21Shares has just launched its Bitcoin (BTC) and Gold exchange-traded product, called BOLD, on the London Stock Exchange.
The listing marks a major milestone for U.K. markets. It is the first regulated ETP in the country to combine Bitcoin and gold in one investment vehicle. As announced, BOLD is set to start trading on January 13.
BOLD Offers Physically Backed Exposure to Two Strategic Assets
BOLD gives investors direct, physically backed exposure to both Bitcoin and gold in a single product. Institutional-grade custodians securely hold the underlying assets, providing an added layer of confidence and transparency.
Instead of holding derivatives or synthetic instruments, the product reflects the real performance of each asset. BOLD pairs Bitcoin with gold and uses monthly risk-based rebalancing to reduce volatility and improve overall stability.
The product increases exposure to the asset, showing greater stability, and reduces exposure to the more volatile one.
This method seeks to lower overall risk while still allowing investors to benefit from potential price gains. The structure helps smooth out market ups and downs and provides a balanced option for long-term investors.
21Shares Enters London With BOLD
Even though BOLD is new in London, it has a strong history. It launched on Switzerland’s SIX Exchange in April 2022 and has performed well.
By the end of 2025, it returned 122.5% in sterling, beating both Bitcoin and gold when held on their own. As of January 12, BOLD manages about $40.1 million in assets and charges an annual management fee of 0.65%. This places it competitively among diversified ETPs.
The London listing arrives at a time of rapid growth in the U.K. crypto ETP market. After the Financial Conduct Authority lifted its four-year ban on crypto exchange-traded notes for retail investors in October 2025, activity surged.
In December alone, crypto ETNs on the London Stock Exchange reached roughly $280 million in trading volume. This makes the U.K. Europe’s third-largest crypto ETP market.
Regulatory Shift Fuels BOLD’s Launch and Rising Crypto Competition
21Shares’ BOLD launch follows the U.K.’s decision to lift long-standing restrictions on crypto exchange-traded products. This move has changed how everyday and large investors can access digital assets.
BOLD’s launch also shows rising competition in the regulated crypto investment market. Global firms like BlackRock, Bitwise, and WisdomTree are expanding crypto products in the U.K. after new rules, giving investors more choice and new options.
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