21Shares Launches Bitcoin and Gold ‘BOLD’ ETP on London Stock Exchange

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Asset manager 21Shares has launched its Bitcoin and Gold exchange-traded product (ETP), known as BOLD, on the London Stock Exchange (LSE), with trading beginning on January 13. The product offers U.K. investors physically backed exposure to both bitcoin and gold within a single exchange-traded vehicle, marking the first time these two assets have been combined in one regulated product listed in the U.K.

The debut follows the lifting of the U.K.’s long-standing restrictions on crypto exchange-traded products in October, opening the door for wider access to regulated digital asset investments.

How the BOLD ETP Is Structured

The BOLD ETP provides physically backed exposure to both bitcoin and gold, with the underlying assets held by institutional-grade custodians. Rather than allocating capital equally, the product uses a monthly risk-based rebalancing model. Asset weightings are determined by inverse historical volatility, meaning the portfolio leans toward whichever asset shows greater stability at the time of rebalancing.

This structure is designed to reduce overall volatility while preserving upside potential, offering investors a more balanced approach than holding bitcoin on its own.

Proven Performance Since 2022

BOLD is not a new product globally. It first launched on Switzerland’s SIX Exchange in April 2022 and has since built a solid performance history. Through the end of 2025, the ETP delivered a 122.5% return in sterling terms, outperforming both bitcoin and gold when held individually over the same period.

As of January 12, the product manages approximately $40.1 million in assets and charges an annual management fee of 0.65%, positioning it competitively among diversified exchange-traded products.

Regulatory Shift Opens Doors for Retail Investors

The London debut follows the U.K. Financial Conduct Authority’s decision in October 2025 to lift a four-year ban on crypto exchange-traded notes for retail investors. The regulatory shift quickly translated into rising market activity. In December 2025 alone, crypto ETNs on the London Stock Exchange recorded around $280 million in trading volume, making the U.K. Europe’s third-largest crypto ETP market by volume.

This change has significantly expanded access for retail investors who previously had limited or indirect exposure to digital assets.

Growing Competition in the Crypto ETP Space

BOLD’s listing also reflects intensifying competition among asset managers in the U.K. crypto ETP market. Firms including BlackRock, Bitwise, and WisdomTree have introduced or expanded crypto-linked products following the regulatory green light.

For U.K. investors, BOLD offers a regulated, risk-adjusted alternative to direct cryptocurrency ownership. The product can be accessed through standard brokerage accounts and tax-advantaged structures such as ISAs and SIPPs, making it an appealing option for those seeking diversified exposure to bitcoin within a traditional investment framework.