UK platforms add Bitcoin, Ethereum products

Hargreaves Lansdown has opened access to Bitcoin and Ethereum exchange-traded notes for eligible U.K. clients, adding crypto-linked products to one of Britain’s largest investment platforms. The move followed the Financial Conduct Authority’s decision to reopen retail access to crypto ETNs from October 8, 2025, after years of restrictions. London Stock Exchange materials show crypto ETNs can trade on existing ETN segments open to retail and professional investors, while the FCA has said firms must have the right permissions and controls if they offer the products. ### Which platform actually added the products? Hargreaves Lansdown began listing Bitcoin and Ether ETNs on September 3, according to multiple reports describing the rollout on its platform. CoinDesk reported the firm opened access to digital-asset notes to its client base, and other reports said the initial range covered nine ETNs tied to bitcoin and ether. (coindesk.com) CoinDesk said the launch marked a change for Hargreaves Lansdown, which had previously taken a more restrictive public line on bitcoin. The firm’s platform serves about 2 million clients, according to the same report and other coverage published in recent days. ### What exactly are clients being offered? The products being added are exchange-traded notes, not direct spot holdings of bitcoin or ether. (coindesk.com) London Stock Exchange documents describe crypto ETNs as exchange-traded securities admitted to trading on the exchange’s ETN segments, and recent admission notices show instruments including Bitwise bitcoin and ethereum products and 21Shares ethereum products joining trading. That structure means investors can buy packaged exposure through a brokerage account instead of setting up their own wallet and taking direct custody of coins. The London Stock Exchange has said retail access now includes issuers such as 21Shares, WisdomTree, Invesco, Global X, CoinShares, Bitwise, Fidelity, iShares and Valour. ### Why was this possible in the U.K. now? (docs.londonstockexchange.com) The FCA said on August 1, 2025 that firms would soon be able to give retail consumers access to crypto ETNs, and the regulator later said those products could be made available from October 8, 2025. In separate guidance to firms, the FCA said it had already been reviewing retail crypto ETN prospectuses and told firms to ensure they had the correct permissions before offering them to consumers. (londonstockexchange.com) London Stock Exchange factsheets published afterward said crypto ETNs traded on U.K. recognised investment exchanges could, from October 8, 2025, be admitted to existing ETN trading segments open to both retail and professional investors. ### Does this mean direct crypto trading on these platforms? The FCA’s framework distinguishes ETNs from broader cryptoasset activities. (fca.org.uk) The regulator’s 2026 materials on crypto regulation say a wider regime for cryptoasset activities is due to commence on October 25, 2027, while current ETN access sits inside the existing securities and conduct framework. That means the products now being offered are regulated exchange-traded securities referencing cryptoassets, rather than a platform handing clients direct coin custody. (docs.londonstockexchange.com) The FCA has also said crypto ETNs are complex products and that firms should consider suitability and consumer protections when distributing them. ### Where are these products trading and what comes next? London Stock Exchange said in its retail-access announcement that it was welcoming multiple issuers of crypto ETNs on its Main Market as retail access began. (fca.org.uk) Separate exchange notices and reports pages continue to show new admissions and trading statistics for ETF and ETP products, including crypto-linked instruments. (fca.org.uk) The next reference points are the exchange’s admission notices, issuer filings and FCA updates to firms offering crypto ETNs. The FCA has said firms planning to offer crypto ETNs should inform their supervisory contact, and the broader U.K. cryptoasset regulatory regime is scheduled to start on October 25, 2027. (fca.org.uk) (londonstockexchange.com)