The UK's largest retail investment platform, Hargreaves Lansdown, has opened trading of Bitcoin and Ethereum exchange-traded notes to approximately 2 million customers through its advanced investment channel starting September 3, becoming the last major platform in the UK to offer such products.

A total of 9 products are available, issued by BlackRock iShares, WisdomTree, 21Shares, Invesco, CoinShares, and Bitwise, with annual fees ranging from approximately 0% to 0.35%. Customers do not directly hold tokens but hold notes that track the price; the platform also charges an account fee of about 0.35%, capped at £12.50 per month.

Not everyone can buy. The products are classified as restricted retail market investments, requiring suitability tests, self-certification, and a 24-hour cooling-off period. Qualification paths include high net worth certification (annual income over £100,000 or net assets over £250,000) or keeping high-risk investments within 10% of qualified net assets. They can be placed in regular securities accounts or SIPP pensions but cannot enter stock ISAs.

The UK Financial Conduct Authority lifted a nearly four-year ban on retail investors purchasing qualified crypto ETNs on October 8, 2025, after which peers like Interactive Investor and AJ Bell have already listed similar products. The company manages approximately £172.7 billion in assets and had previously stated that Bitcoin "is not an asset class" and should not be considered a growth or income tool.

Starting April 6, tax regulations tightened, and crypto ETNs can no longer enjoy lifetime tax exemption within ISAs; the current listing means more incremental funds will enter taxable accounts or pension accounts locked until age 55, rather than the UK's most commonly used tax-exempt wrappers.

In market mechanics, buyers allocate beta retail and pension funds through traditional brokerage channels, while sellers are note issuers already listed in Europe competing for shelf space. This is a distribution-driven approach following regulatory relaxation, not a new currency issuance. Funds are migrating from crypto exchanges to regulated brokerage accounts, benefiting issuers and platform fees that can access the 2 million customer shelf, while pure crypto channels relying on wallets and spot trading face pressure and lose ISA tax shields.

Source: Public Information