21Shares Brings Bitcoin–Gold Hybrid to London as BOLD ETP Debuts on LSE

Switzerland-based asset manager 21Shares has expanded its footprint in the UK by listing its Bitcoin and Gold exchange-traded product, BOLD, on the London Stock Exchange. The move marks the first time London investors can access a single, risk-managed product combining exposure to both Bitcoin and gold.

Trading officially begins on Tuesday 13 January 2026 under the tickers BOLD (GBP) and BOLU (USD), opening a new chapter for hybrid digital asset products in one of Europe’s largest financial hubs.

The London listing follows a pivotal regulatory change. In October 2025, the UK Financial Conduct Authority lifted restrictions on Bitcoin ETPs for professional investors. That decision paved the way for a broader range of crypto-linked investment products to enter the UK market, with BOLD among the first to take advantage of the new framework.

BOLD is designed to merge the world’s two most liquid alternative assets into a single, physically backed structure. By pairing Bitcoin’s high-growth potential with gold’s historically lower volatility and low correlation to digital assets, the product aims to deliver upside while smoothing out price swings.

Since its launch in Switzerland in April 2022, BOLD has produced a total return of 122.5% in GBP terms through the end of 2025, after fees. Over the same period, Bitcoin returned 111.3% and gold delivered 113.0%, highlighting the potential benefits of combining the two assets within a single portfolio.

Unlike a static 50/50 allocation, BOLD uses a monthly risk-weighted rebalancing model based on 360-day inverse volatility. The less volatile asset is given a higher weight, ensuring both Bitcoin and gold contribute equally to overall portfolio risk rather than capital allocation.

Each month, the strategy trims the stronger-performing asset and increases exposure to the weaker one. According to data from BOLDETF.com, this systematic approach has generated an additional 5–7% in excess returns per year on average, while delivering a smoother performance profile closer to that of gold.

Since Bitcoin’s market peak in late 2017, the BOLD Index has returned 450.3%, outperforming Bitcoin, gold, and a static 50/50 allocation over the same period.

The structure is designed to adapt during sharp market moves. For instance, after Bitcoin’s decline in February 2025, the following monthly rebalance increased Bitcoin exposure, bringing the portfolio back to its target risk levels without relying on discretionary decisions.

BOLD is fully physically backed, with gold custody provided by JP Morgan and Bitcoin held with Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG. The product carries a total expense ratio of 0.65% and trades intraday, offering liquidity and transparency tailored to institutional and professional investors.

Already listed in Zurich, Frankfurt, Paris, Amsterdam, and Stockholm, the London Stock Exchange debut significantly broadens BOLD’s reach at a time when demand for diversified, regulated exposure to digital assets and hard money continues to grow.

The listing arrives as digital asset investment products face renewed pressure. According to CoinShares, the sector recorded $454 million in net outflows last week, extending a sharp reversal that has largely erased early-2026 gains.

That pullback followed four consecutive days of outflows totaling $1.3 billion, nearly wiping out the $1.5 billion of inflows seen in the first two trading days of 2026. The shift in sentiment is closely tied to fading expectations of a US Federal Reserve interest rate cut in March, after recent data suggested inflation may remain more persistent than markets expected.

Against that backdrop, 21Shares’ BOLD ETP offers a timely alternative—one that blends digital innovation with traditional stability in a single, risk-adjusted investment vehicle.