Hargreaves Lansdown Reverses Course and Offers 9 Crypto ETNs
The UK platform is following FCA rules with a suitability test and a 24-hour waiting period. The ETNs come from BlackRock, CoinShares, and WisdomTree, among others.
Key Takeaways
- Hargreaves Lansdown now offers nine Bitcoin and Ether ETNs to its two million customers.
- That marks a reversal from its earlier warning against crypto, and it says Bitcoin is not a real asset class.
- New customers must complete a suitability test and wait 24 hours before they can buy crypto ETNs.
Hargreaves Lansdown now offers nine Bitcoin and Ether ETNs to its two million customers. That is a clear change of direction for the UK’s largest retail investment platform, which warned customers about crypto less than a year ago.
New Crypto ETNs
The new lineup includes products from BlackRock’s iShares, CoinShares, WisdomTree, 21Shares, Invesco, and Bitwise. Annual fees range from 0% to 0.35%.
The platform previously said that Bitcoin is not a real asset class in its view and that the coin does not have intrinsic features that justify including it in a portfolio for growth or income. Hargreaves Lansdown also pointed to the steep losses that have shown up in Bitcoin’s price history and said investors should not expect that to help them reach their financial goals.
The move comes 11 months after the UK regulator lifted its four-year ban on crypto ETNs for retail investors. Since October, UK retail investors have been able to access these products again, as long as providers check that customers understand the risks.
Stricter Access for Customers
Hargreaves Lansdown first requires new buyers to complete a suitability test and then applies a 24-hour waiting period before they can buy. In doing so, the platform is following the requirements of the Financial Conduct Authority, which wants retail customers to have enough knowledge to understand the risks of crypto ETNs, including the risk of losing their entire investment.
For European crypto followers, this is especially relevant because a large, traditional broker is now offering Bitcoin and Ether exposure outside a crypto exchange. That could lower the barrier for some investors, while access still remains tightly within UK rules. It also shows how quickly the UK market has moved toward more regulated crypto products since the ban was lifted.
UK Market Moves Forward
The decision fits into a broader shift in the United Kingdom, where regulators are gradually giving crypto a place in the mainstream investment market. The FCA has also previously proposed allowing UK UCITS and non-UCITS retail funds to hold up to 10% of their assets in crypto ETNs. In addition, crypto ETNs have been classified as qualifying investments within the Innovative Finance ISA since April 6, 2026, which could increase their tax appeal for retail investors.
That development fits the broader trend of traditional financial firms increasingly offering crypto through regulated products. In Germany, for example, banks are also opening the door directly to crypto trading for retail customers, as in German Banks Open Crypto Trading for Millions of Customers.
