Have you ever thought about how you can not only diversify your portfolio, but also make it more stable? For example, through a mix of gold and Bitcoin, which together can help to reduce the drawdown and at the same time increase the potential returns?
The 21Shares Bytetree BOLD ETP (ISIN CH1146882308) $BOLD (+0.77%) combines the characteristics of gold and Bitcoin in one product. The weighting is adjusted monthly according to the principle of inverse volatility: The less volatile asset receives a higher weighting, while the more volatile asset is weighted correspondingly lower. This creates a dynamic balance between stability and growth opportunities.
The ETP is physically backed, i.e. the units are actually backed by gold and Bitcoin. With annual costs of around 0.65% and accumulation of income, the product has a transparent structure. The fund volume is still small at around EUR 20-30 million, but the performance since launch has been very strong: in 2023 it was around +14%, in 2024 even +58%. Over the year (as at summer 2025), the return is around +40 %, with volatility of around 27 %.
Risks of the 21Shares BOLD ETP (CH1146882308)
1. high volatility
Despite the "balance" strategy, Bitcoin remains a very volatile asset. Price fluctuations of double-digit percentages in a short period of time are possible.
2. issuer risk
This is an ETN. This means that you are a creditor of the issuer (21Shares). In the event of insolvency, there could be problems with repayment - despite physical collateralization.
3. low fund volume
With a current fund size of only around EUR 20-30 million, the product is relatively small. This can have an impact on tradability (liquidity, spread).
4. market risk of gold
Gold also fluctuates, albeit much less than Bitcoin. Gold can come under pressure, particularly in phases of rising interest rates.
5 Regulatory risk
Cryptocurrencies are heavily dependent on regulation. Changes in legislation could have an impact on tradability or taxation.
6. costs
At 0.65% TER, the product is more expensive than traditional ETFs. However, it can provide tax savings in the custody account as you do not have to reallocate.
7. currency risk
The product is traded in CHF/EUR/GBP. If you invest in euros, you also have an exchange rate risk against the US dollar (as gold and Bitcoin are quoted in USD).
"Possible 1-year scenarios of the 21Shares BOLD ETP (example: USD 10,000 investment) from the fact sheet" - recalculations
Stress scenario (2017-2018): USD 530 → -94.7%
Pessimistic scenario (2018-2019): USD 2,710 → -72.9 %
Medium scenario (2023-2024): USD 14,970 → +49.7 %
Optimistic scenario (2016-2017): 143,770 USD → +1,337.7 %
What does your asset allocation look like? What do you think of BOLD? How do you weight gold, BTC etc.?
BOLD | 21Shares Bitcoin Gold ETP https://share.google/n1eapJCeUCXvoxcd9
