21Shares has listed its Bitcoin and gold hybrid Exchange Traded Product BOLD on the London Stock Exchange providing UK investors with regulated dual asset exposure.
Quick Summary – TLDR:
- 21Shares launched its Bitcoin and gold ETP called BOLD on the London Stock Exchange.
- The product blends physically backed Bitcoin and gold using a monthly risk based allocation model.
- BOLD has delivered strong historical performance including about 122.5 percent return in GBP terms.
- Regulatory changes in the UK enabled broader retail access to crypto linked ETPs.
What Happened?
21Shares, a digital asset issuer known for cryptocurrency linked exchange traded products, has listed a new hybrid Bitcoin and gold ETP on the London Stock Exchange. The product, trading under the ticker BOLD, brings together physically backed Bitcoin and gold in one structure. Its launch builds on recent regulatory changes in the UK that reopened retail access to crypto related exchange traded products.
Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more: https://t.co/d9gFbwImMu
— 21shares (@21shares) January 13, 2026
🇬🇧 Introducing the 21shares Bitcoin Gold ETP… pic.twitter.com/neRbphESOr
Hybrid ETP Goes Live in London
On January 13 London Stock Exchange welcomed the 21Shares Bitcoin and Gold ETP, known as BOLD, expanding the range of crypto linked investment products available to both UK based and international investors. The product follows 21Shares existing Bitcoin and Ethereum offerings that already have prospectus approval from the UK Financial Conduct Authority. BOLD is fully physically backed, with both Bitcoin and gold held in institutional quality custody and stored offline to limit counterparty risk.
BOLD is designed not as a simple 50/50 blend of Bitcoin and gold but around a risk based allocation framework. Its monthly rebalancing uses what 21Shares calls an inverse volatility model that adjusts exposure based on the relative volatility of each asset. In practice this typically means gold receives a larger weighting because of its lower volatility while Bitcoin provides asymmetric growth potential. The aim is to keep risk contribution from both assets roughly similar rather than their dollar amounts equal.
Performance and Product Structure
Since its initial launch in Switzerland in April 2022 the combined Bitcoin and gold strategy has delivered strong returns. Reports from 21Shares indicate that in sterling terms BOLD achieved about 122.5 percent total return by the end of the measured period, outperforming both Bitcoin and gold on their own over the same time frame. The product also shows a three year Sharpe ratio of 1.79 and had around 40.1 million dollars in assets under management as of January 12 2026.
Investors in BOLD pay a 0.65 percent annual management fee with the benefit of physical backing for both underlying assets. This structure simplifies exposure to Bitcoin and gold for investors who prefer not to directly hold crypto private keys or arrange secure storage for precious metals. BOLD trades on the LSE in pounds sterling and integrates with traditional brokerage accounts similar to other exchange traded securities.
Regulatory Shift Opens UK Market
The listing on the London Stock Exchange comes after a major regulatory shift in the UK. In October 2025 the Financial Conduct Authority lifted a nearly four year ban on retail access to crypto linked exchange traded notes and similar products. This change followed months of industry consultation and reflected the regulator belief that the market had matured and was better understood while still prioritising investor protections.
The result is broader regulated access for products like BOLD that combine digital asset exposure with more familiar financial market frameworks. FCA digital finance executives and industry observers have described the move as a sign of cautious openness toward crypto based investment products that meet regulatory standards.
Market Context and Broader Impact
Exchange traded products have increasingly become gateways for institutional and retail capital flowing into digital assets. They provide transparent pricing and familiar trading infrastructure that can ease entry for many traditional investors. The hybrid nature of BOLD also reflects a broader trend of innovation as asset managers seek to combine multiple sources of return and risk reduction within single products.
London’s acceptance of this hybrid ETP strengthens its position as a financial center that embraces regulated innovation. Other global exchanges have offered crypto ETPs and ETFs but the combined Bitcoin and gold structure is relatively novel. Analysts expect that the success of BOLD could encourage more hybrid and multi asset products that blend digital assets with traditional stores of value.
SQ Magazine Takeaway
I see the launch of BOLD on the London Stock Exchange as a significant milestone for mainstream crypto adoption. It not only gives investors a regulated pathway to Bitcoin exposure but also pairs it with gold to balance volatility. This move reflects a maturing market and a regulatory environment that is finally opening up without compromising on investor protections. It is also a clear signal that the boundaries between traditional finance and digital assets are continuing to blur.
