Hargreaves Lansdown, the UK's largest investment platform, has opened access to cryptocurrency exchange-traded notes (ETNs) for approximately 2 million investors, bringing Bitcoin and Ether investment products onto one of the country's largest retail investment platforms.

According to information published by @WuBlockchain, citing the Financial Times, Hargreaves Lansdown began offering crypto ETN trading on September 3. The initial lineup consists of nine Bitcoin and Ether ETNs issued by BlackRock's iShares, WisdomTree, 21Shares, Invesco, CoinShares, and Bitwise.

Hargreaves Lansdown Adds Nine Bitcoin and Ether ETNs

The products carry annual fees ranging from 0% to 0.35%, giving investors access to multiple issuers and product structures through Hargreaves Lansdown's Advanced Investing service. Unlike exchange-traded funds (ETFs), ETNs are debt securities that track the price of the underlying assets rather than holding them directly, a structure the UK's Financial Conduct Authority has permitted for crypto-linked products on recognised investment exchanges since it opened the door to such listings in 2024.

Investors will not receive unrestricted access immediately. Customers using the service must first pass an appropriateness assessment, and first-time trades are subject to a 24-hour cooling-off period. These measures reflect additional safeguards typically associated with investment products considered higher risk or more complex than conventional securities, consistent with the FCA's longstanding consumer-protection stance toward crypto assets.

For Hargreaves Lansdown, the move marks a notable shift from its previous stance on crypto-related investments. The platform had been the only major UK investment platform yet to offer crypto ETNs. In October, Hargreaves Lansdown said that "BTC is not an asset class," underscoring how the introduction of the new products represents a change in its approach.

UK Retail Access to Crypto Investment Products Expands

The decision gives a substantially larger pool of UK retail investors access to regulated exchange-traded exposure to Bitcoin and Ether without requiring direct ownership of the underlying cryptocurrencies. Hargreaves Lansdown is also the platform through which a large share of UK self-directed ISA and SIPP investors manage their accounts, meaning the change potentially places crypto-linked products within reach of tax-advantaged retail wrappers for the first time at the platform.

The expansion also places major traditional investment platforms more directly alongside the growing institutional infrastructure surrounding digital assets. The participation of established issuers such as BlackRock's iShares and other major asset managers provides investors with a broader selection of products within a familiar investment platform.

For the UK crypto market, Hargreaves Lansdown's decision could further integrate digital-asset exposure into mainstream investment channels while maintaining suitability checks for retail customers.

The immediate next step will be to assess investor demand across the nine products and whether Hargreaves Lansdown expands its crypto ETN lineup beyond Bitcoin and Ether.