Digital asset manager 21Shares has expanded its UK footprint with the launch of a new Bitcoin-Gold exchange-traded product on the London Stock Exchange, offering retail investors regulated exposure to both digital and traditional stores of value. The product, developed in partnership with ByteTree Asset Management and trading under the ticker BOLD, is designed to serve as a hedge against inflation by combining Bitcoin’s growth potential with the historical stability of gold.
Listed on the London Stock Exchange in pounds sterling, the 21Shares Bitcoin Gold ETP carries an annual management fee of 0.65% and is fully physically backed. According to details released at launch, the instrument is structured to give investors access to both assets through a single vehicle, removing the need to manage separate holdings across different markets. Its net asset value stood at just over $50 at the time of listing.
What sets the product apart is its rules-based investment strategy. Rather than maintaining a fixed allocation between Bitcoin and gold, BOLD adjusts its exposure on a monthly basis depending on each asset’s historical volatility. When Bitcoin experiences higher price swings, the model automatically increases the weighting of gold, while periods of relative crypto stability allow for greater exposure to Bitcoin. The objective is to achieve a more balanced risk profile, with each asset contributing equally to overall portfolio risk.
This volatility-weighted approach, developed by ByteTree, is intended to smooth returns during turbulent market conditions while still allowing investors to participate in long-term upside. As of the latest figures, the strategy has recorded a three-year Sharpe ratio of 1.79 and has attracted more than $40 million in assets under management. All underlying Bitcoin and gold holdings are kept in cold storage with a high-grade custodian, reinforcing the product’s security credentials.
The launch comes amid a gradual shift in the UK’s regulatory stance on crypto-linked investment products. BOLD is now the fifth crypto-related offering from 21Shares to receive prospectus approval from the Financial Conduct Authority for retail distribution, following earlier Bitcoin and Ethereum products. This growing list reflects increasing regulatory comfort with carefully structured digital asset exposure for non-professional investors.
By pairing gold with Bitcoin, 21Shares is aiming to bridge traditional finance and the digital asset economy. The product is positioned as a middle ground between conventional commodity exposure and higher-risk crypto investments, appealing to investors seeking diversification in an uncertain macroeconomic environment marked by inflationary pressure and monetary tightening.
The Bitcoin-Gold ETP also fits into 21Shares’ wider expansion strategy. In recent months, the firm has rolled out new exchange-traded products across European markets, including listings in Sweden and the introduction of vehicles tied to decentralised finance protocols. With BOLD, 21Shares is betting that hybrid assets combining old and new financial paradigms will play a growing role as investors look for resilience and balance in increasingly volatile global markets.
