Overview

• Hargreaves Lansdown told clients that bitcoin lacks intrinsic value and should not be included in portfolios for growth or income.
• Despite its caution, the firm expects to offer crypto ETNs to appropriate clients from early 2026, with appropriateness assessments and potential exposure caps that can limit retail holdings to about 10% of portfolios.
• The UK lifted its retail ban on crypto ETNs on Oct. 8 and made them eligible for stocks-and-shares ISAs, subject to FCA conditions.
• Permitted ETNs must be physically backed by bitcoin or ether and listed on a Recognised Investment Exchange such as the London Stock Exchange.
• Hargreaves Lansdown oversees roughly £170–£172.7 billion for more than 2 million clients, and its stance lands as bitcoin trades around $121,000–$125,000 and major institutions remain split on the asset’s merits.