BOLD debuts on the London Stock Exchange: how Bitcoin and gold are creating a new class of investments

The London Stock Exchange is expanding its presence in the cryptocurrency landscape. On January 13, the oldest exchange in the world will launch trading of BOLD — a revolutionary investment product from Swiss company 21Shares, which combines Bitcoin and gold into a single portfolio. It is aimed at investors seeking access to digital assets without the excessive volatility characteristic of pure Bitcoin.

The BOLD product is not just a combination of two assets. 21Shares has developed an innovative mechanism that automatically rebalances the portfolio monthly, maintaining an equal risk profile. This means the system automatically reduces positions in assets that have grown quickly and increases positions in those that lag behind. Such an approach allows for additional profit generation while simultaneously reducing price fluctuations, making the product more attractive for conservative portfolios.

How the gold and Bitcoin exchange has changed the investment landscape

The launch of BOLD on the London Stock Exchange occurs amid radical changes in the regulatory environment. In October last year, the UK lifted restrictions on exchange-traded products based on cryptocurrencies, opening the door for newcomers to digital assets through regulated channels. The first month after this historic decision was impressive: trading volume of exchange-traded notes reached $280 million, ranking only behind the German Xetra and Swiss SIX exchanges.

It is in this context that BOLD makes its debut. Being the first product registered in the UK offering both assets — Bitcoin and gold — within a single exchange-traded instrument, it symbolizes a shift in regulators’ approach to the digital economy.

How it works: from physical backing to automatic balancing

Under the hood, BOLD features a strict security architecture. Bitcoin and gold backing each unit of BOLD are stored in institutional-grade depositories. This means that this product does not depend on the credit rating of the issuer: assets are physically stored and cannot be used for other purposes.

The rebalancing mechanism works as follows: each month, the system recalculates allocations not based on equal capital weight but on risk measurement. If Bitcoin has increased by 20% over the month and gold by 2%, the system will automatically sell part of the Bitcoin and buy gold to return the portfolio to a balanced risk state. This strategy, known as “rebalancing momentum capture,” allows for earning from market activity divergences.

The total management fee for BOLD is 0.65% per year, which is a competitive rate for this type of instrument.

Results that speak for themselves

Since its launch in Switzerland in April 2022, BOLD has demonstrated impressive dynamics. From launch through the end of 2025, the product has yielded a profit of 122.5% in GBP — more than what both Bitcoin and gold have shown individually during this period.

This is a key point: although Bitcoin is the most explosive asset of the decade, and gold is a reliable store of capital, their combination with a proper rebalancing mechanism can yield better risk-adjusted returns. BOLD is already listed on several leading European exchanges, and its launch on the London Stock Exchange broadens its access to UK investors.

Who is this for?

BOLD is designed for a specific segment: investors who want to profit from the growth of cryptocurrencies but are not willing to withstand 30-50% annual price fluctuations of Bitcoin itself. Gold in the portfolio acts as a buffer, absorbing extreme market movements. At the same time, the rebalancing mechanism allows for systematic profit from fluctuations.

This is especially attractive for:

• Pension funds seeking alternative assets with controlled risk
• Institutional investors wanting exposure to cryptocurrencies without volatility
• Private investors with portfolios over $1 million considering diversification

The macroeconomic puzzle: why Bitcoin is not celebrating the dollar’s fall

An interesting paradox: despite the consistent weakening of the US dollar at the beginning of 2026, Bitcoin did not rise along with it as many expected. JPMorgan analysts explain this as follows: the current dollar decline is driven by short-term capital flows and sentiment shifts, not by fundamental changes in US growth forecasts or Federal Reserve monetary policy.

In other words, markets see this dollar weakness as a temporary correction rather than a signal of structural revaluation. In such an environment, Bitcoin is traded as an asset sensitive to overall liquidity and risk appetite, not as a hedge against dollar decline. Gold traditionally plays this role, showing better behavior under these conditions.

This is where BOLD finds its niche. Combining Bitcoin’s growth potential (currently trading around $88,090) with gold’s role as a traditional safe haven from macroeconomic uncertainty, the product offers a balanced approach for turbulent times. On the London Stock Exchange, gold and Bitcoin are no longer rivals but partners in a unified investment strategy.