21shares launches BOLD ETP combining bitcoin and gold in a single regulated product

Core Viewpoint - 21shares has launched the 21shares Bitcoin Gold ETP (BOLD) on the London Stock Exchange, providing a new investment product that combines Bitcoin and gold to offer diversification and inflation protection for retail investors in the UK [2][4]. Group 1: Product Overview - BOLD is the fifth cryptocurrency product from 21shares approved for UK retail investors, following Bitcoin and Ethereum offerings [2]. - The ETP is developed in partnership with ByteTree Asset Management and aims to blend gold and Bitcoin, adjusting allocations based on their historical volatility to maintain a balanced risk profile [3][5]. - BOLD is 100% physically backed by the underlying assets, which are stored in cold storage by an institutional-grade custodian, enhancing security for investors [6]. Group 2: Investment Strategy - The product rebalances monthly to maintain an optimal balance between Bitcoin and gold, aiming for approximately equal risk contribution from both assets [5]. - BOLD has a 3-year Sharpe ratio of 1.79 and an Assets Under Management (AUM) of $40.1 million as of January 12, 2026, indicating a strong performance relative to its risk [5]. Group 3: Market Position and Commentary - Russell Barlow, CEO of 21shares, emphasizes that BOLD offers a hedge against inflation while providing exposure to Bitcoin's growth potential and the stability of gold [7]. - Charles Morris, Founder and CIO of ByteTree Asset Management, notes that Bitcoin and gold are increasingly seen as complementary assets in an inflationary environment, and BOLD provides a transparent solution for diversified exposure [7].