21Shares Enables Retail Access to ETP Combining Bitcoin and Gold

Swiss financial services company 21Shares has debuted an exchange-traded product (ETP) tracking bitcoin (BTC) and gold simultaneously. This ETP will be open to retail investors.

The latest move comes a few months after the UK’s Financial Conduct Authority (FCA) lifted a retail ban on crypto exchange-traded notes (ETNs), investment vehicles once believed to be extremely volatile for retailers to invest in.

21Shares Lists BOLD on LSE

In a press release, the firm called its new product the 21Shares Bitcoin Gold  ETP, using the ticker, BOLD. The company debuted the financial product on the London Stock Exchange (LSE). 21Shares joined forces with ByteTree Asset Management to develop BOLD.

Granted, BTC and gold are volatile assets. To help minimize loss and risk, 21Shares explained that BOLD’s weighting across both assets will rebalance monthly based on their inverse volatility. This meant a larger share of user funds would be allocated to the asset that offered greater stability throughout the month.

BOLD has already secured assets under management (AUM) of $40.1 million.

The financial product is also fully backed physically by actual BTC and gold, which are safeguarded by institutional custodians.

Commenting on the latest development, ByteTree Asset Management’s founder, Charles Morris, stated:

“Bitcoin and gold are increasingly viewed as complementary assets in a world of persistent inflation and monetary uncertainty. BOLD applies a disciplined, rules-based approach to combining them, aiming to provide a transparent solution for investors seeking diversified exposure to these assets.”

Not the First Crypto ETN in the UK

Interestingly, this would be the first time a retail-based ETN tracks a cryptocurrency and a traditional asset. Still, this is not the first crypto ETN to enter the UK.

Since the FCA lifted the four-year retail ban on crypto ETNs in October 2025, financial services companies like 21Shares, Bitwise, BlackRock, and WisdomTree have opened doors to UK investors to access Bitcoin and Ethereum ETPs.

As of December 2025, the UK has rapidly grown into the third-largest breeding ground for crypto ETPs. At the time, LSE saw over $280 million in trading volume for the crypto ETN market alone.