21Shares launched the Bitcoin and Gold ETF (BOLD) on the London Stock Exchange on Jan. 13, marking the first U.K.-listed product to offer combined exposure to both assets.
On January 13, 21Shares launched its Bitcoin and Gold ETF (BOLD), which began trading on the London Stock Exchange.
This offers investors a regulated vehicle, offering exposure to both physical gold and digital gold.
The BOLD ETF is also the first in the United Kingdom to provide exposure to both assets within one instrument.
First Bitcoin and Gold ETF Goes Live
The 21Shares Bitcoin and Gold ETF combines the two most liquid alternative assets in a single, risk-weighted portfolio.
The launch follows the removal of U.K. restrictions on crypto ETFs in October 2025, as well as the growing demand for regulated crypto products.
This BOLD ETF from asset manager 21Shares pairs Bitcoin’s BTC $74 821 24h volatility: 0.3% Market cap: $1.50 T Vol. 24h: $42.84 B long-term growth potential with gold’s role as a store of value.
The product offers investors greater diversification beyond traditional asset classes and also limits the volatility associated with just holding Bitcoin.
BOLD was first introduced in Switzerland in April 2022 and is already listed on several major European exchanges.
Since its launch, the fund has delivered a 122.5% return in sterling terms through the end of 2025, outperforming both Bitcoin and gold over the same period.
The underlying Bitcoin and gold are held with institutional-grade custodians. Portfolio allocations are rebalanced on a monthly basis to maintain equal risk exposure between the two assets, rather than equal capital weighting.
This approach adjusts the portfolio by reducing the allocation in the stronger-performing asset and increasing it in the weaker one, maintaining balanced risk exposure.
The 21Shares Bitcoin and Gold ETF trades intraday on the exchange and carries a total expense ratio of 0.65%.
Bitcoin and Gold Exhibit Opposite Trends
Over the past year, amid significant global monetary uncertainty, Bitcoin and gold have shown opposite trends.
While Bitcoin ended 2025 relatively flat, gold rallied by more than 65% over the same period.
Currently, gold is trading at a record high of $4,600 per ounce, while Bitcoin is nearly 30% below its all-time high.
Despite their contrasting price movements, both assets have seen increased institutional participation over the past year.
When you look at the valuation of Bitcoin against Gold, Bitcoin topped in December 2024. pic.twitter.com/0WcA3N54Ze
— Benjamin Cowen (@intocryptoverse) December 31, 2025