Hargreaves Lansdown has opened access to nine exchange-traded notes (ETNs) linked to Bitcoin and Ether, giving eligible customers of the UK’s biggest retail investment platform a regulated way to gain exposure to cryptocurrency prices.
The products became available on 3 September through the firm’s Advanced Investing service. Around two million Hargreaves Lansdown customers could potentially access them, although they must first complete a series of investor-protection checks.
Customers are required to self-certify as advanced investors, pass an online appropriateness assessment and observe a 24-hour cooling-off period before they can view the ETNs. The assessment is designed to test their understanding of the products and the risks involved.
The nine ETNs are issued by BlackRock’s iShares, WisdomTree, 21Shares, Invesco, CoinShares and Bitwise, according to the Financial Times. Annual product charges range from 0% to 0.35%.
The notes are available only through Advanced Investing and are not automatically accessible to every Hargreaves Lansdown customer.
Platform took cautious approach to crypto
Hargreaves Lansdown’s decision comes almost 11 months after the Financial Conduct Authority (FCA) ended its four-year ban on retail access to qualifying crypto ETNs. Several other major UK investment platforms had already made similar products available.
The platform had initially taken a more cautious stance. In October 2025, it told customers that “Bitcoin is not an asset class”, while recognising that some investors might still seek speculative exposure to the cryptocurrency.
Doug Abbott, Hargreaves Lansdown’s chief product officer, said the delay had allowed the company to develop suitable testing and safeguards.
He said customers needed to understand the products and face the “right level of friction” before being allowed to invest.
The company warns on its crypto ETN page that the instruments are volatile and high risk, adding that investors could lose all the money they put into them.
Customers must have either a Fund and Share Account or a self-invested personal pension to buy, hold or sell the ETNs. Hargreaves Lansdown charges a 0.35% annual platform fee for holding them, capped at £12.50 a month.
Dealing fees range from £3.95 to £6.95, depending on how frequently a customer trades. Those charges are separate from the management fee applied by each product issuer.
The ETNs trade during London Stock Exchange opening hours, meaning they do not offer the continuous 24-hour trading available on cryptocurrency exchanges.
Investors do not own Bitcoin or Ether directly
Crypto ETNs are listed financial products designed to follow the value of an underlying digital asset. Buying one gives an investor exposure to Bitcoin or Ether through a note issued by a financial institution, rather than direct ownership of the cryptocurrency.
The issuer arranges custody of the underlying digital assets. As a result, investors do not control private keys, operate wallets or withdraw the Bitcoin or Ether represented by their investment.
That structure creates risks different from those associated with holding cryptocurrency directly. Investors rely on the issuer, custodian, trading venue and investment platform. Fees and the difference between buying and selling prices can also mean that an ETN’s performance does not exactly match the movement of the underlying asset.
Crypto.news previously reported that BlackRock had listed its Bitcoin product on the London Stock Exchange after the change in retail access rules. The listing was one of several launched as regulated providers prepared for wider individual participation.
FCA safeguards remain in place
The FCA lifted its ban on retail access to qualifying crypto ETNs on 8 October 2025. The products must be included on the regulator’s Official List and traded on a recognised UK investment exchange.
The FCA classifies them as restricted mass-market investments. Its rules require platforms to carry out appropriateness assessments, categorise customers, impose cooling-off periods and display prominent warnings about the risks.
Platforms are not allowed to offer incentives designed to encourage customers to invest. They must also identify an appropriate target market and take reasonable steps to prevent foreseeable harm to consumers.
The regulator reopened retail access while continuing to prohibit crypto derivatives. It also said investors would not receive the same protections available with conventional regulated investments.
Hargreaves Lansdown says it has received a consistent level of enquiries about crypto ETNs, particularly from experienced investors. However, that interest has not yet shown how many eligible customers will invest.
Other platforms have described take-up among UK retail investors as modest. Demand could also be limited because newly purchased crypto ETNs cannot be held in conventional stocks-and-shares ISAs.
The launch gives Hargreaves Lansdown customers a regulated route to Bitcoin and Ether price exposure without needing to open an account with a cryptocurrency exchange. Future demand is likely to depend on investor appetite, cryptocurrency prices and whether the range of available products grows.
