Short answer: On September 4, 2026, Hargreaves Lansdown, the UK's largest investment platform with about 2 million clients, was offering nine bitcoin and ether exchange-traded notes (ETNs) after switching them on a day earlier. The Hargreaves Lansdown crypto ETNs are available only to clients who pass extra eligibility checks and can be held in a general account or a SIPP pension, but not in a Stocks and Shares ISA.
What happened
On September 3, 2026, Hargreaves Lansdown (HL) added crypto ETNs from six issuers to its platform: BlackRock's iShares, WisdomTree, 21Shares, Invesco, CoinShares and Bitwise. The nine products track the price of bitcoin (BTC) or ether (ETH), with annual product fees ranging from zero to 0.35%. HL oversees roughly £170 billion of client assets, which makes it the biggest mainstream UK platform to offer crypto exposure so far.
An exchange-traded note is a debt security listed on a stock exchange that tracks the price of an underlying asset; crypto ETNs are typically backed by the actual coins held with a custodian. Buying one gives price exposure through an ordinary brokerage account, without a crypto exchange account or a wallet.
HL did not open the products to everyone. Access runs through its Advanced Investing service, and clients have to:
- self-certify as a restricted investor (keeping high-risk holdings below 10% of net assets) or as a high-net-worth investor (income above £100,000 or net assets above £250,000);
- pass an online appropriateness assessment showing they understand the risks;
- wait through a mandatory 24-hour cooling-off period before the first purchase.
Chief Product Officer Doug Abbott said the firm wanted its eligibility tests and safeguards to be solid before launching, and described the process as deliberately adding some friction.
Why Hargreaves Lansdown waited almost a year
The UK Financial Conduct Authority (FCA) banned the sale of crypto ETNs and crypto derivatives to retail investors in January 2021. It lifted the ban on qualifying crypto ETNs on October 8, 2025, provided they are admitted to the FCA's Official List and traded on a UK Recognised Investment Exchange such as the London Stock Exchange. The products are treated as Restricted Mass Market Investments, which brings mandatory risk warnings and appropriateness checks.
Several UK brokers started offering crypto ETNs soon after the ban ended. HL initially stayed out, saying it needed time to build client testing and protections. Its arrival matters because of its size: it is the default investment account for a large share of UK retail savers, many of whom have never opened a crypto exchange account.
Crypto ETN vs buying bitcoin directly
| Crypto ETN on HL | Buying BTC or ETH directly | |
|---|---|---|
| What you own | A listed note tracking the coin's price | The coins themselves |
| Custody | Issuer's custodian; no keys for you | Your own wallet or an exchange |
| Can you send it on-chain | No | Yes |
| Trading hours | Exchange hours only | 24/7 |
| Costs | Product fee 0–0.35% a year plus HL account and dealing charges | Spread or trading fee plus network fees |
| Tax wrappers | SIPP and general account; not Stocks and Shares ISA | None |
HL charges its usual 0.35% annual platform fee on the account, capped at £12.50 a month, plus dealing charges, on top of each ETN's own fee. Whether that is cheaper than holding coins directly depends on position size and how often you trade; for someone who wants to use crypto for payments or transfers, an ETN offers no such function.
What it means for you
- If you are a UK investor with an HL account, you can now get bitcoin or ether exposure inside a SIPP, where gains are sheltered from UK income and capital gains tax, but you must pass the eligibility checks first.
- An ETN is a price bet, not a wallet. You cannot withdraw coins, pay with them or move them to another network.
- Volatility is unchanged. Wrapping bitcoin in a listed note does not reduce price swings, and the FCA warns investors should be prepared to lose all the money they put in.
- Compare total costs. Add the product fee, platform fee and dealing charges before assuming an ETN is cheaper than holding coins directly.
If you own coins directly, tax treatment is different from a wrapped product; our overview of crypto tax basics explains the main rules, and the wallet security guide covers what self-custody requires.
Key takeaways
- Hargreaves Lansdown opened nine bitcoin and ether ETNs to eligible clients on September 3, 2026.
- Issuers include iShares, WisdomTree, 21Shares, Invesco, CoinShares and Bitwise, with product fees of 0–0.35% a year.
- Clients must self-certify, pass an appropriateness test and wait 24 hours before investing.
- The ETNs can be held in a SIPP or a general account, but not in a Stocks and Shares ISA.
- The FCA lifted its retail ban on qualifying crypto ETNs on October 8, 2025.
For anyone who wants the coins themselves rather than a note, the list of supported coins shows what can be swapped directly between wallets.
Sources: Crowdfund Insider, FinanceFeeds, Crypto Daily
Frequently asked questions
Can I buy bitcoin on Hargreaves Lansdown?
Since September 3, 2026, Hargreaves Lansdown offers bitcoin and ether exchange-traded notes, not the coins themselves. Clients must use its Advanced Investing service, pass an appropriateness test and wait through a 24-hour cooling-off period.
Can I hold crypto ETNs in an ISA?
At Hargreaves Lansdown, newly purchased crypto ETNs cannot be held in a Stocks and Shares ISA. They can be held in a Fund and Share Account or a Self-Invested Personal Pension (SIPP).
What is the difference between a crypto ETN and owning bitcoin?
A crypto ETN is a listed security that tracks the price of bitcoin or ether, while owning bitcoin means holding the coins in a wallet. With an ETN you get price exposure inside a brokerage or pension account, but you cannot send, spend or withdraw the coins.
