Bitcoin and Gold Exchange Traded Products: BOLD Debuts on the London Stock Exchange on Jan. 13

Starting on January 13, 21Shares’ BOLD exchange-traded products will begin trading on the London Stock Exchange, marking an important milestone in the integration of digital assets into traditional financial markets. This product represents the first British offering to combine bitcoin and gold into a single exchange-traded investment vehicle, aimed at institutional and retail investors looking to reduce volatility through diversification.

An investment vehicle backed by physical assets

BOLD is an ETP (exchange-traded product) that provides physical exposure to both bitcoin and gold, held by institutional-grade custodians. Each component is rebalanced monthly to maintain an equivalent level of risk exposure, a strategy designed to smooth returns while optimizing returns. With a total expense ratio of 0.65%, the product offers diversified access to two of the world’s most liquid alternative assets in a single risk-weighted portfolio.

BOLD’s value proposition lies in combining bitcoin’s growth potential with gold’s role as a store of value, providing investors with an alternative to the extreme volatility of holding bitcoin in isolation. Automatic monthly rebalancing seeks to capture opportunities by increasing the position in the underperforming asset and reducing that of the strongest asset.

BOLD’s performance since its launch in Switzerland

Since its debut in Swiss markets in April 2022, BOLD has demonstrated consistent performance. By the end of 2025, the product had generated returns of 122.5% in British pound terms, outperforming both the individual returns of bitcoin and gold in the same period. This performance highlights how the dynamic rebalancing strategy can improve results compared to static positions in individual assets.

The product is already listed on several major European exchanges, cementing its position as a reliable option for European investors interested in crypto assets. Its expansion to the London Stock Exchange responds to the growing demand for regulated investment products in cryptocurrencies.

Regulatory context and demand for crypto-asset products

BOLD’s launch in London comes after the lifting of U.K. restrictions on crypto exchange-traded products last October. Since then, the market has shown significant appetite: in the first month after the ban was lifted, the exchange recorded a trading volume of $280 million in exchange-traded products, ranking below only Xetra and SIX Swiss Exchange according to IFA Magazine data.

This more favorable regulatory environment contrasts with the recent pressures facing the cryptocurrency market. In January, most crypto-related stocks have seen declines, with bitcoin falling below $84,000. Spot trading volumes have also contracted significantly, from $1.7 trillion a year earlier to $900 billion in the current period, reflecting investor caution in the face of macroeconomic uncertainty.

However, interest in institutional products such as BOLD persists as a defensive trend: institutional investors seek regulated access to crypto assets with controlled volatility. Exchange-traded products offer the transparency and regulatory certainty that private cryptocurrency wallets do not guarantee, representing a crucial bridge between traditional markets and the digital asset universe.