Hargreaves Lansdown has begun offering nine exchange-traded notes tracking Bitcoin and Ether to eligible customers. The products became available through the firm’s Advanced Investing service around 3 September 2026, nearly eleven months after UK regulators restored retail access.

The platform, which manages assets for about two million clients and holds a 33.6 percent share of the UK direct-to-consumer investment market, previously took a more reserved stance. It had questioned whether Bitcoin should be treated as an asset class when the Financial Conduct Authority first reopened the market.

Products and Providers

The nine ETNs come from issuers including BlackRock’s iShares, WisdomTree, 21Shares, Invesco, CoinShares and Bitwise. Annual product fees range from zero to 0.35 percent. Investors gain price exposure without holding the underlying cryptocurrencies, managing private keys or using digital wallets. The notes are debt securities listed on the London Stock Exchange. Issuers arrange custody of the crypto assets, so returns depend on the performance of Bitcoin or Ether minus fees and spreads.

Trading occurs only during London Stock Exchange market hours rather than around the clock. Hargreaves Lansdown charges a separate 0.35 percent annual platform fee for holding the notes in a Fund and Share Account or self-invested personal pension, capped at £12.50 per month. Dealing charges run from £3.95 to £6.95 per trade depending on frequency.

Eligibility and Safeguards

Access is restricted. Clients must self-certify as advanced investors, complete an online appropriateness assessment that tests understanding of the risks, and observe a 24-hour cooling-off period before they can view or trade the products. The firm states that the notes are high-risk instruments and that investors should be prepared to lose the entire amount committed.

The notes carry no protection under the Financial Services Compensation Scheme. Investors face issuer credit risk in addition to the full price volatility of Bitcoin and Ether. Hargreaves Lansdown advises that any allocation should form only a small part of a diversified portfolio.

Regulatory Background

The Financial Conduct Authority banned retail sales of crypto ETNs in 2021. It reversed that position for certain products listed on recognised UK exchanges with effect from 8 October 2025, classifying them as restricted mass-market investments. Platforms must apply appropriateness tests, cooling-off periods, clear risk warnings and target-market controls. Crypto derivatives such as futures and options remain off-limits to retail clients.

Tax treatment changed further on 6 April 2026. New purchases of crypto ETNs qualify only for the Innovative Finance ISA rather than the more widely used Stocks and Shares ISA. Existing holdings inside Stocks and Shares ISAs did not need to be sold.

Trading volumes in London-listed crypto ETNs rose after the 2025 rule change, with one issuer estimating roughly $1.5 billion in activity in the months that followed. Volumes remain well below those recorded on larger European venues such as Germany’s Xetra. Demand among Hargreaves Lansdown clients will show whether mainstream platforms can broaden participation beyond current levels.

The launch expands regulated routes to Bitcoin and Ether price exposure for eligible UK retail investors while retaining multiple layers of investor-protection requirements.