Hargreaves Lansdown Opens Up Access to Bitcoin and Ether ETNs

Hargreaves Lansdown, the UK's largest retail investment platform, is set to offer its over two million clients access to Bitcoin and Ether exchange-traded notes (ETNs). This move comes after the Financial Conduct Authority lifted a four-year ban on retail crypto ETN products in October 2025. The FCA initially prohibited retail access to crypto derivatives and ETNs in January 2021, citing concerns about consumer harm, extreme volatility, and the difficulty of valuing crypto assets.

Hargreaves Lansdown will list physically backed Bitcoin and Ethereum ETNs that trade on UK-recognised exchanges like the London Stock Exchange. These products will be classified as Restricted Mass Market Investments, which come with their own set of consumer protections. A key restriction is a portfolio exposure cap expected to land around 10%. Clients won't own actual Bitcoin or Ethereum; there are no wallets, staking, or direct custody of digital assets.

The platform has explicitly told customers that 'bitcoin is not an asset class' and warned that crypto 'has no intrinsic value.' Hargreaves Lansdown plans to target an early 2026 launch for these products, with GBP-denominated versions available. The service had not yet gone live as of late summer 2026.

The FCA's decision has led to a surge in the UK market for crypto ETNs, making it the third-largest in Europe within one month of the ban being lifted. However, only physically backed products qualify; synthetic versions remain off-limits for new retail purchases.