Why 21Shares is pairing Bitcoin with Gold as correlation turns positive
21Shares has launched BOLD, a Bitcoin–Gold ETP, at a moment when both assets are re-entering the same macro regime.
▪ Correlation is shifting
Gold’s 20-period correlation with Bitcoin has climbed to +0.56, its strongest positive reading in months. After most of 2024–25 trading like a high-beta risk asset, BTC is starting to realign with gold as a macro hedge.
▪ Performance backdrop
Gold is up ~28% since September, while Bitcoin has rebounded ~9% from December lows, suggesting renewed demand for inflation and uncertainty hedges.
▪ How BOLD works
The product uses an inverse-volatility weighting model:
– Higher BTC volatility → more weight to gold
– Higher gold volatility → more weight to BTC
▪ Product details
– Monthly rebalancing
– ~$40M AUM
– 3-year Sharpe ratio: 1.79
– Physically backed BTC and gold
– 0.65% management fee
▪ Why it matters
A rising BTC–gold correlation suggests Bitcoin may be reclaiming a store-of-value role, strengthening its case as a portfolio stabiliser during macro uncertainty.
Bottom line:
BOLD reflects a structural bet that Bitcoin and gold are once again behaving as complementary macro hedges, not opposing risk assets.
