Journalist
Tanzeel Akhtar
Journalist
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Switzerland-based investment product provider 21Shares has listed its Bitcoin and Gold exchange-traded product (ETP), BOLD, on the London Stock Exchange, marking the first product on the venue to combine exposure to both Bitcoin and gold within a risk-managed structure.
Trading begins on Tuesday 13 January 2026 under the tickers BOLD (GBP) and BOLU (USD).
The listing follows the UK Financial Conduct Authority’s decision in October 2025 to lift restrictions on Bitcoin ETPs for professional investors, opening the door for a broader range of crypto-linked investment products to enter the UK market.
A Hybrid of Two Scarce Assets
BOLD blends the world’s two most liquid alternative assets—Bitcoin and gold—into a single, physically backed product. The strategy is designed to capture Bitcoin’s upside while reducing volatility through diversification with gold, which has historically exhibited lower price fluctuations and low correlation with digital assets.
According to the firm since launching in Switzerland in April 2022, BOLD has delivered a total return of 122.5% in GBP terms through the end of 2025, including fees.
This compares with returns of 111.3% for Bitcoin and 113.0% for gold over the same period, highlighting the benefits of combining the two assets within a rebalanced portfolio.
Risk-Weighted Rebalancing Strategy
According to the firm unlike a simple 50/50 allocation, BOLD uses a monthly risk-weighted rebalancing approach based on 360-day inverse volatility.
This means the less volatile asset receives a higher weight, with the aim of maintaining an equal level of risk exposure to both Bitcoin and gold rather than equal capital allocation.
The monthly rebalancing process systematically trims the stronger-performing asset and increases exposure to the weaker one.
According to data from BOLDETF.com, this mechanism has generated an additional 5–7% in excess returns per annum on average, while delivering a smoother performance profile closer to that of gold alone.
Performance Across Market Cycles
Since the Bitcoin market peak in late 2017, the BOLD Index has returned 450.3%, outperforming both Bitcoin and gold individually, as well as a static 50/50 allocation.
The strategy’s design allows it to adapt during periods of sharp volatility. For example, following Bitcoin’s decline in February 2025, the subsequent monthly rebalance increased Bitcoin exposure, restoring the portfolio to its target risk levels.
Institutional Structure and Availability
BOLD is physically backed, with gold custody provided by JP Morgan and Bitcoin held with Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG.
The product carries a total expense ratio of 0.65% and trades intraday, offering liquidity and transparency for institutional and professional investors.
Already listed on exchanges in Zurich, Frankfurt, Paris, Amsterdam and Stockholm, the London listing expands BOLD’s reach as demand grows for diversified, risk-adjusted exposure to digital assets and hard money in a single, regulated vehicle.
Digital Asset Funds See $454M Weekly Outflows
Latest CoinShares data shows digital asset investment products recorded $454 million in net outflows last week extending a sharp reversal in investor sentiment that has largely erased gains made at the start of the year.
The pullback follows a four-day streak of outflows totalling $1.3 billion which has nearly wiped out the $1.5 billion of inflows recorded during the first two trading days of 2026.
The abrupt shift appears closely tied to cooling expectations of a US Federal Reserve interest rate cut in March after recent macroeconomic data suggested inflation may remain more persistent than markets had anticipated.
