21Shares has listed the world’s first ETP combining bitcoin and gold on the SIX Swiss Exchange according to a press release. Information from 21Shares, a Zug-based supplier of portfolios for cryptocurrency ETPs, states that the combination of these two inflation-proof assets offers protection from inflation as the primary investment objective.
The 21Shares Byte Tree BOLD ETP was developed in collaboration with ByteTree Asset Management, which is based in London and is an asset management company specializing in providing alternative investment strategies. BOLD tracks a new index that contains bitcoin and gold via monthly rebalancing. The weighting is currently is 18.5 percent bitcoin and 81.5 percent gold. According to 21Share, the strategy always favors less risky assets according to historical volatility.
With this ETP, Share21 combines “the best of the old and new worlds of finance” according to 21Share, adding that the oldest asset class – gold – offers protection in inflationary environments, while bitcoin is considered to be “the digital equivalent of gold”.
CEO and co-founder Hany Rashwan comments: “With BOLD, we are entering completely new territory and again demonstrate the pioneering spirit of 21Shares within the ever-evolving crypto space.” Charlie Erith, CEO of ByteTree Asset Management, believes that BOLD could “act as an important risk and return diversifier in a balanced portfolio” at a time of “rising structural inflation and heightened geopolitical risk”.
Fintech & blockchain
The Greater Zurich Area has evolved into a global fintech and blockchain hub, thanks to factors like access to talent, leading research institutes, innovation-friendly regulators, investors and industry partners. Switzerland, and particularly Crypto Valley in the Greater Zurich Area, has been at the forefront of digitization and disruptive technologies, and start-ups in the area have access to a variety of incubators and accelerators that support them in establishing a company and developing ideas and products.