Overview

• Effective Oct. 8, retail investors can buy crypto exchange‑traded notes referencing Bitcoin or Ethereum, provided the products are listed on recognised investment exchanges and meet FCA standards.
• Issuers including 21Shares, WisdomTree, VanEck, CoinShares and Bitwise are preparing or expected to seek London listings, while BlackRock is reportedly exploring options for UK retail access.
• The FCA cites a more mature market with improved protections, but crypto derivatives remain prohibited for retail and ETNs carry issuer credit risk because they are unsecured debt instruments.
• European crypto ETPs drew a record €972 million in net inflows in Q3 2025, and surveys indicate strong UK interest, with about 30% of investors overall and half of 18–24 year‑olds open to cETNs.
• Eligibility for holding crypto ETNs in ISAs and SIPPs remains unconfirmed by HMRC, as platforms such as IG, Stratiphy and Freetrade outline plans to list products once guidance and processes allow.