21Shares lists its BOLD Bitcoin–gold ETP on the LSE, using risk‑weighted rebalancing that has outperformed BTC, gold and a static 50/50 mix since 2017.

Switzerland-based investment product provider 21Shares listed its Bitcoin and gold exchange-traded product (ETP), BOLD, on the London Stock Exchange on Tuesday, marking the first product on the venue to combine exposure to both Bitcoin and gold within a risk-managed structure.

21Shares lists in London

The listing follows the UK Financial Conduct Authority‘s decision in October 2025 to lift restrictions on Bitcoin ETPs for professional investors, opening access for crypto-linked investment products in the UK market.

BOLD combines Bitcoin and gold into a single, physically backed product designed to capture Bitcoin’s potential gains while reducing volatility through diversification with gold, according to the company.

The product has delivered a total return of 122.5% in GBP terms from its Swiss launch in April 2022 through the end of 2025, including fees, according to 21Shares. This compares with returns of 111.3% for Bitcoin and 113.0% for gold over the same period.

BOLD uses a monthly risk-weighted rebalancing approach based on 360-day inverse volatility rather than a static 50/50 allocation. The less volatile asset receives a higher weight, with the aim of maintaining equal risk exposure to both Bitcoin and gold rather than equal capital allocation, the company stated.

The monthly rebalancing process trims the stronger-performing asset and increases exposure to the weaker one. According to data from BOLDETF.com, this mechanism has generated an additional 5-7% in excess returns per annum on average.

Since the Bitcoin market peak in late 2017, the BOLD Index has returned 450.3%, outperforming both Bitcoin and gold individually, as well as a static 50/50 allocation, according to company data.

BOLD is physically backed, with gold custody provided by JP Morgan and Bitcoin held with Anchorage Digital Bank N.A. and Copper Technologies (Switzerland) AG. The product carries a total expense ratio of 0.65% and trades intraday.

The product is already listed on exchanges in Zurich, Frankfurt, Paris, Amsterdam and Stockholm. The London listing expands availability for institutional and professional investors seeking exposure to digital assets and gold in a regulated vehicle.

Digital asset investment products recorded $454 million in net outflows last week, according to CoinShares data. The pullback follows a four-day streak of outflows totaling $1.3 billion which has nearly erased the $1.5 billion of inflows recorded during the first two trading days of 2026.

The shift appears tied to reduced expectations of a US Federal Reserve interest rate cut in March after recent macroeconomic data suggested inflation may remain more persistent than markets had anticipated, according to market observers.