- 21Shares launched a Bitcoin Gold ETF in London after FCA approval expanded regulated retail crypto access in the UK.
- The ETF rebalances monthly using inverse volatility to reduce risk while keeping exposure to Bitcoin upside potential.
- UK crypto ETP volumes surged after the retail ban ended placing London among Europe’s largest regulated ETP markets.
21Shares has listed a Bitcoin-Gold ETF, BOLD, on the London Stock Exchange, expanding regulated crypto exposure for UK retail investors. The product offers combined access to Bitcoin and physical gold through a single listed vehicle.
Importantly, the Financial Conduct Authority approved the prospectus, allowing the ETF to operate within the UK’s regulated investment framework. This launch extends 21Shares’ UK offerings beyond standalone Bitcoin and Ethereum products.
Dual-Asset Structure Aims to Manage Volatility
BOLD follows a rules-based allocation model that adjusts exposure each month. The framework uses inverse volatility to determine asset weighting during rebalancing periods. As market conditions shift, the ETF increases allocation to the more stable asset. In practice, gold often carries higher weight during periods of heightened market stress.
At the same time, Bitcoin remains part of the portfolio to retain long-term growth potential. This structure seeks to balance risk rather than maximize short-term returns. The ETF trades in pounds sterling and charges a 0.65% annual management fee. Each unit remains fully backed by Bitcoin and gold held in institutional-grade cold storage.
Performance History Across European Markets
Before its London debut, BOLD launched on several European exchanges. These included Zurich, Frankfurt, Paris, Amsterdam, and Stockholm. Since its initial listing in 2022, the product has recorded a 122.5 percent return in sterling terms. This performance surpassed returns from holding Bitcoin or gold individually over the same period.
As of January 2026, the ETF managed approximately $40.1 million in assets. It also recorded a three-year Sharpe ratio of 1.79, reflecting its risk-adjusted performance profile. Monthly rebalancing helped maintain relatively even exposure to both assets. This approach reduced sensitivity to sharp price movements while preserving long-term exposure.
UK Regulatory Shift Supports Market Expansion
The London listing follows a major regulatory change in the UK crypto market. In October 2025, regulators lifted a four-year restriction on retail access to crypto exchange-traded notes. This decision allowed regulated platforms, including ISAs and SIPPs, to offer crypto ETPs to a wider investor base. As a result, trading activity increased across UK venues.
The London Stock Exchange reported more than $280 million in crypto ETN trading volume within one month of the policy shift. Average daily volumes reached about $11.7 million during that period. The UK now ranks as Europe’s third-largest crypto ETP market by volume. Asset managers such as Bitwise and WisdomTree have also expanded listings alongside 21Shares, reflecting growing institutional participation.