Overview

• The UK lifted its retail ban on crypto exchange‑traded notes on Oct. 8 and permitted holding them in stocks and shares ISAs with the annual £20,000 allowance.
• Hargreaves Lansdown told clients that bitcoin is not an asset class, has no intrinsic value, and is far riskier than stocks or bonds, advising against including it in portfolios.
• Despite the warning, the firm plans to offer UK‑listed crypto ETNs to appropriate or qualified clients from early 2026.
• Access will require an appropriateness assessment, and some coverage reports possible limits that could cap retail exposure at around 10% of a portfolio.
• Bitcoin has recently traded above $120,000 with sharp swings, as major institutions diverge between expanding crypto services and voicing fundamental criticisms.