Which platforms will offer crypto ETNs?

The Financial Conduct Authority (FCA) will lift the ban on the sale of cryptocurrency (crypto) exchange-traded notes (ETNs) to retail investors on 8 October.

Retail investors are increasingly interested in crypto, but unless they want to open a wallet on a crypto exchange and hold cryptocurrencies directly, they are often forced into some form of proxy exposure. That has, in the past, seen crypto stocks like Strategy (NASDAQ:MSTR) (formerly MicroStrategy) become top stock picks for DIY investors.

“Crypto ETNs open the door to more choice and diversification for UK investors,” said Alex Campbell, head of communications at FreeTrade. “They turn crypto from a fringe trade into a regulated tool for building resilient portfolios. The UK still lags other major markets in its crypto regulations but this change marks a welcome step forward.”

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Research from IG found that 30% of UK adults would consider investing in crypto via ETNs, well above the 12% who, according to the FCA, currently own crypto. IG found that younger adults are particularly interested in buying crypto ETNs, with 50% of 18-24-year-olds and 49% of 25-34-year-olds expressing interest.

Research from WisdomTree shows that Brits are buying up crypto in order to support their life goals: a survey of 3,000 adults showed that 21% are buying crypto to help them buy a house while 26% are using it to support their retirement planning.

Flows into European crypto exchange-traded products (ETPs – the broad category which includes ETNs) reached a new record high of €972 million during the third quarter of 2025, according to research from Morningstar. Flows in the year to date total €1.7 billion, putting 2025 on track to post an annual record for European crypto ETP flows.

The FCA has made it clear that the consumer duty will apply to firms that are offering crypto ETNs. This means that any platforms selling them to retail investors are obliged to ensure the products meet the needs, characteristics and objectives of their customers, as well as to provide sufficient information for their customers to make an informed decision.

Some platforms told MoneyWeek they intend to offer crypto ETNs to their customers soon after the ban is lifted, others are taking a more measured approach – while some have no plans to offer the products at all.

The ban on the sale of crypto ETNs to retail investors has been in place for almost five years, since 6 January 2021. During that time, the price of Bitcoin has increased by over 260%.

Where will you be able to buy crypto ETNs?

These investment platforms told MoneyWeek they intend to offer crypto ETNs to their users as soon as they are able to (note that this is not an exhaustive list of platforms offering crypto ETNs):

• Fidelity Adviser Solutions (which is only available to advised clients)
• FreeTrade
• Stratiphy

The following platforms have indicated that they intend to offer crypto ETNs in the near future, though not necessarily immediately upon the lifting of the ban:

• Fidelity Personal Investing (Fidelity’s platform for direct clients)
• IG
• Interactive Investor

“In light of the FCA lifting the ban on crypto ETNs for retail investors, we are currently reviewing the regulatory requirements for these products and working on any changes required to offer these to retail clients,” said John Dobson, head of investment solutions at Interactive Investor regarding the platform’s plans.

Michael Healy, UK managing director of IG, said that the company plans to add ETNs “over the next couple of months,” adding that IG already offers direct access to crypto assets and that ETNs will be added in due course as part of its broader crypto strategy.

“Crypto ETNs represent a significant step forward for the UK market, opening access to millions of investors who have previously been cautious or excluded,” said Healy. “That said, ETNs are just one part of the puzzle.”

Healy continued that the UK “needs a proper regulatory framework” to avoid falling behind global peers on crypto adoption.

Hargreaves Lansdown told MoneyWeek that it is considering its position in light of the regulatory change and will update clients in due course. Similarly, AJ Bell and eToro both indicated that they are currently assessing customer demand and practical implications of offering crypto ETNs through their platforms.

“Although the FCA is opening retail access to crypto ETNs from 8 October, eToro will not be offering them immediately,” said Dan Moczulski, UK managing director at eToro. “As a Restricted Mass Market Investment (RMMI), these products carry specific obligations, and we believe the right approach is to introduce them only if and when there is meaningful client demand.”

Moczulski added that, given eToro already allows users to buy crypto and is comfortable offering RMMI products, it “will be able to roll out ETNs quickly when that decision is made”.

Some providers, including MoneyBox and BestInvest, told MoneyWeek that, at present, they have no plans to offer crypto ETNs to their clients.

When will crypto ETNs be available to buy?

The ban on sale of crypto ETNs to retail investors lifts on 8 October.

However, it probably won’t be possible for UK retail investors to buy crypto ETNs from any providers that soon. The date the ban is lifted reflects the first day on which issuers can submit prospectuses for crypto ETNs.

The earliest date at which crypto ETNs will be able to go on sale based on this will be 13 October.

Will you be able to buy crypto ETNs in an ISA?

One of the potential advantages of crypto ETNs for investors is that, unlike holding crypto directly, they could theoretically be held in an ISA. If so, this would exempt them from capital gains tax.

“The ability to hold crypto within familiar, tax-efficient vehicles like ISAs and pensions would be a real milestone,” said Healy.

IG found this was a key appeal for investors considering buying crypto ETNs. 19% of investors highlighted this as a key advantage to crypto ETNs as opposed to holding crypto directly, making it the third-most cited benefit behind perceptions of safety and regulatory oversight (32%) and a view that it would be easier to buy crypto ETNs than to own crypto directly (22%).

But while other forms of exchange-traded products, such as exchange-traded funds (ETFs) can be held in a stocks and shares ISA, it isn’t yet confirmed whether this will be the case for crypto ETNs.

HMRC hasn’t yet announced the ISA status of crypto ETNs, though a spokesperson told MoneyWeek that it expects to confirm this one way or another by 8 October.

Should you buy a crypto ETN?

Just because you can buy a crypto ETN, it doesn’t necessarily mean that you should.

Crypto is an inherently risky investment. While mainstream cryptocurrencies like Bitcoin and Ethereum have been high performers over recent years, they are highly volatile over the short term, and less established crypto assets can be even more so.

Many investors believe that cryptocurrencies have no intrinsic value, and that as such buying them is less about investment and more about speculation.

“It’s imperative that retail investors do their research and understand the risks before allocating any part of their portfolio to digital assets,” said Dobson.

Investors should also be aware that losses from crypto ETN investments won’t be covered by the Financial Services Compensation Scheme (FSCS). Providers considering selling crypto ETNs to consumers will be obliged to ensure they meet their needs and that they are appropriately informed about them.