Switzerland-based investment firm 21Shares has successfully launched its BOLD Bitcoin-gold exchange-traded product (ETP) on the London Stock Exchange (LSE). This innovative offering marks a significant milestone as it is the first of its kind on the LSE that combines both Bitcoin and gold within a risk-managed framework. The listing comes after the UK Financial Conduct Authority (FCA) removed restrictions on Bitcoin ETPs for professional investors in October 2025, paving the way for greater access to crypto-linked investment vehicles in the UK.
The BOLD ETP is designed to leverage the high growth potential of Bitcoin while mitigating volatility through diversification with gold. According to 21Shares, this product has achieved a total return of 122.5% in GBP terms since its inception in April 2022, outperforming Bitcoin, which returned 111.3%, and gold, which gained 113.0% over the same timeframe.
A key feature of the BOLD ETP is its monthly risk-weighted rebalancing strategy. Unlike a traditional static 50/50 allocation, this method employs a 360-day inverse volatility approach, where the less volatile asset is given a higher weight. This strategy aims to maintain equal risk exposure to both Bitcoin and gold. The rebalancing process trims the stronger-performing asset and reallocates to the weaker one, generating an estimated additional 5-7% in excess returns annually compared to static allocations.
Since the peak of the Bitcoin market in late 2017, the BOLD Index has achieved an impressive 450.3% return, surpassing the individual performances of both Bitcoin and gold, as well as the static 50/50 mix. Custodial services for the product are managed by JP Morgan for gold, while Bitcoin custody is handled by Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG.
The BOLD ETP carries a total expense ratio of 0.65% and is designed for intraday trading. This product is already available on other exchanges across Europe, including Zurich, Frankfurt, Paris, Amsterdam, and Stockholm, and the London listing further broadens access for institutional and professional investors interested in regulated exposure to both digital assets and gold.
Recent data from CoinShares indicates that digital asset investment products experienced $454 million in net outflows last week. This trend follows a four-day outflow streak totaling $1.3 billion, which has almost undone the $1.5 billion inflows recorded during the initial days of 2026. Market analysts suggest that these shifts are linked to diminishing expectations regarding a potential interest rate cut by the US Federal Reserve in March, following recent economic data indicating persistent inflation.
