On January 13, 2026, 21Shares, a prominent asset manager, launched its Bitcoin Gold ETP (BOLD) on the London Stock Exchange (LSE). This marks the fifth cryptocurrency product from 21Shares to receive approval from the UK Financial Conduct Authority (FCA) for retail investors, following their Bitcoin and Ethereum offerings. The BOLD ETP, which began trading on January 13, combines Bitcoin and gold, providing UK investors with exchange-based access to both assets through a single investment vehicle. The ETP trades under the ticker BOLD in GBP.
The 21Shares Bitcoin Gold ETP tracks a custom index that holds physical gold and Bitcoin. The fund is 100% physically backed, with the underlying assets held in institutional custody. To maintain an optimal balance, the ETP rebalances monthly based on the inverse historical volatility of each asset, allocating a higher weighting to the less volatile asset. This strategy aims to provide diversification benefits and protection against inflation, allowing investors to participate in the digital economy while maintaining the stability of gold.
BOLD was initially launched on the SIX Swiss Exchange in April 2022 in partnership with ByteTree Asset Management. As of January 12, 2026, BOLD holds $40.1 million in assets under management (AUM). Since its inception, BOLD has delivered a 122.5% return in GBP terms through the end of 2025, outperforming both standalone Bitcoin and gold during the same period. The ETP has a total expense ratio (TER) of 0.65% per annum.
The LSE listing follows the UK regulators' decision to ease restrictions on crypto exchange-traded notes and products. This regulatory shift has opened the door for professional and certain retail investors to access crypto ETPs. In December 2025 alone, crypto ETN trading volume on the LSE reached $280 million, establishing the UK as Europe's third-largest market by volume.
Russell Barlow, CEO of 21Shares, stated that BOLD aims to offer investors a hedge against inflation, exposure to Bitcoin's growth potential, and the relative stability of gold. Charles Morris, Founder and CIO of ByteTree Asset Management, added that Bitcoin and gold are increasingly viewed as complementary assets amid persistent inflation and monetary uncertainty. He emphasized that BOLD employs a disciplined, rules-based approach to combining these assets, providing a transparent solution for investors seeking diversified exposure. 21Shares already has several physically backed Bitcoin and Ethereum ETNs in London and has captured a significant share of crypto ETN turnover on the exchange. By introducing BOLD, 21Shares expands its lineup from single-asset vehicles into a mixed "store-of-value" exposure, bundling digital and traditional forms of scarce assets into one security.
