Hargreaves Lansdown Offers Crypto ETNs Amid Shift in Stance

Hargreaves Lansdown, a UK brokerage firm, has announced it will start offering cryptocurrency ETN trading to its two million investors. This move comes after just under a year since the company stated that Bitcoin is not an asset class. The nine available ETNs are linked to Bitcoin and Ethereum and come from providers such as BlackRock, WisdomTree, 21Shares, Invesco, CoinShares, and Bitwise.

The yearly fees for these products range from 0 percent up to 0.35 percent. This shift is notable because Hargreaves Lansdown was the only major investment platform in the UK not offering crypto ETN trading until now.

Some investors may be cautious about this new development, as it appears to be a reversal of the company's previous stance on cryptocurrency. The Financial Times reported that Hargreaves Lansdown's decision seems more like a business move to prevent losing customers and market share rather than a genuine change in their view on crypto.

Investors should be aware that even though these ETNs are packaged as investment products, they still track highly volatile assets. The company's new offering may also raise concerns about the potential for inexperienced investors to assume that crypto ETN trading is safer simply because it is offered by a trusted brand.