Hargreaves Lansdown Expands into Crypto with ETN Trading Launch

Hargreaves Lansdown, the UK's largest retail investment platform, has launched crypto ETN trading for eligible investors. The move allows clients to buy Bitcoin and Ethereum-linked exchange-traded notes without needing a crypto wallet or private keys.

The underlying assets are held by a regulated custodian, and the notes trade like ordinary shares on the London Stock Exchange. However, access is not universal: Hargreaves Lansdown restricts the product to certified high-net-worth individuals and restricted investors who intend to commit less than 10% of their net assets.

The launch marks a significant step beyond Hargreaves Lansdown's traditional funds, shares, and pensions business into digital-asset exposure delivered through regulated stock-exchange instruments. The firm had previously steered clients away from direct crypto exposure but has now changed its stance following the Financial Conduct Authority's decision to permit crypto ETNs for professional and eligible investors.

The move is seen as a sign that regulated crypto exposure is moving from specialist exchanges toward familiar investment platforms in the UK. Hargreaves Lansdown emphasizes the risks, warning that the notes are not covered by the Financial Services Compensation Scheme and that investors should be prepared to lose all of their money.