21Shares Lists Bitcoin-and-Gold ETP on LSE
Generally, Switzerland-based investment firm 21Shares has made a pretty big move by listing its Bitcoin and Gold exchange-traded product, BOLD, on the London Stock Exchange. Normally, this kind of product is not available on the LSE, so it’s a big deal that it’s now listed. Basically, BOLD is the first product on the LSE to offer exposure to both Bitcoin and gold within a single structure.
Usually, people think that Bitcoin and gold are two separate assets, but BOLD combines them in a way that reduces volatility.
Currently, the UK Financial Conduct Authority has lifted restrictions on Bitcoin ETPs for professional investors, which is why we’re seeing more crypto-linked investment products in the UK market.
Apparently, trading for BOLD begins on Tuesday, January 13, 2026, under the tickers BOLD (GBP) and BOLU (USD).
Naturally, the listing of BOLD on the LSE is a significant milestone in the evolution of crypto-linked investment products.
Listing on the London Stock Exchange
Obviously, the London Stock Exchange is a big deal, and listing a product like BOLD is a major achievement.
Generally speaking, BOLD is a unique product that combines the world’s two most liquid alternative assets – Bitcoin and gold – into a single, physically backed product.
Normally, people would think that combining these two assets would be complicated, but BOLD makes it simple.
Currently, the strategy is designed to capture Bitcoin’s upside while reducing volatility through diversification with gold.
Product Overview
Basically, BOLD is a product that allows investors to diversify their portfolios while capturing the upside potential of both Bitcoin and gold.
Usually, investors have to choose between investing in Bitcoin or gold, but BOLD offers a way to invest in both.
Apparently, the product is physically backed, with gold custody provided by JP Morgan and Bitcoin held with Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG.
Naturally, the total expense ratio of BOLD is 0.65%, which is relatively low compared to other investment products.
Performance Since Launch
Generally, the performance of BOLD since its launch in Switzerland in April 2022 has been impressive.
Currently, BOLD has delivered a total return of 122.5% in GBP terms through the end of 2025, including fees.
Obviously, this is a significant return, especially when compared to the returns of Bitcoin and gold over the same period.
Normally, investors would expect a product like BOLD to perform well, but the actual results are even better than expected.
Risk-Weighted Rebalancing Mechanism
Basically, the risk-weighted rebalancing mechanism of BOLD is what sets it apart from other investment products.
Usually, investment products have a simple 50/50 allocation, but BOLD uses a monthly risk-weighted rebalancing approach based on 360-day inverse volatility.
Apparently, this mechanism has generated an additional 5-7% in excess returns per annum on average, while delivering a smoother performance profile closer to that of gold alone.
Naturally, this is a significant advantage for investors who want to minimize risk while maximizing returns.
Custody, Fees & Liquidity
Generally, the custody, fees, and liquidity of BOLD are all important factors to consider for investors.
Currently, the product is physically backed, with gold custody provided by JP Morgan and Bitcoin held with Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG.
Obviously, the total expense ratio of 0.65% is relatively low, and the product trades intraday, offering liquidity and transparency for institutional and professional investors.
Normally, investors would expect a product like BOLD to have high fees, but the actual fees are relatively low.
Market Reach & Expansion
Basically, the listing of BOLD on the London Stock Exchange expands its reach as demand grows for diversified, risk-adjusted exposure to digital assets and hard money in a single, regulated vehicle.
Usually, investment products are only available on a limited number of exchanges, but BOLD is already listed on exchanges in Zurich, Frankfurt, Paris, Amsterdam, and Stockholm.
Apparently, the London listing is a significant milestone in the evolution of crypto-linked investment products.
Naturally, the expansion of BOLD into new markets is a positive development for investors who want to diversify their portfolios.
Conclusion
Generally, the listing of BOLD on the London Stock Exchange is a significant milestone in the evolution of crypto-linked investment products.
Currently, BOLD offers investors a unique opportunity to diversify their portfolios while capturing the upside potential of both Bitcoin and gold.
Obviously, the product is a major achievement for 21Shares, and it’s likely to attract a lot of attention from investors.
Normally, investment products like BOLD are not available on the LSE, so this is a big deal.
Apparently, the future of crypto-linked investment products looks bright, and BOLD is leading the way.
