21Shares Launches BOLD ETP Combining Bitcoin and Gold in a Single Regulated Product

TLDR

Table of Contents

BOLD has returned 122.5% in GBP terms since its 2022 debut in Switzerland.
The ETP rebalances monthly based on 360-day inverse volatility.
Bitcoin and gold backing BOLD are stored by institutional custodians.
BOLD carries a 0.65% annual management fee and trades in GBP and USD.

21Shares has launched a new exchange-traded product (ETP) called BOLD on the London Stock Exchange (LSE), combining physical bitcoin and gold in a single regulated investment. This launch marks the first UK-listed ETP offering joint exposure to both assets under a risk-managed strategy.

First Dual Asset ETP Listed in the UK

21Shares has launched the 21Shares Bitcoin and Gold ETP (BOLD) on the London Stock Exchange on January 13, 2026. It is the first regulated UK-listed product offering combined exposure to both bitcoin and gold within a single investment vehicle. This listing comes after the Financial Conduct Authority (FCA) lifted restrictions on crypto ETPs for professional investors in October 2025.

Trading under the ticker symbols BOLD (GBP) and BOLU (USD), the product provides physically backed access to both assets. According to the firm, the ETP targets retail and professional investors seeking diversified exposure to digital and traditional stores of value.

Since its debut on the SIX Swiss Exchange in April 2022, BOLD has expanded to several major European exchanges, including Frankfurt, Paris, Amsterdam, and Stockholm.

Monthly Rebalancing Strategy Based on Risk

BOLD uses a rules-based rebalancing method that adjusts the portfolio monthly. Instead of using a static 50/50 split, it employs a 360-day inverse volatility model. This means the less volatile asset—typically gold—receives a higher weighting. The strategy aims to keep the risk exposure of each asset roughly equal over time.

This method smooths the performance by trimming the stronger-performing asset and increasing exposure to the weaker one. According to ByteTree Asset Management, this rebalancing approach has added 5–7% in average annual excess returns since launch.

Charles Morris, Founder and CIO of ByteTree Asset Management, said: “Bitcoin and gold are increasingly viewed as complementary assets in a world of persistent inflation and monetary uncertainty.”

Returns Outperform Individual Assets

In GBP terms, BOLD has delivered a 122.5% return from April 2022 to the end of 2025. During the same period, bitcoin returned 111.3% and gold returned 113.0%. The outperformance is attributed to the ETP’s monthly rebalancing strategy and diversified structure.

The product’s 3-year Sharpe ratio is 1.79, and as of January 12, 2026, it holds assets worth $40.1 million. BOLD has also shown resilience across market cycles. After bitcoin’s drop in February 2025, the portfolio was adjusted to increase bitcoin exposure, helping maintain the target risk levels.

Russell Barlow, CEO of 21Shares, stated: “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.”

Physically Backed and Secure Custody

BOLD is fully backed by physical bitcoin and gold held by institutional-grade custodians. Gold custody is managed by JP Morgan, while bitcoin is held with Anchorage Digital Bank N.A. and Copper Technologies AG in Switzerland. The assets are kept in cold storage for enhanced security.

The total expense ratio of BOLD is 0.65% per year. The product trades intraday, providing liquidity and pricing transparency. It is now available to UK investors in GBP and USD.

The launch adds to 21Shares’ growing portfolio of regulated crypto products in the UK. Its previously approved products include ETPs for bitcoin and ethereum. The firm continues to expand its offerings as investor interest in diversified digital asset exposure grows.