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].

Core Insights - 21shares has launched the 21shares Bitcoin Gold ETP (BOLD) on the London Stock Exchange, marking its fifth cryptocurrency product approved for UK retail investors [2][4] - BOLD combines gold and Bitcoin to provide a diversified investment option aimed at protecting against inflation while offering exposure to Bitcoin's growth potential [3][4] Product Details - BOLD is developed in partnership with ByteTree Asset Management and is designed to rebalance monthly based on the inverse historical volatility of Bitcoin and gold, aiming for equal risk contribution from both assets [3][5] - The ETP has a 3-year Sharpe ratio of 1.79 and an Assets Under Management (AUM) of $40.1 million as of January 12, 2026 [5] - BOLD is 100% physically backed by the underlying assets, which are stored in cold storage by an institutional-grade custodian, enhancing security [6] Market Positioning - The product allows investors to transition to a digital economy while maintaining a balanced risk approach compared to other cryptocurrency exchange-traded notes (cETNs) [4] - Russell Barlow, CEO of 21shares, emphasizes that BOLD offers a hedge against inflation and aims to provide a wider selection of innovative regulated products for UK retail investors [7] - Charles Morris, Founder and CIO of ByteTree Asset Management, notes that Bitcoin and gold are increasingly viewed as complementary assets in an inflationary environment [7]