BOLD, an exchange-traded product (ETN) developed by 21Shares that combines Bitcoin and gold in a single product, began trading on the London Stock Exchange on January 13th. The product is structured to offer investors the potential for returns similar to Bitcoin, while aiming for lower volatility thanks to the stabilizing effect of gold. In this respect, BOLD is the first product in the United Kingdom to offer both a crypto and a traditional asset under a single exchange-traded instrument.
Bitcoin and Gold Come Together
The launch of BOLD comes shortly after the easing of regulatory approaches towards crypto-linked ETNs in the United Kingdom. With the Financial Conduct Authority lifting the ban on crypto ETNs for retail investors in October, interest in regulated digital asset products has rapidly increased. It is stated that a trading volume of $280 million was reached in the first month alone after the lifting of the ban. This figure makes the UK one of the most active crypto ETP markets in Europe, after Xetra in Germany and SIX Swiss Exchange in Switzerland. BOLD was developed in collaboration between 21Shares and ByteTree Asset Management. The product combines Bitcoin's growth potential with gold's "store of value" role. However, unlike classic portfolios, assets are distributed not with equal capital weighting, but with a risk-based approach. In this model, the risk level contributed by Bitcoin and gold to the portfolio is attempted to be equalized. In the monthly rebalancing process, the weighting of the stronger-performing asset is reduced, while the weighting of the lagging asset is increased. The aim is to make returns more stable over time. The product's physically secured nature is also noteworthy. Bitcoin and gold under BOLD are held with institutions providing institutional-level custody services. The product, which is available for intraday trading, operates with a total expense ratio of 0.65%. Quoted in British pounds, BOLD is structured so that individual investors in the United Kingdom can access it through standard brokerage accounts. BOLD's past performance also plays a significant role in the product's marketing narrative. First launched in Switzerland in April 2022, the product has achieved a 122.5% return in sterling terms by the end of 2025. This performance surpasses investments holding only Bitcoin or only gold during the same period. It was also shared that the product has a three-year Sharpe ratio of 1.79 and reaches an asset size of $40.1 million by January 12, 2026. 21Shares CEO Russell Barlow emphasized that BOLD was designed specifically for a period marked by inflation and monetary policy uncertainty. According to Barlow, the product aims to offer investors access to both Bitcoin's long-term growth potential and the relative stability offered by gold. ByteTree Asset Management founder Charles Morris stated that Bitcoin and gold are increasingly becoming complementary assets, and that this rules-based structure offers a transparent and disciplined diversification opportunity. With the regulatory framework becoming clearer in the UK, it is noteworthy that major asset managers such as 21Shares, as well as Bitwise, WisdomTree and BlackRock, are opening their crypto ETPs to retail investors in London.
