 13 January 2026 under the tickers BOLD (GBP) and BOLU (USD).
The listing follows the UK Financial Conduct Authority's decision to lift restrictions on Bitcoin ETPs for professional investors in October 2025, opening the door for a wider range of crypto-related investment products to enter the UK market.
A mixture of two minor properties
BOLD combines two of the world's most liquid alternative assets—Bitcoin and gold—into a single, physically backed product. The strategy is designed to capture the volatility of Bitcoin by multiplying it with gold due to its low price volatility and low correlation to digital assets.
Since its launch in Switzerland in April 2022, BOLD has returned 122.5% on the GBP contract through the end of 2025, including fees, the firm said.
This compares to returns of 111.3% for Bitcoin and 113.0% for gold over the same period, demonstrating the benefits of combining the two assets in an adjusted portfolio.
Risk-weighted balancing strategy
Unlike the firm's simple 50/50 allocation, BOLD uses a monthly risk-weighted rebalancing method based on 360-day reversal volatility.
This means that a less volatile asset receives a higher weight, the goal is not to have equal capital allocation, but to maintain equal exposure to both Bitcoin and gold.
A monthly rebalancing process systematically reduces exposure to strong performing assets and increases exposure to weak ones.
According to data from BOLDETF.com, this system has yielded an average of 5-7% more profit per year while offering a smooth performance profile only matched by gold.
Performance across market cycles
In the year Since the Bitcoin market peaked in late 2017, the BOLD Index has returned 450.3%, outperforming both Bitcoin and Gold individually, as well as a static 50/50 allocation.
The design of the strategy allows it to adapt during periods of dynamic volatility. For example, following Bitcoin's decline in February 2025, the subsequent monthly rebalancing increased Bitcoin exposure, bringing the portfolio back to the target risk level.
Institutional structure and availability
BOLD is physically backed, held by JP Morgan and Bitcoin Gold Protection with Anchorage Digital Bank NA and Copper Technology (Switzerland) AG.
The product carries a total expense ratio of 0.65% and trades intraday, providing liquidity and transparency to institutional and professional investors.
Already listed on exchanges in Zurich, Frankfurt, Paris, Amsterdam and Stockholm, the London listing expands BOLD's reach as demand for a single regulated vehicle for diverse digital assets and hard currency grows.
Check out the digital asset fund's $454M weekly outflow
According to the latest CoinShares data, digital asset investment products recorded net inflows of $454 million last week, reflecting a sharp shift in investor sentiment that largely erased gains made earlier in the year.
The pullback followed a four-day streak of inflows totaling $1.3 billion, ending a $1.5 billion inflow in the first two trading days of 2026.
The sudden change appears to be linked to an expected slowdown in interest rate cuts by the US Federal Reserve in March.
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