The 21Shares ByteTree BOLD ETP is an exchange-traded product launched by Swiss investment management firm 21Shares, designed to track Bitcoin (BTC) and Gold under a single instrument, providing a balanced approach to investors seeking to hedge against inflation.
BOLD ETP combines the best of the old and new worlds of finance. While gold has historically delivered strong portfolio protection for investors in an inflationary environment, Bitcoin is regarded as the digital equivalent of gold, with investors recognizing its growing adoption as a store of wealth.
The fund, a collaboration between 21Shares and UK-based digital asset manager ByteTree, debuted on the SIX Swiss Exchange on April 26, 2022, and currently trades across five global exchanges in USD, CHF, EUR, and GBP. It is considered to be the world’s first ETP that combines both BTC and gold, tracking them under a customized benchmark called the Vinter ByteTree BOLD1 Inverse Volatility index. Both assets are physically backed, and the index is rebalanced monthly.
As of the latest rebalancing on June 5, 2025, BOLD ETP has $28.163 million in assets under management (AUM), with 74.3% of its holdings skewed in gold, while the remaining 25.7% is held in Bitcoin. The fund is designed to rebalance its holdings with a bias towards the less risky of the two assets. This implies that its BTC holdings could increase if the apex cryptocurrency registers a strong market performance.
During its launch, the BOLD index was weighted 18.4% Bitcoin and 81.5% gold. Nonetheless, they are two highly liquid assets deemed resistant to inflation and have historically delivered strong returns.
Product Metrics
|
Name |
21Shares Bitcoin Gold ETP |
|
Ticker |
BOLD |
|
ISIN |
CH1146882308 |
|
Exchange |
SIX, Euronext Amsterdam/Paris, Deutsche Börse Xetra |
|
Currencies |
USD, GBP, CHF, EUR |
|
Inception Date |
27/04/2023 |
|
Issuer |
21Shares AG |
|
Fee |
0.65% |
|
Domicile |
Switzerland |
|
Legal Structure |
Debt Security |
|
UCITS Eligible |
Yes |
|
AIF Eligible |
Yes |
|
Sharia Compliant |
Yes |
|
Lending Eligible |
No |
|
Replication Method |
Physcial |
|
AUM |
$28,163,616.43 |
Investment Case for 21Shares Bitcoin Gold ETP
Here are the reasons why 21Shares believes its investment product is a game changer:
Scarce Supply
According to estimates by the US government, approximately 244,000 metric tons of gold have been mined throughout human history, and 57,000 tons, or less than 25%, remain underground. In the case of Bitcoin, it is even rarer as it is hard-coded with a finite supply of 21 million coins, of which 19.7 million (89%) have been mined already. This scarcity, coupled with their global demand, makes both assets effective long-term inflationary hedges.
Decentralized Ownership
Neither gold nor Bitcoin is controlled by a single government or central authority, and their prices cannot be manipulated for domestic or geopolitical gain. This ensures that they maintain their value even as fiat currencies lose value due to government or central bank policies.
Strategic Reserve
Gold has long been a key asset to a nation’s strategic reserve, held by global governments and central banks to serve as a valuable asset during times of economic uncertainty. Bitcoin is also now gaining traction as a strategic reserve asset for both governments and corporations, with the latter group holding over 5% of its circulating supply. The United States government is actively exploring a strategic Bitcoin reserve.
Portfolio Enhancer
While both assets offer a similar value proposition, their correlation over the last three years is only 20%. This means that Bitcoin and gold rarely move in lockstep, ensuring that the BOLD ETP has had just 19% correlation to other major asset classes over the same period. It also allows the fund to provide both stability and asymmetric upside to a portfolio.
Which Exchanges Have Listed 21Shares Bytree BOLD ETP?
Given below is the list of global exchanges on which the 21Shares ByteTree BOLD ETN trades, alongside its local ticker and currency:
| Exchange | Local Ticker | Currency |
|---|---|---|
| SIX Swiss Exchange | BOLDGBP SE | GBP |
| SIX Swiss Exchange | BOLD SE | CHF |
| SIX Swiss Exchange | BOLDUSD SE | USD |
| Deutsche Börse Xetra | BOLD GY | EUR |
| Euronext Amsterdam | BOLD NA | USD |
| Euroenext Paris | BOLD FP | EUR |
| NASDAQ OMX | BOLD SS | SEK |
Service Providers for 21Shares ByteTree BOLD ETP
|
Market Maker |
Flow Traders, GHCO |
|
Custody |
Copper Technologies AG (Switzerland), JP Morgan |
|
Authorized Participants |
Bluefin Europe LLP, DRW Holdings, Flow Traders, GHCO, Jane Street, L&S, Nyenburgh, Virtu Financial Ireland LTD |
|
Collateral Agent |
The Law Debenture Trust Corporation PLC |
What Is The Vinter ByteTree BOLD1 Index, and How Does It Work?
