Hargreaves Lansdown opens nine cryptocurrencies ETN to investors

Hargreaves Lansdown, the UK's largest retail investment platform, opens bitcoin and Ethereum ETP transactions to qualified investors

Hargreaves Lansdown (hereinafter referred to as HL) opened access to nine bitcoin and Ethereum exchange-traded notes (ETNs) on September 3, providing qualified users of the UK's largest retail investment platform with a regulated channel for cryptocurrency investment.

Summary of Core Points

• Service upgrades: Hargreaves Lansdown has added nine Bitcoin and Ethereum ETPs to eligible users through its Advanced Investing service.
• Coverage: Approximately 2 million platform customers can access these products after successfully completing the necessary investor protection reviews.
• Access requirements: Investors must self-certify, pass an appropriateness assessment, and complete a 24-hour cooling-off period before gaining access.
• Regulatory background: The UK's Financial Conduct Authority (FCA) plans to reopen eligible crypto asset ETPs to retail investors in October 2025 under national-level safeguards.
• Product nature: Crypto-asset ETP tracks asset prices but does not give investors direct ownership of Bitcoin or Ethereum.
• Issuer and Fees: According to reports, these products come from BlackRock iShares, WisdomTree, 21Shares, Invesco, CoinShares and Bitwise. Issuers charge annual product rates ranging from 0% to 0.35%.

After a nearly one-year delay, HL officially introduces crypto-asset ETP

According to the Financial Times, Hargreaves Lansdown (HL), the UK's largest investment platform, will open trading rights for crypto-asset ETP to its approximately 2 million investors starting September 3. However, these crypto-asset ETP are only available through its "Advanced Investment" service and are not automatically open to all customers.

This release comes nearly 11 months after the UK's Financial Conduct Authority (FCA) ended a four-year restriction on retail access. During this period, other major UK investment platforms have launched related products. Hargreaves Lansdown initially took a more cautious stance. In October 2025, the platform told investors that "Bitcoin is not an asset class" and admitted that some customers may still want to engage in speculative exposure.

Doug Abbott, chief product officer at Hargreaves Lansdown, said the platform delayed the launch of the product to ensure customer testing and security measures were properly designed. He emphasized that customers should fully understand the product and go through "appropriate friction links" before investing to ensure prudent decision-making.

The company's current crypto asset ETP page warns that these instruments are volatile and high-risk, and investors may lose all the money they have invested.

Investors need to meet qualification inspection and waiting period requirements

Clients must first self-certify as "senior investors". They must then complete an online appropriateness assessment to test their understanding of the product and associated risks.

Eligible customers must also complete a 24-hour cooling-off period before viewing available ETP. They need to have a Fund and Share Account or a Self-managed Personal Pension Account (SIPP) to buy, hold or sell these instruments.

Hargreaves Lansdown charges an annual platform fee of 0.35% for holding crypto-asset ETP, with a monthly cap of £ 12.50. Transaction fees range from £ 3.95 to £ 6.95, depending on the client's transaction frequency. These fees are calculated separately from the management fee for each product.

These notes are traded during market trading hours on the London Stock Exchange, unlike cryptocurrency exchanges that provide 24-hour continuous trading.

Get price exposure without having to hold directly

Crypto-asset ETP is a listed financial instrument designed to track the price of underlying digital assets. Investors buy notes issued by financial institutions rather than directly buying Bitcoin or Ethereum.

The issuer is responsible for arranging custody of the underlying cryptocurrency. As a result, customers do not control private keys, manage wallets, or withdraw the digital assets their investments represent. This structure introduces risks that are different from direct ownership of cryptocurrencies. Investors rely on issuers, custodians, trading venues and investment platforms. Product fees and bid-ask spreads can also cause returns to deviate from the price trend of the underlying asset.

Crypto.news previously reported that BlackRock listed its Bitcoin products on the London Stock Exchange after retail restrictions were relaxed. The listing is one of products launched by multiple regulated providers in preparation for broader personal visits.

FCA rules restrict how platforms can provide crypto-asset ETPs

The UK Financial Conduct Authority (FCA) lifted the retail ban on eligible crypto-asset ETPs on October 8, 2025. Products must appear on the regulator's official list and be traded through a recognized British Investment Exchange.

Regulators classify these products as restricted mass market investments. Its official guidelines require appropriateness assessments, customer classification, cooling-off periods and significant risk warnings.

Platforms must not provide incentives to encourage customers to invest. They must also identify appropriate target markets and take reasonable measures to prevent foreseeable consumer harm.

As reported by Crypto.news at the time of the policy announcement, the FCA reopened retail access while maintaining the ban on crypto derivatives. Regulators say investors won't get the same protections as traditional regulated investments. [TAG

Market demand remains unknown

Hargreaves Lansdown stated that a consistent level of customer inquiries regarding crypto asset ETPs have been received, particularly from experienced investors. It is unclear how many eligible clients will invest.

Other platforms point out that adoption rates in the UK retail market are the most modest (moderate/limited). Restrictions that prevent newly purchased crypto assets ETP from being deposited into traditional stock and bond ISAs (personal savings accounts) may also limit demand.

Still, this release provides Hargreaves Lansdown customers with a regulated way to gain price exposure to Bitcoin and Ethereum without opening an exchange account. Future adoption will depend on investor demand, cryptocurrency prices and whether the range of available products expands.