21Shares has made a significant addition to the cryptocurrency landscape by launching the 21Shares Bitcoin Gold ETP (BOLD) on the London Stock Exchange. This new exchange-traded product aims to expand the accessibility of crypto-linked investment offerings for retail investors in the UK.
BOLD becomes the fifth cryptocurrency product from 21Shares to gain prospectus approval from the UK Financial Conduct Authority (FCA), following the firm’s earlier Bitcoin and Ethereum offerings. The introduction of BOLD comes amidst rising demand for regulated access to digital assets, allowing investors to engage with cryptocurrencies through traditional financial markets.
Trading on the London Stock Exchange in pounds sterling under the ticker BOLD, the ETP features a competitive annual management fee of 0.65%. One of its main selling points is its full physical backing by the underlying assets: Bitcoin and gold. Both assets are securely held in institutional-grade custody and stored offline, a measure aimed at minimizing counterparty and custody risks that often accompany many retail investment products.
The strategic design of BOLD incorporates the expertise of ByteTree Asset Management, merging Bitcoin and gold into a single investment vehicle centered on risk management. Instead of maintaining a straightforward 50/50 asset allocation, BOLD employs a monthly rebalancing mechanism that weighs its holdings based on inverse historical volatility. This approach seeks to equalize risk contributions from both assets, allowing for a more adaptive investment strategy.
This launch comes at a time when gold prices are surging, reinforcing its historical reputation as a store of value. By offsetting the volatility commonly associated with Bitcoin, BOLD aims to provide a more stable investment option, particularly during fluctuating market conditions. Recent data indicates that as of January 12, 2026, BOLD had amassed $40.1 million in assets under management, with a three-year Sharpe ratio reported at 1.79. The investment product systematically adjusts its holdings each month, selling off the stronger asset while increasing exposure to the weaker one, maintaining alignment with its volatility-based framework.
Russell Barlow, CEO of 21Shares, emphasized that the London listing underscores the company’s commitment to enhancing access to regulated crypto products in the UK. He noted that BOLD is designed to provide investors with exposure to Bitcoin’s potential growth while also capitalizing on the relative stability offered by gold, positioning it as a possible hedge against inflation.
Charles Morris, founder and chief investment officer of ByteTree Asset Management, acknowledged the complementary nature of Bitcoin and gold in today’s investment landscape. He pointed out that BOLD utilizes a rules-based methodology to integrate these assets, offering a transparent structure that caters to investors trying to navigate ongoing inflation and monetary unpredictability.
In a pivotal regulatory update, the FCA lifted a four-year ban on retail access to Bitcoin and cryptocurrency exchange-traded notes (cETNs) in October 2025. This change allows financial firms to offer cETNs on FCA-approved exchanges, such as the London Stock Exchange and Cboe UK, reflecting a more open yet cautious approach to crypto regulation.
According to FCA digital finance executive David Geale, the decision to allow cETNs signifies a more mature understanding of the cryptocurrency market, all while maintaining essential investor protections. Unlike traditional exchange-traded funds (ETFs), ETNs are debt instruments that track the price of underlying assets like Bitcoin without necessitating that investors hold the cryptocurrencies directly.
