London, January 14, 2026, 19:12 GMT
- 21Shares has listed its Bitcoin Gold ETP, BOLD, on the London Stock Exchange
- The product combines bitcoin and physical gold in a rules-based allocation that resets monthly
- The launch builds on the UK’s post-ban reopening for certain crypto exchange-traded notes
21Shares has launched a bitcoin-and-gold exchange-traded product on the London Stock Exchange, offering UK investors a single listed security that blends exposure to the cryptocurrency and physical bullion.
The firm said the product, called BOLD, is its fifth crypto product with a prospectus approved for UK retail investors, and it is pushing to broaden its range now that the market has reopened. “Now that retail investors in the UK have access to crypto ETPs, 21Shares is dedicated to delivering a wider selection,” chief executive Russell Barlow said. FX News Group
The timing matters because Britain’s Financial Conduct Authority lifted its ban on retail access to certain crypto exchange-traded notes, or cETNs, from October 8, allowing them when they are on the FCA’s official list and admitted to trading on a UK recognised exchange. The FCA has labelled the products “restricted mass market investments,” telling firms to run appropriateness checks and cooling-off periods and to make risk warnings prominent. FCA
BOLD is launching into a market where bitcoin is still doing what bitcoin does. The token was last at about $96,798, up roughly 3.5% on the day, after trading as low as $93,500.
In a separate statement, 21Shares said BOLD carries a 0.65% annual management fee and trades in sterling under ISIN CH1146882308. It said the product is fully backed by the underlying assets held in custody, and that a rules-based model shifts the weights each month toward the less volatile asset to balance risk; 21Shares put assets under management at $40.1 million as of Jan. 12 and cited a three-year Sharpe ratio of 1.79, a measure of risk-adjusted returns.
ByteTree Asset Management, which helped develop the strategy, said the approach has been running since April 2022 and is already listed on exchanges including Zurich, Frankfurt, Paris, Amsterdam and Stockholm, with London adding tickers BOLD (sterling) and BOLU (dollars). ByteTree said gold is held with J.P. Morgan and the bitcoin is held with custodians including Anchorage Digital Bank and Copper, and its founder Charlie Morris called the LSE listing “another significant milestone for BOLD.” ByteTree
An exchange-traded product is a security that trades on an exchange like a share, but is designed to track a basket, index or asset exposure. In this case, the FCA often uses the term cETN — crypto exchange-traded note — for the listed wrapper sold to retail investors.
The maths inside BOLD is meant to be simple: it looks at past price swings — “volatility” — and assigns more weight to whichever of bitcoin or gold has been steadier. The portfolio then resets each month, aiming for roughly equal risk contribution from both assets rather than a 50/50 cash split.
BOLD also drops into a crowded European market for crypto-linked listed products. Issuers such as WisdomTree and CoinShares already sell bitcoin-backed ETPs across European venues, while big US managers including BlackRock and Fidelity have spent the last two years normalising spot bitcoin exposure through ETFs.
But the blend is no shield. If bitcoin sells off hard, or if gold fails to play its usual defensive role, the product can still fall quickly; and because the model leans on historical volatility, it can react late to sudden breaks. Distribution is another unknown — the FCA’s rules put extra friction on retail access, and some platforms may move slower than others.
For 21Shares, the pitch is straightforward: a regulated, listed wrapper that tries to keep investors in the trade, but with less reliance on bitcoin alone. Whether UK money bites will be clearer once brokers and platforms decide how widely to put BOLD in front of everyday accounts.
