Hargreaves Lansdown to offer crypto ETNs after UK ban lift, despite calling Bitcoin ‘not an asset class'

Hargreaves Lansdown, the UK's largest retail investment platform managing roughly £170 billion in assets under administration, is preparing to offer physically backed Bitcoin and Ethereum exchange-traded notes (ETNs) to its more than two million clients. The development follows the Financial Conduct Authority's (FCA) October 2025 decision to lift a four-year retail ban on crypto ETN products, classifying them as Restricted Mass Market Investments with an expected portfolio exposure cap of around 10%. Despite opening access, the broker has warned clients that Bitcoin is 'not an asset class' and has 'no intrinsic value.' The offerings are restricted to physically backed products listed on UK-recognised exchanges such as the London Stock Exchange, with direct crypto custody and staking excluded. Separately, market data from on-chain analytics firm Glassnode highlights that Bitcoin is currently boxed within a defined trading range. Strong accumulation provides downside support between $62,000 and $65,000, while dense long-term holder resistance and residual short liquidations cap upside movement between $83,000 and $86,000.