The Vinter ByteTree BOLD1 Index is part of a family of benchmarks owned by ByteTree Asset Management, developed to provide a rule-based and transparent way to track the value of a portfolio consisting of Bitcoin and Gold.
BOLD1 is weighted such that an equal amount of risk is invested in both the assets included in the BOLD ETP. The more volatile BTC is relative to gold, the lower the target weight in the flagship crypto, and vice versa. The index is periodically rebalanced to bring its current weight to the target weights.
The index considers data up to five business days before the rebalancing date to calculate the 21Shares Bitcoin and Gold ETP’s target weight. The weight per asset remains the same between rebalances. The index is rebalanced monthly by default, with the date set to the last business day of the month.
Calculations are done using the closing prices on the rebalancing date, and the new quantities per asset are utilized on the opening of the day after rebalancing. The weights per asset ratio of portfolio balances are also updated according to the total target weights per Bitcoin and gold held in the fund.
Cumulative Performance of 21Shares ByteTree BOLD ETP
|
30 Days |
+5.49% |
|
3 Months |
+17.85% |
|
Year-To-Date (YTD) |
+24.94% |
|
1 Year (Last 12 Months) |
+52.76% |
|
3 Years (2022-2025) |
+143.76% |
|
Since Inception (April 2022) |
+115.23% |
*The figures are adjusted to June 5, 2025.
BOLD ETP Performance Compared to S&P 500 Index
| Timeline | 21Shares Bitcoin Gold ETP | S&P 500 |
|---|---|---|
| 7D | +0.78% | -1.01% |
| 1M | +6.09% | +1.11% |
| 3M | +17.85% | +5.26% |
| YTD | +28.07% | +2.64% |
| 1Y | +52.09% | +9.99% |
*The figures are adjusted to June 13, 2025.
Benefits and Risks of 21Shares Bitcoin Gold ETP
Here are the advantages and disadvantages that investors need to be aware of before investing in the 21Shares ByteTree BOLD ETP:
|
Benefits |
Risks |
|---|---|
|
✓ The fund’s balanced approach ensures that Investors stand to benefit from exposure to Bitcoin’s growth potential while maintaining the stability offered by gold. This makes it an essential solution for those looking to navigate the highly volatile financial markets. |
✕ Bitcoin’s changing monetary policy could severely affect its stance as a store-of-value asset, resulting in resurgent volatility that could deem it less effective as a hedge against inflation. |
|
✓ BOLD rebalances the weight of its asset portfolio monthly to maintain an optimal balance between BTC and gold. This adjustment, based on inverse volatility, ensures equal risk contribution from both assets. The rebalancing is also crucial in helping the fund stay aligned with its risk-managed strategy, especially during market volatility. |
✕ Bitcoin’s higher price volatility means the fund would allocate more toward gold, which is proven to safeguard its value during economic uncertainties. |
|
✓ BOLD is 100% physically backed by the underlying assets, which are kept in cold storage by institutional-grade custodians. This offers greater protection than other custody options available to individual investors. |
✕ Miners’ revenue could be drastically reduced if the network decides against Bitcoin ordinals and inscriptions. This could also threaten the long-term security status of the blockchain. |
How To Invest in 21Shares ByteTree BOLD ETP?
Follow the step-by-step guide to invest in the 21Shares Bitcoin Gold ETP:
- Choose one of the following bank or brokerage platforms:
- Bank Zweiplus
- Saxo Bank
- Scalable Capital
- Syz
- eTorro
- Degiro
- TradeDirect
- PostFinance
- Interactive Brokers
- IWBank
- Just Trade
- LYNX
- Comdirect
- Cornertrader
- Directa
- Easybank
- Fineco
- FlatEx
- iBroker
- Finanzen.net
- Select the number of shares you wish to purchase in the BOLD ETP and specify the order type – market order, limit order, or stop loss. Note that market orders will be executed at the current market price, while limit orders will be processed at the specific price at which the investor intends to buy or sell the ETP
- Review your purchase details and confirm the trade
- Once the ETP order has been executed, track its performance through your brokerage account
