Asset manager 21Shares launched its bitcoin-gold hybrid exchange-traded product on the London Stock Exchange.

The BOLD ETP became the first UK-listed product offering retail investors combined exposure to cryptocurrency and traditional assets in a single vehicle.

The product holds $40.1 million in assets as of January 12.

It charges a 0.65% annual management fee.

What Happened

The 21Shares BOLD ETP combines physically backed bitcoin and gold through a monthly rebalancing strategy.

Asset allocation is determined by inverse historical volatility, weighting the portfolio toward whichever asset demonstrates relative stability at the time of rebalancing.

The product originally debuted on Switzerland's SIX Exchange in April 2022.

Since launch, BOLD has returned 122.5% in sterling terms through the end of 2025, outperforming both standalone bitcoin and gold over the same period.

The London listing follows the UK Financial Conduct Authority's decision to lift restrictions on crypto exchange-traded notes for retail investors in October 2025.

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Why It Matters

UK retail investors previously faced a four-year ban on crypto ETP access.

The regulatory shift triggered $280 million in crypto ETN trading volume on the LSE during December 2025 alone, positioning the UK as Europe's third-largest market by volume.

The BOLD product offers UK investors a risk-adjusted alternative to direct cryptocurrency exposure through traditional brokerage accounts and tax-advantaged wrappers including ISAs and SIPPs.

Multiple asset managers including BlackRock, Bitwise and WisdomTree launched competing crypto ETPs following the regulatory change.

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