One of the UK’s largest retail investment platforms, Hargreaves Lansdown, has opened access to nine Bitcoin and Ethereum ETNs for eligible clients, allowing individual investors to gain price exposure to crypto assets through regulated channels—though entry requirements and trading restrictions remain significant.
Available only to qualified users
These products launched on September 3 and are available to eligible users within the platform's Advanced Investing service. Hargreaves Lansdown has approximately 2 million customers, but not all accounts can trade these products directly.
Before gaining trading access, customers must first self-certify as professional investors, complete an online suitability assessment, and observe a 24-hour cooling-off period.
After FCA approval, complete the product lineup
The UK Financial Conduct Authority (FCA) reinstated retail investors' ability to purchase eligible crypto ETNs in October 2025, ending a restriction that had been in place for approximately four years. Since then, several major UK investment platforms have gradually launched similar products.
Hargreaves Lansdown entered the market relatively late. The platform stated that the delayed launch was to allow time for customer testing and the design of protective measures, ensuring users fully understand the product structure and risks before trading.
Does not directly hold the underlying assets
Crypto ETNs are financial instruments listed on exchanges that track the price of Bitcoin or Ethereum. Investors purchase notes issued by financial institutions and do not hold the underlying crypto assets directly.
This arrangement means users do not manage wallets or private keys and cannot withdraw the underlying assets. At the same time, investors are exposed to additional risks from the issuer, custodian, trading venue, and platform, and product fees and bid-ask spreads may cause returns to deviate from the performance of the underlying asset.
Fees and trading hours are limited.
The platform charges an annual platform fee of 0.35% on held crypto ETNs, with a monthly cap of £12.50. Trading fees range from £3.95 to £6.95, depending on the client’s trading frequency, and do not include the product’s underlying management fee.
These products are only tradable during London Stock Exchange trading hours and do not offer the 24/7 continuous trading available on cryptocurrency exchanges. Hargreaves Lansdown noted that the platform has consistently received inquiries on this topic, but retail participation on other UK platforms remains modest, and future demand remains to be seen.