21Shares has listed its Bitcoin-and-gold exchange-traded product, BOLD, on the London Stock Exchange. The product is described as the first on the venue to combine exposure to both assets inside a risk-managed structure, with access aimed at professional investors.
London debut follows UK rule change
The listing comes after the UK Financial Conduct Authority lifted restrictions on Bitcoin ETPs for professional investors in October 2025. That move opened the door for crypto-linked investment products in the UK, and 21Shares has now added London to the list of exchanges where BOLD trades.
BOLD is physically backed and combines Bitcoin with gold in one vehicle. According to 21Shares, the structure is meant to keep exposure to Bitcoin’s upside while using gold to reduce volatility. The product was already available in Zurich, Frankfurt, Paris, Amsterdam and Stockholm before the London launch.
Monthly rebalancing uses inverse volatility weighting
Instead of a static 50/50 split, BOLD uses monthly rebalancing based on 360-day inverse volatility. The less volatile asset gets a larger weight. The goal is not equal capital allocation, but roughly equal risk exposure between Bitcoin and gold.
During each rebalance, the stronger-performing asset is trimmed and the weaker one is increased. Data cited from BOLDETF.com says this process has added about 5% to 7% in excess annual returns on average compared with static allocation.
Company data shows 450.3% return since late 2017
21Shares said the BOLD Index has returned 450.3% since the Bitcoin market peak in late 2017. On the company’s figures, that performance beat Bitcoin on its own, gold on its own, and a static 50/50 basket of the two assets.
From BOLD’s Swiss launch in April 2022 through the end of 2025, the product delivered a total return of 122.5% in GBP terms, including fees. Over the same period, Bitcoin returned 111.3% and gold returned 113.0%.
Custody split across JPMorgan, Anchorage and Copper
The ETP is physically backed, with gold custody handled by JP Morgan and Bitcoin held with Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG. The product has a total expense ratio of 0.65% and trades intraday.
Broader fund flows remain weak. CoinShares data showed digital asset investment products posted $454 million in net outflows last week, after a four-day run of outflows totaling $1.3 billion. That nearly erased the $1.5 billion of inflows recorded in the first two trading days of 2026. The report said the shift appeared linked to lower expectations for a March Federal Reserve rate cut after macro data pointed to stickier inflation.