Hargreaves Lansdown adds bitcoin and ether ETNs for UK retail investors

Sep 4, 2026

Hargreaves Lansdown, the UK's largest direct-to-consumer investment platform, has launched nine bitcoin and ether exchange-traded notes (ETNs) from issuers like BlackRock and 21Shares. This move comes nearly a year after the Financial Conduct Authority restored retail access to these products in October 2025. To manage risks, Hargreaves Lansdown requires investors to pass appropriateness assessments and observe a 24-hour cooling-off period. While UK trading volumes have grown to $1.5 billion since the regulatory shift, retail adoption remains modest, further restricted by tax rules that limit new purchases to Innovative Finance ISAs.

Hargreaves Lansdown crypto ETN launch

▪Hargreaves Lansdown charges annual fees ranging from zero to 0.35% for the crypto ETNs, alongside a 0.35% annual account fee capped at £12.50 per month in certain accounts.
▪Hargreaves Lansdown has begun offering nine bitcoin and ether exchange-traded notes (ETNs) to eligible United Kingdom customers.
▪The nine crypto ETNs offered by Hargreaves Lansdown are issued by firms including BlackRock's iShares, WisdomTree, 21Shares, Invesco, CoinShares, and Bitwise.

FCA retail access restoration

▪The Financial Conduct Authority (FCA) restored retail investor access to crypto ETNs in October 2025 after previously restricting access due to risk concerns.
▪Hargreaves Lansdown did not immediately offer crypto ETNs when the Financial Conduct Authority reopened the market in October 2025, having previously stated that bitcoin was not an asset class.

Investor eligibility requirements

▪Hargreaves Lansdown classifies crypto ETNs as Restricted Mass Market Investments, requiring customers to complete an appropriateness assessment to demonstrate sufficient knowledge and experience.
▪Hargreaves Lansdown Chief Product Officer Doug Abbott stated that the platform wanted clients to understand what they are investing in before trading crypto ETNs.

Cooling-off period safeguards

▪Hargreaves Lansdown warns customers that they should be prepared to lose their entire investment and that the Financial Services Compensation Scheme does not cover crypto ETNs.
▪Hargreaves Lansdown requires eligible customers to observe a 24-hour cooling-off period before they can begin trading the newly listed crypto ETNs.

UK crypto ETN market growth

▪Trading volume for London Stock Exchange-listed crypto ETNs reached an estimated $1.5 billion after the Financial Conduct Authority restored retail access, according to 21Shares.
▪London's crypto ETN trading volume in August 2026 remained at approximately one-sixth of the volume recorded on Germany's Xetra exchange.

ISA tax treatment changes

▪HM Revenue & Customs reclassified crypto ETNs to qualify only within Innovative Finance ISAs starting April 6, 2026, removing them from standard Stocks and Shares ISAs for new purchases.
▪Stratiphy became the first United Kingdom platform to offer crypto ETNs inside an Innovative Finance ISA in April 2026, utilizing products from 21Shares.