A pioneering investment product combining cryptocurrencies with traditional safe havens began trading on London’s markets as of January 13. Issued by 21Shares, the Bitcoin and Gold ETF aims to offer investors a potential return similar to Bitcoin, but with a more balanced volatility profile. As the first structure in the UK to include both Bitcoin and gold within a single exchange-traded vehicle, it marks a significant milestone. The launch is perceived as a tangible reflection of rapidly increasing institutional demand following the lifting of restrictions on crypto-linked exchange products in the UK.
Bitcoin and Gold in a Single Portfolio on the London Exchange
Trading under the code BOLD, this ETF provides investors the opportunity for intra-day trading under the umbrella of the London Stock Exchange. Its structure combines two highly liquid global assets into a single risk-weighted portfolio, targeting investors seeking to go beyond traditional stocks and bonds. Bitcoin’s growth potential combined with gold’s role as a long-term store of value forms the core investment thesis of the ETF.
Following the lifting of restrictions on crypto-linked exchange-traded products in the UK in October, interest in similar instruments available on the London Exchange significantly increased. According to exchange data, the first month post-ban witnessed a trading volume of $280 million. This figure positioned the UK market just behind Xetra and SIX Swiss Exchange in Europe, illustrating London’s rapidly strengthening position as a hub for regulated crypto-based products.
The listing of this new product in London enhanced the access of British investors to cryptocurrencies under regulatory assurance, while also contributing to market depth. For institutional investors, transparency, custodial security, and regulatory clarity remain key factors in their preference for such products.
Risk-Weighted Strategy
One of BOLD’s standout features is its emphasis on risk equality rather than capital equality in portfolio distribution. Bitcoin and gold are held by institutions offering custodial services at a corporate level, with the portfolio being rebalanced monthly. The strategy aims to soften fluctuations and enhance long-term returns by profiting from the stronger-performing asset and adding to the relatively weaker one.
Initially introduced to investors in Switzerland in April 2022, the product quickly began trading on leading European exchanges. The structure delivered a 122.5% return in sterling by the end of 2025, outperforming both Bitcoin’s and gold’s individual performances during the same period. This demonstrates how a risk-balanced approach can make a difference in volatile market conditions.
With a total expense ratio of 0.65%, the product appeals to both those seeking short-term positions via intra-day trading and those interested in long-term diversification. It stands out as an alternative tool for investors seeking a more stable return profile without direct exposure to Bitcoin.
