21Shares Brings BTC & Gold BOLD ETP to UK Investors Through London Stock Exchange Listing
London just got a new hybrid crypto-gold play. 21Shares has expanded access to its BOLD Exchange-Traded Product (ETP), a basket blending Bitcoin and physical gold, by listing it on the London Stock Exchange. UK investors can now tap into the combined thesis of digital scarcity and ancient store-of-value through a single, regulated vehicle.
The Gateway to Mainstream Portfolios
This isn't just another listing—it's a strategic bridge. By placing the BOLD ETP on one of the world's most established exchanges, 21Shares bypasses the complexity of direct crypto custody for traditional investors. They get exposure without the private keys, wrapped in the familiar, comfortable packaging of an exchange-traded product. It’s institutional-grade access dressed in a suit and tie.
Why Gold Meets Bitcoin
The 'BOLD' thesis hinges on convergence, not competition. Gold represents millennia of proven value preservation, while Bitcoin offers a digital, programmable evolution of that same principle. Bundling them targets investors hedging against monetary debasement, but who want a foot in both the old and new worlds. It’s a portfolio diversifier that speaks to macro uncertainty—appealing to those who think central banks might keep printing, but aren't ready to go all-in on crypto alone.
The Cynical Take
Of course, the City of London has seen structured products come and go—often with hefty fees tucked neatly inside the prospectus. This move cleverly repackages two volatile assets into something that looks reassuringly conventional on a brokerage statement, a masterclass in financial alchemy where 'innovation' often means finding new ways to charge for old risks.
The final word? This listing pulls crypto further from the fringe and stitches it into the fabric of legacy finance. Whether that’s co-option or validation depends on your outlook. But one thing's clear: the walls between digital and traditional assets keep crumbling.
Portfolio structure aims to reduce volatility
BOLD combines the growth profile of Bitcoin with the store of value role of gold. Instead of equal capital weights, the portfolio is a risk-weighted portfolio, which weights the allocations according to the inverse volatility of each asset. As a result, Bitcoin and gold provide about the same level of risk to overall performance.
Rebalancing occurs monthly. Stronger-performing assets are reduced, and weaker assets are increased, which is intended to smooth returns over time. According to product data, BOLD has generated a 3-year Sharpe ratio of 1.79 and has $40.1 million in assets as of Jan. 12, 2026. Since its launch, it has returned 122.5% in sterling terms by the end of 2025, outperforming both Bitcoin and gold alone over the same period.
Issuers’ position BOLD for inflation-focused investors
Russell Barlow, 21Shares chief executive, said the product is designed to be a hedge against inflation and simultaneously to offer exposure to the growth potential of Bitcoin and the relative stability of gold. Barlow noted, “BOLD is an exciting new product that aims to offer investors a potential hedge against inflation, exposure to Bitcoin’s growth potential, and the relative stability of gold.”
Charles Morris, founder and chief investment officer of ByteTree Asset Management, said Bitcoin and gold are increasingly complementary in an environment marked by persistent inflation and monetary uncertainty. He said the rules-based structure seeks to offer a transparent option for a diversified exposure.
The UK Financial Conduct Authority has approved 21Shares, Bitwise, and WisdomTree to offer Bitcoin and Ether ETPs to retail investors. Several products have already been listed in London, bringing the UK market closer to the US, EU, Hong Kong, and Canada.
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