UK Market Sees Bitcoin-Gold Hybrid ETP Launch as Strive Expands Bitcoin Holdings Through Acquisition

21Shares Introduces Dual-Asset ETP in London

21Shares has launched a Bitcoin and gold exchange-traded product on the London Stock Exchange, offering UK retail investors a volatility-managed approach to digital asset exposure through traditional market infrastructure ^[1].

The 21Shares Bitcoin Gold ETP, trading under the ticker BOLD in pounds sterling, represents the fifth cryptocurrency product from the firm to receive prospectus approval from the UK Financial Conduct Authority ^[1]. The product charges a 0.65% annual management fee and maintains full physical backing, with Bitcoin and gold stored in institutional-grade offline custody ^[1].

Developed alongside ByteTree Asset Management, the product employs a risk-management framework that rebalances monthly using inverse historical volatility, allocating greater weight to whichever asset demonstrates lower volatility at each adjustment period ^[1]. This approach aims to achieve equal risk contribution from both assets rather than maintaining a simple capital split.

As of January 12, 2026, the ETP held $40.1 million in assets under management and reported a three-year Sharpe ratio of 1.79 ^[1].

"BOLD aims to give investors exposure to Bitcoin's growth potential while retaining the relative stability of gold," said Russell Barlow, CEO of 21Shares, positioning the product as a potential inflation hedge ^[1].

Charles Morris, founder and chief investment officer of ByteTree Asset Management, characterized Bitcoin and gold as increasingly complementary assets, stating that the product applies a rules-based process designed for investors navigating persistent inflation and monetary uncertainty ^[1].

The launch follows the UK Financial Conduct Authority's October 2025 decision to lift its four-year ban on retail access to bitcoin and crypto exchange-traded notes, permitting firms to offer such products on FCA-approved exchanges including the London Stock Exchange and Cboe UK ^[1]. FCA digital finance executive David Geale attributed the policy shift to a more mature and better-understood market ^[1].

Strive Advances Major Bitcoin Treasury Acquisition

In separate developments, Strive, Inc. announced that Semler Scientific, Inc. stockholders have approved its acquisition by Strive in an all-stock transaction that includes Semler Scientific's 5,048.1 Bitcoin holdings ^[2].

The company simultaneously disclosed the purchase of an additional 123 Bitcoin for its corporate treasury at an average price of $91,561 per coin, totaling approximately $11.26 million including fees ^[2]. These acquisitions bring Strive's total holdings to 7,749.8 Bitcoin, with the combined entity set to control 12,797.9 Bitcoin following the merger's completion ^[2].

This volume would position the combined company as the 11th largest corporate Bitcoin holder globally, surpassing Tesla and Trump Media & Technology Group ^[2].

"I'm proud of the execution the Strive team has delivered for our shareholders, making history towards completing the first acquisition of a publicly traded Bitcoin treasury company," said Matt Cole, Chairman and CEO ^[2]. He noted the deal would boost the company's Q1 2026 Bitcoin yield to over 15% ^[2].

Strive disclosed plans to monetize Semler Scientific's operating business within 12 months of closing and explore opportunities to retire Semler's $100 million convertible note and $20 million Coinbase loan, subject to market conditions ^[2].

The company also referenced its November 2025 preferred equity IPO under the ticker SATA, which was upsized from $125 million to $200 million after receiving more than double the subscription demand ^[2]. Plans call for issuing additional SATA shares over the next 12 months to fund debt retirement ^[2].

Jeff Walton, Strive's Chief Risk Officer, highlighted that the balance sheet comprises "a transparent, digitally native asset, allowing risk to be observed and measured in real time, unlike traditional illiquid assets" ^[2].

Shares of Strive traded down over 17% on the day of the announcement, though they remained up over 15% for the month ^[2]. The board approved a 1-for-20 reverse split of Class A and Class B shares to align with institutional investment standards, and Semler Scientific Executive Chairman Eric Semler will join the Board of Directors following the transaction's close ^[2].