21Shares Lists ETP Combining Bitcoin and Gold on LSE as UK Retail Crypto Access Expands

21Shares has launched the Bitcoin Gold ETP (BOLD) on the London Stock Exchange. The ETP provides investors with a combination of bitcoin and physical gold. This offering is part of 21Shares' growing lineup of crypto ETPs.

The ETP tracks a custom index that holds both bitcoin and gold. It rebalances monthly based on the relative volatility of the two assets. The product is 100% physically backed, with institutional custody for both underlying assets.

This listing comes as UK regulators have opened the door for crypto exchange traded notes. The move supports professional and certain retail investors. 21Shares already offers multiple physically backed ETPs in London.

Why the Move Happened

21Shares launched BOLD in 2022 on the SIX Swiss Exchange. The product combines two traditional store-of-value assets in a single offering. The rebalancing strategy tilts toward the less volatile asset, which has historically favored gold.

UK regulators have enabled the listing as part of a broader strategy to support crypto access. This follows regulatory shifts in favor of crypto products across Europe. The UK's approach aims to attract investors while maintaining oversight.

How Markets Responded

BOLD began trading on 13 January 2026. The ETP's launch aligns with increased institutional interest in bitcoin ETPs. Investors seeking macro hedges may find the dual-asset approach appealing.

The product diversifies 21Shares' existing crypto ETPs. It adds a blended vehicle to the firm's portfolio of single-asset offerings. This move is expected to capture a segment of the crypto market seeking balanced exposure.

What Analysts Are Watching

BOLD's dynamic allocation strategy allows for a flexible mix of assets. This differs from fixed-weighted ETPs, where the proportion remains unchanged. Investors may appreciate the adaptability to changing market conditions.

The ETP's performance will depend on the volatility of both bitcoin and gold. The rebalancing mechanism could shift exposure in favor of either asset depending on market behavior. This feature may attract long-term investors seeking both growth and stability.

Investors are watching whether the product captures a meaningful share of the UK's growing crypto market. 21Shares already holds a significant position in the ETP space in London. The addition of BOLD could further expand the firm's influence.

The ETP is available through UK brokers and regulated exchanges. It joins a growing list of crypto products in Europe. The launch reflects a broader trend toward institutional adoption of crypto assets.