Hargreaves Lansdown Reverses Crypto Stance with ETN Launch

Hargreaves Lansdown, one of the UK's largest investment platforms, has made a sudden shift in its stance on cryptocurrencies. The company is now offering exchange-traded note (ETN) trading for around 2 million customers, marking a complete reversal from its position less than a year ago when it said Bitcoin was not an asset class.

The initial lineup includes nine ETNs linked to Bitcoin and Ether from issuers such as BlackRock, WisdomTree, 21Shares, Invesco, CoinShares, and Bitwise. The annual fees for these products range from zero to 0.35 percent.

This move comes after the UK lifted its ban on retail access to crypto ETNs in October 2025, allowing them to be held in tax-advantaged accounts. The Financial Conduct Authority has since published guidance for firms offering crypto ETNs to retail clients.

The platform had been losing ground to competitors that already offered crypto products, and this move is seen as a competitive necessity rather than a genuine conviction on the part of Hargreaves Lansdown.