TL;DR
- Hybrid Exposure: 21Shares’ BOLD combines physically backed Bitcoin and gold in a single ETP, using a monthly inverse-volatility allocation to balance growth and stability.
- Performance Profile: 21Shares’ product features a 0.65% fee, full physical backing, a 3-year Sharpe ratio of 1.79, and about 122.5% total return in GBP since 2022.
- UK Market Access: Following FCA regulatory changes, BOLD becomes the fifth 21Shares product available to UK retail investors, offering a structured inflation hedge that blends gold’s resilience with Bitcoin’s upside.
The introduction of 21Shares’ Bitcoin and Gold ETP on the London Stock Exchange marks a significant milestone for the UK market. Listed under the ticker BOLD, the product brings together physically backed bitcoin and gold exposure in a single structure designed to balance long-term growth with defensive stability. Its arrival follows renewed regulatory openness in the UK, giving retail investors access to diversified digital asset strategies through a regulated exchange-traded product.
BOLD utilizes a risk-weighted allocation model that is adjusted monthly based on the inverse volatility of Bitcoin and gold. Gold typically receives a larger share due to its lower volatility, providing a stabilizing foundation for the portfolio. Bitcoin contributes asymmetric upside potential and long-term growth characteristics. Since its initial launch in Switzerland in 2022, this blended approach has outperformed holding either asset individually, delivering an approximate 122.5% total return in GBP by January 2026.
Product Features and Performance Metrics
The ETP charges a 0.65% annual management fee and is fully physically backed, with assets stored in institutional-grade, secure cold storage. Its rules-based structure aims to maintain an optimal balance between the two assets, ensuring that each contributes proportionally to overall portfolio risk. The product reports a 3-year Sharpe ratio of 1.79 and $40.1m in assets under management as of January 12, 2026, underscoring its performance profile within a volatile market environment.
BOLD becomes the fifth 21Shares product approved for UK retail investors following the Financial Conduct Authority’s decision in October 2025 to lift long-standing restrictions on crypto-linked exchange-traded products. The listing reflects a broader shift toward regulated access to digital asset exposure, enabling investors to participate in the evolving digital economy through familiar market infrastructure.
By combining gold’s historical role as a store of value with Bitcoin’s digital scarcity and growth trajectory, BOLD is positioned as a balanced inflation hedge. The monthly rebalancing process helps maintain equalized risk contribution, reducing drawdowns relative to holding Bitcoin alone. This structure offers a pathway for investors seeking exposure to digital assets while avoiding the full volatility of a single-asset approach.
