BOLD ETP on the London Stock Exchange: a combination of Bitcoin and gold to soothe investors

The investment painbreaker is advancing in the UK. A new product from 21Shares combines two of the most liquid alternative assets — Bitcoin and gold — into a single exchange-traded instrument, launching on the London Stock Exchange on January 13. The BOLD product offers investors a new way to access both assets through a single position, combining Bitcoin’s growth potential with gold’s traditional role as a store of value and reducing portfolio volatility.

Revolutionary combination on the regulated UK exchange

The launch of BOLD on the London Stock Exchange is a significant event for the digital asset market in the UK. The product will be the first in the country to offer both assets within a single regulated traded instrument. This launch follows the removal of restrictions on cryptocurrency exchange-traded products in October, opening new opportunities for institutional and private investors.

The lifting of the ban had an immediate impact on the market. During the first month after liberalization, the London Stock Exchange recorded trading volumes of $280 million in exchange-traded notes, ranking third among European platforms after Xetra and SIX Swiss Exchange.

The gold advantage of a combined portfolio

BOLD appeals to investors seeking diversification beyond traditional assets but with lower volatility than holding only Bitcoin. This approach is especially attractive during periods of instability in digital asset markets, where gold acts as a stabilizing factor.

The product has already been successful on other European exchanges since its launch in April 2022. Prior to the London Stock Exchange, BOLD was listed on several leading European venues, gaining significant popularity among institutional players.

How BOLD ensures balancing through active management

Unlike simply combining two assets in equal proportions, BOLD employs a more sophisticated strategy. Allocations are rebalanced monthly to maintain the same level of risk exposure, rather than equal capital weights. This mechanism aims to automatically reduce the high-cost asset and add to the cheaper one, smoothing results and potentially enhancing long-term profitability.

Bitcoin and gold backing the product are stored in institutional-grade depositories, ensuring the highest security standards. The product is traded throughout the trading day and has a total expense ratio of 0.65%, making it competitive compared to separate ETFs for each asset.

Results since 2022: when gold and Bitcoin are held together

Historical performance of BOLD demonstrates a compelling case for the combined approach. Since its launch in April 2022, the product has yielded a profit of 122.5% in GBP as of the end of 2025. Most importantly, BOLD outperformed both Bitcoin and gold separately over the same period, confirming the effectiveness of risk weighting and automatic rebalancing strategies.

The current Bitcoin price of around $78,67K reflects market activity, where gold continues to play a key role in investor portfolios seeking protection from volatility. BOLD positions itself as an optimal solution for those who want to achieve better results than holding each asset separately.

Implications for the UK digital asset market

The appearance of BOLD on the London Stock Exchange signals the growing maturity of the UK digital asset market and regulators’ readiness to provide investors access to innovative financial products. The combination of Bitcoin and gold in one instrument aligns with global market trends, where traditional and digital assets are increasingly viewed not as competitors but as complementary components of a diversified portfolio.