Switzerland-based investment product provider 21Shares has officially launched its Bitcoin and Gold exchange-traded product (ETP), BOLD, on the London Stock Exchange. This listing represents a notable innovation, marking the first product on the venue that offers exposure to both Bitcoin and gold within a risk-managed framework. Trading for BOLD, available under the tickers BOLD (GBP) and BOLU (USD), commenced on January 13, 2026.
The debut of BOLD follows a pivotal decision by the UK Financial Conduct Authority in October 2025, which lifted previous restrictions on Bitcoin ETPs targeted at professional investors. This regulatory shift paves the way for a broader array of crypto-linked investment products to enter the UK market, coinciding with a growing interest in diversified investment strategies.
BOLD combines Bitcoin and gold, two of the most liquid alternative assets, into a single, physically backed product. The investment strategy is crafted to harness the potential upside of Bitcoin while mitigating volatility through diversification with gold, a commodity known for its historically low price fluctuations and low correlation with digital assets. Since its introduction in Switzerland in April 2022, BOLD has generated a total return of 122.5% in GBP terms as of the end of 2025. This performance outpaces that of Bitcoin and gold, which returned 111.3% and 113.0%, respectively, during the same timeframe.
A key feature of BOLD is its risk-weighted rebalancing strategy. Rather than a straightforward 50/50 allocation between Bitcoin and gold, BOLD employs a monthly rebalancing approach based on 360-day inverse volatility. This model means the less volatile asset is allocated a higher weight, aiming to equalize risk exposure to both assets instead of simply distributing capital evenly. This rebalancing process not only systematically trims the outperforming asset but also increases allocation to the underperforming one, which has historically produced an additional 5-7% in excess returns annually, while creating a performance profile more aligned with gold.
Since the Bitcoin market peaked in late 2017, BOLD’s index has yielded an impressive return of 450.3%, outshining both Bitcoin and gold individually and a static 50/50 allocation. The design of the strategy allows it to adjust during times of heightened volatility. For example, following a decline in Bitcoin’s price in February 2025, the subsequent monthly adjustment increased Bitcoin exposure, effectively restoring the portfolio’s target risk levels.
BOLD is maintained under a robust institutional structure, with custody of gold managed by JP Morgan and Bitcoin held by Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG. The product features a total expense ratio of 0.65%, trading intraday to offer liquidity and transparency for institutional and professional investors. With existing listings on exchanges in Zurich, Frankfurt, Paris, Amsterdam, and Stockholm, the London entry further broadens BOLD’s market presence amid rising demand for diversified, risk-adjusted exposure to both digital assets and traditional commodities in a single regulated offering.
In the broader context of digital asset markets, recent data from CoinShares indicates that digital asset investment products experienced significant net outflows, totaling $454 million last week. This decline extends a broader reversal in investor sentiment that has largely eroded gains made earlier in the year. These outflows follow a four-day period that saw a total of $1.3 billion withdrawn, nearly negating the $1.5 billion inflow recorded in the first two trading days of 2026. This shift in investment flows is closely linked to changing expectations regarding the US Federal Reserve’s interest rate policies, as recent macroeconomic data suggests that inflation may persist longer than initially anticipated.
