21Shares announced Tuesday the listing of its new exchange-traded product combining bitcoin and gold on the London Stock Exchange. Developed in collaboration with ByteTree Asset Management, the product is the first UK-listed ETP to combine a crypto asset and a traditional asset available to retail investors.
The ETP, trading under the ticker BOLD, uses a rules-based strategy that rebalances monthly. Its allocation between the two assets is determined by their inverse historical volatility, weighting the portfolio toward the asset that has demonstrated relative stability, 21Shares said.
According to the statement, BOLD had $40.1 million in assets under management as of Jan. 12, and a three-year Sharpe ratio of 1.79. The product is physically backed, with underlying assets held in cold storage by an institutional custodian. It carries a 0.65% annual management fee and is quoted in pound sterling, per the release.
“BOLD is an exciting new product that aims to offer investors a potential hedge against inflation, exposure to Bitcoin’s growth potential, and the relative stability of gold,” 21Shares CEO Russell Barlow said. “Now that retail investors in the UK have access to crypto ETPs, 21shares is dedicated to delivering a wider selection of innovative regulated products.”
Regulatory shift fuels UK market expansion
The launch follows the FCA’s removal of a four-year retail ban on crypto exchange-traded notes in October 2025. The decision allowed retail investors to access previously professional-only products through UK-regulated platforms, including standard brokerage accounts and tax wrappers such as ISAs and SIPPs.
By December 2025, London Stock Exchange data showed over $280 million in crypto ETN trading volume in the month following the retail ban lift. The surge positioned the UK as Europe’s third-largest market for crypto ETPs by volume, with a daily average of $11.7 million traded on the exchange.
Several major asset managers expanded access concurrently with the rule change. On Oct. 20, 2025, 21Shares, Bitwise, and WisdomTree opened UK retail access to their physically-backed Bitcoin and Ethereum ETPs on the LSE. BlackRock listed its iShares Bitcoin ETP on the exchange the same week.
Meanwhile, the UK government is pursuing a phased regulatory approach for digital assets, with comprehensive rules covering stablecoins, trading, and staking under consultation as part of the FCA’s crypto roadmap.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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