21Shares Lists Bitcoin-Gold ETP on London Stock Exchange

21Shares has launched its Bitcoin and gold exchange-traded product, the 21Shares Bitcoin Gold ETP (BOLD), on the London Stock Exchange. The product expands the range of crypto-linked investment vehicles available to UK retail investors through traditional market infrastructure.

BOLD is the fifth cryptocurrency product from 21Shares to receive prospectus approval from the UK Financial Conduct Authority. It follows the firm's existing Bitcoin and Ethereum offerings and comes as demand grows for regulated exposure to digital assets.

The ETP trades on the LSE in pounds sterling under the ticker BOLD and carries a 0.65% annual management fee. It is fully physically backed by its underlying assets, with Bitcoin and gold held in institutional-grade custody and stored offline.

The product was developed in partnership with ByteTree Asset Management and uses a volatility-based rebalancing framework. As of January 12, 2026, BOLD had $40.1 million in assets under management and reported a three-year Sharpe ratio of 1.79.

The 21Shares Bitcoin Gold ETP is designed to provide investors with exposure to both Bitcoin and gold through a single, regulated vehicle. The product trades on the London Stock Exchange in pounds sterling under the ticker BOLD and carries a 0.65% annual management fee.

BOLD is fully physically backed by its underlying assets. Both Bitcoin and gold are held in institutional-grade custody and stored offline, a structure intended to reduce counterparty and custody risk compared to many retail investment options.

The ETP is the fifth cryptocurrency product from 21Shares to receive prospectus approval from the UK Financial Conduct Authority. It follows the firm's existing Bitcoin and Ethereum offerings, expanding the regulated crypto investment options available to UK investors.

Unlike ETFs, ETNs are debt instruments that track the price of assets like bitcoin without requiring investors to hold the underlying crypto. However, BOLD's physical backing structure distinguishes it from many synthetic products.

BOLD was developed in partnership with ByteTree Asset Management and combines Bitcoin and gold into a single vehicle designed around risk management rather than fixed allocations. The ETP rebalances monthly using inverse historical volatility.

At each monthly rebalance, the framework allocates more weight to the less volatile asset. The aim is to achieve roughly equal risk contribution from both Bitcoin and gold, rather than a simple 50/50 capital split.

This structure is happening as gold surges to new highs. Gold's long-standing role as a store of value is intended to offset Bitcoin's sharper price swings, particularly during risk-off environments.

The product adjusts its holdings each month to stay aligned with its volatility-based framework, trimming the stronger asset and adding to the weaker one. As of January 12, 2026, BOLD had $40.1 million in assets under management and reported a three-year Sharpe ratio of 1.79.

Russell Barlow, CEO of 21Shares, said the London listing reflects the firm's push to broaden access to regulated crypto products in the UK.

"BOLD aims to give investors exposure to Bitcoin's growth potential while retaining the relative stability of gold,"

Barlow said, adding that the product is positioned as a potential hedge against inflation.

Charles Morris, founder and chief investment officer of ByteTree Asset Management, described Bitcoin and gold as increasingly complementary assets.

"He said BOLD applies a rules-based process to combine them in a transparent structure designed for investors navigating persistent inflation and monetary uncertainty."

The launch follows a significant regulatory shift in the UK. In October 2025, the UK's Financial Conduct Authority lifted its four-year ban on retail access to bitcoin and crypto exchange-traded notes.

This decision allows firms to offer crypto ETNs on FCA-approved exchanges such as the London Stock Exchange and Cboe UK. The move followed months of consultation and signaled a more open—though still cautious—approach to crypto regulation.

David Geale, FCA digital finance executive, said the decision reflected a more mature and better-understood market while maintaining investor protections.

The regulatory opening has enabled 21Shares to list BOLD on the London Stock Exchange, providing UK retail investors with regulated access to a product that combines two traditional safe-haven assets: Bitcoin and gold.