Catenaa, Friday, January 23, 2026-21Shares has launched a new exchange-traded product combining bitcoin and gold on the London Stock Exchange, marking the first UK-listed ETP to offer both a crypto asset and a traditional asset to retail investors.
The product, trading under the ticker BOLD, uses a rules-based monthly rebalancing strategy that weights assets according to inverse historical volatility, favoring the more stable asset.
BOLD had $40.1 million in assets under management as of January 12 and reports a three-year Sharpe ratio of 1.79. The product is physically backed, with assets held in cold storage by an institutional custodian, and carries an annual management fee of 0.65%, quoted in pounds sterling.
21Shares said the ETP aims to provide investors with a potential inflation hedge, exposure to bitcoin’s growth, and the stability of gold.
The launch follows the UK Financial Conduct Authority’s removal of a four-year retail ban on crypto exchange-traded notes in October 2025, allowing retail investors to access previously professional-only products via regulated platforms, brokerage accounts, and tax wrappers such as ISAs and SIPPs.
Trading volume in crypto ETNs surged to over $280 million in December 2025, with the UK emerging as Europe’s third-largest crypto ETP market by volume.
Other asset managers, including Bitwise, WisdomTree, and BlackRock, concurrently expanded retail access to physically-backed Bitcoin and Ethereum ETPs.
The UK government continues to advance a phased regulatory framework covering stablecoins, trading, and staking, aligned with the FCA’s crypto roadmap.
