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BTC 
ETH British broker Hargreaves Lansdown will start offering cryptocurrency ETN trading
According to the Financial Times, Hargreaves Lansdown today began offering cryptocurrency exchange-traded notes (ETN) trading services to its approximately 2 million investors. Initially, the company will offer nine different ETN products linked to Bitcoin and Ethereum.
These ETNs come from well-known issuers, including BlackRock, WisdomTree, 21Shares, Invesco, CoinShares and Bitwise. Annual fees for these products range from 0% to 0.35%.
This move is landmark because Hargreaves Lansdown was previously the only major investment platform in the UK that did not allow trading in cryptocurrency ETN at all. In fact, as recently as October last year, the company publicly stated that Bitcoin was not an asset class. However, less than a year later, they reversed that stance and opened up cryptocurrency trading to investors.
The obvious questions raised by this
Less than a year ago, the same company told the public that Bitcoin was not even considered a true asset class. Now, they are offering nine different cryptocurrency products to two million ordinary investors. Such a complete reversal in such a short period of time naturally makes people wonder: What has changed? Has the company truly changed its view of cryptocurrency as an investment, or is it simply a reluctance to continue losing customers to competitors that already offer such options? Most UK platforms have added cryptocurrency ETN trading capabilities before then, so Hargreaves Lansdown has gradually become the only platform still holding a negative attitude. The move looks more like a business decision to prevent the loss of customers and market share than a firm new belief in cryptocurrencies.
In addition, there is a bigger concern here that goes beyond a single company. When a platform that has spent months warning people to stay away from cryptocurrencies suddenly starts offering related products, some regular investors who have trusted its cautious stance may assume that the product is completely safe simply because it is provided by a trustworthy brand. However,"providing a product" and "the product is truly low-risk" are two very different things. Cryptocurrency ETN still tracks highly volatile assets, and packaging it in familiar-sounding investment products will not eliminate this volatility, just make it easier to obtain.
Finally, the fee range itself deserves re-examination. The range of annual fees from 0% to 0.35% sounds attractive at the low end, but investors should carefully understand which specific ETN in the series actually charges what fees and why the 0% fee option appears. Very low or free fee structures in financial products often shift costs elsewhere, or are mainly designed to attract larger investors and manage asset volumes to providers. Investors should not just choose the cheapest option, but should make decisions while comparing the structure and support methods of each ETN.
