21Shares has launched a new exchange-traded product that blends Bitcoin and gold. The move comes at a time when the two assets are beginning to move in sync again, signalling a shift in how investors are treating crypto within global portfolios.

The 21Shares Bitcoin Gold ETP [BOLD], which debuted on the London Stock Exchange on 13 January, provides investors with regulated exposure to both Bitcoin and physical gold through a single product. 

While marketed as a diversification tool, the timing of its launch is closely aligned with a growing macro trend: Bitcoin and gold are increasingly behaving like complementary hedge assets rather than competing trades.

That relationship matters because gold has historically been the world’s dominant store-of-value asset.

At the same time, Bitcoin has spent much of the past two years trading more like a high-beta technology stock. That dynamic now appears to be shifting.

Bitcoin and gold are starting to move together again

Recent market data indicate that Bitcoin and gold are beginning to move back into alignment after months of divergence. 

Gold has surged nearly 28% since September, climbing from around $3,600 to over $4,590, while Bitcoin has rebounded roughly 9% from its mid-December low near $86,000 to above $94,000.

More importantly, correlation metrics confirm the shift. Gold’s 20-period correlation with Bitcoin has risen to +0.56, its strongest positive reading in months.

At the same time, Bitcoin’s gold-correlation indicator has moved back toward zero after being deeply negative in October and November.

This suggests capital is beginning to treat Bitcoin and gold as part of the same macro risk regime again — a setup that directly supports multi-asset products like BOLD.

How BOLD is structured

BOLD combines exposure to Bitcoin and gold using a rules-based, inverse-volatility weighting system. Instead of adjusting allocations, the product automatically reallocates weight toward the asset that is more stable at the time.

If Bitcoin becomes more volatile, BOLD increases its allocation to gold.

If gold becomes more volatile, Bitcoin receives a higher weight.

This keeps the portfolio’s overall risk balanced and prevents either asset from dominating performance during periods of market stress.

The product rebalances monthly and currently holds approximately $40.1 million in assets under management.

It has a reported three-year Sharpe ratio of 1.79. It charges a 0.65% annual management fee and is physically backed, with Bitcoin and gold held by institutional-grade custodians.

A signal about Bitcoin’s changing role

For much of 2024 and 2025, Bitcoin traded in tight correlation with equities and risk assets, limiting its usefulness as a hedge. A rising correlation with gold suggests that this behaviour may be changing.

If that trend continues, Bitcoin could regain its role as a portfolio stabiliser during periods of monetary and geopolitical uncertainty — precisely the environment in which gold has traditionally thrived.

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Final Thoughts

• BTC has rebounded about 9% from its December lows while gold is up nearly 28% since September, and correlation data now shows both assets moving back into the same macro regime.
• This matters for BOLD because 21Shares’ new ETP is designed to capitalise on exactly this setup — when Bitcoin and gold move in tandem as inflation hedges rather than as opposing risk assets.

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