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ETH Hargreaves Lansdown, the UK's largest direct investment platform, opens cryptocurrency ETN to ordinary customers
Hargreaves Lansdown (HL), the UK's largest direct-to-consumer investment platform, has begun providing cryptocurrency exchange-traded notes (ETN) to ordinary customers. The new product allows millions of retail investors to invest in Bitcoin and Ethereum through regulated channels, nearly a year after the ban on retail access was lifted.
How does the cryptocurrency ETN work?
HL has more than one-third of the UK market and now offers cryptocurrency ETN to its customers. Such ETNs track the price of Bitcoin or Ethereum, but investors do not actually hold these cryptocurrencies and do not need to manage wallets or private keys. Instead, these notes are issued by banks or financial companies, which actually hold the cryptocurrencies. The mechanism will allow millions of ordinary investors to invest in Bitcoin and Ethereum through regulated products, nearly a year after the ban was lifted.
According to the Boring Money Market Monitor Third Quarter 2025 Report, HL has a 33.6% share of the UK direct-to-consumer market by assets under management, more than double the share of second-ranked Interactive Investor (17.0%). In addition, HL also operates the most widely used optional personal pension in the UK. HL charges an annual account fee of 0.35% for holding cryptocurrency ETN in funds and equity accounts or SIPP, up to a maximum of £ 12.50 per month. Transaction fees range from £ 3.95 to £ 6.95 per transaction. These products belong to the company's "senior investment" segment, and HL clearly warned investors to be prepared to lose all their investment, adding that if the note issuer goes bankrupt, the funds could disappear. HL recommends that such positions represent only a small portion of a diversified investment portfolio.
Revolut's guidance also makes it clear that the financial services compensation plan does not cover cryptocurrency ETN and that these products have the full volatility of the assets they track.
Why were retail investors ever banned from buying cryptocurrencies?
The ban on retail investors buying cryptocurrency ETN was implemented in 2021. However, the UK Financial Conduct Authority (FCA) changed its approach in June 2025 and officially allowed retail investors to buy certain cryptocurrencies ETN listed on UK recognised exchanges on October 8, 2025. After the policy adjustment, companies such as 21Shares, Bitwise, WisdomTree and BlackRock listed bitcoin and ether ETN on the London Stock Exchange.
But the key lies in the way these products are taxed. The UK Revenue and Customs Service (HMRC) has confirmed that starting from October 8, 2025, the cryptocurrency ETN will initially be eligible for inclusion in the Shares and Shares ISA (accounts used by most UK depositors). However, effective April 6 this year, HMRC has reclassified these products as qualifying investments that can only be held under the Innovation Finance ISA (IFISA). Investors who already hold these notes in the Stock and Shares ISA do not need to sell them. Industry group CryptoUK believes that this reclassification is contrary to the FCA's efforts to open access. The organization pointed out that in the 2023-24 tax year, approximately 15 million Britons subscribed to ISA, while the proportion of ISA holders using IFISA was well below 1%.
