21Shares lists BOLD Bitcoin–Gold ETP on London Stock Exchange
21Shares has listed BOLD, a physically backed Bitcoin–gold exchange-traded product (ETP), on the London Stock Exchange following the FCA’s October 2025 easing of rules for Bitcoin ETPs. BOLD combines physical Bitcoin and gold and uses a monthly, 360‑day inverse‑volatility (risk‑weighted) rebalancing that trims the stronger asset and boosts the weaker to target equal risk exposure rather than a 50/50 capital split. The ETP was first launched in Switzerland in April 2022 and is already listed in Zurich, Frankfurt, Paris, Amsterdam and Stockholm. Custody is held with institutional providers: gold with JPMorgan; Bitcoin with Anchorage Digital Bank and Copper Technologies. BOLD trades intraday and carries a 0.65% total expense ratio. 21Shares says the strategy has historically delivered excess returns versus static allocations (roughly 5–7% annualized advantage claimed) — the BOLD Index has returned strongly since 2017 and the product returned 122.5% in GBP from April 2022 through end‑2025 (including fees), versus 111.3% for Bitcoin and 113.0% for gold over the same period. The London listing broadens regulated access for institutional and professional investors seeking combined exposure to crypto and gold. The move comes amid wider flows in digital-asset products (recent weekly outflows of about $454m) and changing macro expectations around Fed rate cuts, which may affect near‑term demand for crypto ETPs.
Bullish
The London listing of a physically backed Bitcoin ETP increases regulated institutional access to BTC, which is generally positive for Bitcoin demand. BOLD specifically packages Bitcoin with gold and uses monthly risk‑weighted rebalancing; that structure can attract investors seeking diversification and lower realized volatility compared with direct BTC exposure. Institutional custody (Anchorage, Copper) and a major bank for gold (JPMorgan) reduce custody risk concerns that often limit large allocators. The product’s track record and multi‑exchange distribution add credibility and may draw inflows over time. In the short term, market impact may be muted or mixed because recent weekly outflows from digital‑asset products and shifting Fed rate‑cut expectations have pressured flows; initial listings sometimes see limited immediate demand. Over the medium to long term, however, increased regulated on‑ramp for professional investors is likely to support incremental buy-side pressure for BTC as allocations grow, making the net price bias bullish for Bitcoin.