A new hybrid crypto-traditional asset product — the 21Shares Bitcoin and Gold ETP (Ticker: BOLD) — officially began trading on the London Stock Exchange (LSE) today, marking a notable milestone in regulated digital asset investment products for UK and international investors.
Developed by 21Shares AG in collaboration with ByteTree Asset Management, the ETP offers investors dual exposure to Bitcoin and gold in a single, regulated exchange-traded product. The structure is designed to combine Bitcoin’s growth potential with gold’s long-standing role as a store of value and inflation hedge, aiming to reduce volatility while capturing upside returns.
A First for the UK Market
While BOLD was originally launched on the SIX Swiss Exchange in 2022, its debut on the London Stock Exchange today represents the first UK-listed ETP that blends Bitcoin and gold into one investment product. The listing broadens options for institutional and retail investors in a major financial hub previously limited in hybrid digital-asset products.
The London listing follows approval from the Financial Conduct Authority (FCA), and it marks the fifth 21Shares cryptocurrency product cleared for UK trading, joining other Bitcoin and Ethereum ETPs already accessible to investors.
How It Works
The BOLD ETP holds physically backed Bitcoin and gold and employs a risk-weighted allocation strategy that is rebalanced monthly based on the inverse historical volatility of each asset. This mechanism seeks to assign greater weight to the less volatile asset — typically gold — during periods of elevated crypto market turbulence, and lean into Bitcoin when its volatility favours risk-adjusted returns.
According to data ahead of the LSE launch, BOLD has delivered strong cumulative gains in past periods, reflecting how the combination strategy performed historically relative to holding either asset alone.
Broader Context: Crypto in Regulated Markets
The introduction of BOLD on the London Stock Exchange highlights growing institutional interest and regulatory acceptance of crypto-linked exchange-traded products. London has recently expanded its digital asset offerings, with other issuers also bringing Bitcoin and staking-related ETPs to the market.
Market analysts view the dual-asset format as a potential portfolio diversification tool that could appeal to investors seeking regulated exposure to both digital and traditional stores of value without managing private wallets or physical commodity storage.
Investor Access and Outlook
With BOLD now trading on the LSE, investors in the UK and abroad can access this regulated, exchange-listed instrument through standard brokerage accounts. The hybrid structure is seen by some advisors as a way to bridge the gap between traditional finance and digital assets, particularly for those wary of relying solely on Bitcoin or gold individually.
As the market for crypto-linked ETPs continues to expand, products like BOLD may shape a broader acceptance of digital assets within mainstream investment portfolios in established financial markets.
