“Is Bitcoin the new digital gold?” That is the question that analysts, investors and economists have been debating intensively for years. In the sceptics’ camp, the cryptocurrency has long been criticised as an unregulated object of speculation. For its proponents, even just the fact that mining is based on blockchain technology and limited to a total number of bitcoins has made digital money the asset of the moment. What is clear is that the most important representative of cryptocurrencies is becoming increasingly established. The return of Donald Trump to the White House has helped, too – he likes to call himself the “crypto president” and wants to shape the regulatory framework accordingly. It is also clear that the price of Bitcoin is constantly hitting new highs. On 14 August 2025, the cryptocurrency was trading at over USD 124,000 for the very first time. The value of Bitcoin has almost doubled within the space of 12 months. At the same time, gold has also experienced a historic rally, the most important precious metal appreciating by around a third. In April 2025 market players had to pay USD 3,500 per troy ounce for the first time.
It is also noticeable that gold fluctuates far less than Bitcoin. The historic volatility for the cryptocurrency over a 12-month period is nearly 38%. That compares with a fluctuation range of less than 14% for the precious metal. Investors looking to add these two reserve currencies to their portfolio, therefore, are faced with the challenge of finding the right balance. That is precisely where the new ETP+ on the Adaptivv Bitcoin Gold ETF Index comes in. This underlying is dynamically positioned, with the weighting of the two assets varying between 25% and 75%. This is achieved using the Adaptivv Stability Sensor, a tool which uses a mathematical model to measure regime change on the capital markets. The sensor supplies probabilities of trends and their breaches, allowing changes in market momentum to be identified sooner and more precisely than is the case with conventional approaches.
“Our Adaptivv Stability Sensor allows investors to participate in Bitcoin’s upside while systematically managing risk through dynamic allocation with gold,” explains Tobias Setz, a partner of the firm, which was founded in 2016 as a spin-off from ETH Zürich. The sensor was rigorously put through its paces at the university for more than a decade. “Peer reviews across several disciplines and many scientific publications represent the foundation of our technology,” Setz reports. The focus of the new ETP+ with the stock market symbol ABOLD is on protecting the investment from “crypto winters”. These are phases when Bitcoin goes through periods of significant correction. One or two investors are probably still literally shivering when they think back to 2022. From the high of just under USD 69,000 reached in November 2021, the cryptocurrency plummeted by almost 80% within around one year.
To ensure an optimal risk-return ratio, the Adaptivv Bitcoin Gold ETF Index employs exchange-traded funds (ETFs). A single passive fund cannot have a weighting of more than 30%, while the balance of power between Bitcoin and gold is adjusted on a weekly basis. The index also uses cash instruments and currently has a small USD exposure. The benchmark is dominated by Bitcoin – the corresponding ETFs make up more than 70% of its total weight (see table). The initiators have left nothing to chance when it comes to access to this innovative strategy either: investors can add the Adaptivv Bitcoin Gold ETF Index to their portfolio through an ETP+ from Leonteq. The participation structure is particularly robust, with a deposit pledged with SIX SIS AG for each product. SIX Repo AG provides ongoing monitoring of the collateralisation, thus acting on behalf of investors. Should Leonteq enter into payment difficulties (default), SIX Repo AG could realise the pledge in favour of the product owners. The fact that the ETP+ is listed on SIX Swiss Exchange AG ensures liquidity every trading day.
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