Hargreaves Lansdown Prepares to Launch Physically Backed Bitcoin ETNs

Hargreaves Lansdown, the UK's largest retail investment platform, is set to offer physically backed Bitcoin and Ethereum exchange-traded notes (ETNs). This move comes after a four-year ban on retail crypto ETNs was lifted by the Financial Conduct Authority. The platform warns clients that Bitcoin is not a traditional asset and lacks intrinsic value. The ETNs will trade on recognized UK exchanges with consumer protections and exposure limits, aiming for an early 2026 launch.

The lifting of the ban marks a significant shift in UK crypto regulation, potentially expanding retail investor access to digital assets under strict controls. This development may have far-reaching implications for the UK's financial landscape.