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Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
1. You could lose all the money you invest
2. You should not expect to be protected if something goes wrong
3. You may not be able to sell your investment when you want to
4. Cryptoasset investments can be complex
5. Don't put all your eggs in one basket
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Crypto ETNs (exchange-traded notes) have finally been released into the wild… well, launched on regulated exchanges. This means UK retail investors can access stock-market-based crypto exposure.
Here’s how you can invest in crypto ETNs, what platforms have already started offering crypto exchange-traded products (ETPs), and what to be aware of with ISAs and pensions.
Search the current Bitcoin and Ethereum ETNs (ETPs) and find out which trading platforms support them.
| ETN | Provider | Ongoing fee | Supporting platforms |
|---|---|---|---|
| 21Shares Bitcoin Core ETP (CBTC) |  | 0.1% | interactive investor Trading 212 Capital at risk |
| 21Shares Bitcoin ETP (ABTC) | | 1.49% | interactive investor Trading 212 Capital at risk |
| 21Shares Ethereum Staking ETP (AETH) | | 1.49% | interactive investor Trading 212 Capital at risk |
| 21Shares Ethereum Core Staking ETP (ETHC) | | 0.1% | interactive investor Trading 212 Capital at risk |
| Bitwise Physical Bitcoin ETP (BTCE) |  | 2% | interactive investor Trading 212 Capital at risk |
| Bitwise Core Bitcoin ETP (BTC1) | | 0.05% | interactive investor Trading 212 Capital at risk |
| Bitwise Physical Ethereum ETP (ZETH) | | 1.49% | interactive investor Trading 212 Capital at risk |
| Bitwise Ethereum Staking ETP (ET32) | | 0.65% | interactive investor Trading 212 Capital at risk |
| CoinShares Physical Bitcoin ETP (BITC / BITP / BITP) |  | 1.5% | interactive investor Trading 212 Capital at risk |
| CoinShares Physical Staked Ethereum ETP (CETH / ETHP / ETHE) | | 1.5% | interactive investor Trading 212 Capital at risk |
| Fidelity Physical Bitcoin ETP (FBTC) |  | 0.75% | interactive investor Freetrade Trading 212 Capital at risk |
| Global X Bitcoin ETP (BTCX) |  | 1.49% | interactive investor Capital at risk |
| Global X Ethereum ETP (ETHX) | | 1.49% | interactive investor Capital at risk |
| Invesco Physical Bitcoin ETP (BTIC) |  | 0.99% | Freetrade interactive investor Trading 212 Capital at risk |
| iShares (BlackRock) Bitcoin ETP (IB1T) |  | 0.15% | Freetrade interactive investor Trading 212 Capital at risk |
| 1Valour Ethereum Physical Staking ETP (1VET) |  | 1.49% | interactive investor Capital at risk |
| WisdomTree Physical Bitcoin (BTCW) |  | 0.95% | interactive investor Freetrade Trading 212 Capital at risk |
| WisdomTree Physical Ethereum (ETHW) | | 0.95% | interactive investor Freetrade Trading 212 Capital at risk |
A crypto ETN (exchange-traded note) is a type of investment that tracks the price of a cryptocurrency, like Bitcoin (BTC) or Ethereum (ETH), and trades on a stock exchange just like company shares or an ETF. Think of it as a crypto wrapper – instead of holding digital assets directly, you buy a note that mirrors the price.
For UK investors, the arrival of crypto ETNs is a big deal. It means you can get exposure to cryptocurrencies in a regulated environment, and using trading apps that you might already be using anyway. So, no wallets, no private keys, no dodgy exchanges, and no worrying about losing access to your coins.
Instead, you can buy or sell shares through your usual share trading account, and keep your crypto ETNs alongside the rest of your portfolio.
"This is going to be a threefold approach:
Like any investment, crypto ETNs come with unique advantages and disadvantages to consider.
Crypto ETNs have been around for a while in other coutries. For example CoinShares’ Bitcoin Tracker One and Ether Tracker One (below), which are traded on the Nasdaq Stockholm. These are designed to mirror the return of Bitcoin and Ethereum respectively, and are denominated in Euros.
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
Crypto ETNs are debt securities issued by financial institutions. When you buy one, you’re essentially lending money to the issuer, and in return, they promise to pay you a return linked to the price of the underlying crypto.
Here’s the flow in simple terms:
Choosing between the best crypto ETNs isn’t as simple as just picking “Bitcoin” or “Ethereum”. Each product differs slightly in structure, cost, and security. Here are the main points to consider:
Most UK investing platforms are still laying the groundwork to let people invest in these products and these are some of the trading apps who’ve signalled they’re working on this:
To make comparing even easier we came up with the Finder Score. Costs, features, ease and range of investments across 30+ platforms are all weighted and scaled to produce a score out of 10. The higher the score the better the platform – simple.
Read the full methodologyAll investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
Back in 2020, the FCA banned the sale of crypto ETNs and crypto derivatives to retail investors, citing concerns around volatility and investor protection. For years, that meant UK-based investors couldn’t access these products, even though they were popular in Europe and the US.
But in 2024, the FCA announced it would reopen the door to crypto ETNs, allowing regulated exchanges to list them for professional investors, and paving the way for retail access in the near future.
Recently, in 2025, we got the long-awaited news that the FCA is allowing retail investor access as it continues its crypto roadmap to full regulation of the industry.
At first glance, crypto ETFs and crypto ETNs sound similar, both can be bought and sold on exchanges and let you track the price of digital assets without holding the coins yourself, but the structure is different:
The key takeaway? ETFs tend to be more transparent and fund-like, while ETNs are structured products backed by the issuer.
Both can offer simple access to crypto exposure, but ETNs are usually easier to launch in markets with stricter rules, which is why the UK is leaning on them first.
Like all investments, crypto ETNs carry specific risks you should understand before jumping in:
One of the most interesting developments with the ability to invest in crypto ETNs is that you will potentially have the ability to buy and hold these assets in tax-efficient accounts like a stocks and shares ISA or a self-invested personal pension (SIPP).
In theory, this means you could soon be able to get cryptocurrency exposure in your investment portfolio, without having to worry about the complex and costly tax implications that come with trading crypto today. However, HMRC hasn’t yet confirmed the tax treatment of these products.
You can do something similar with crypto stocks, investing tax-efficiently, but most of these investments offer indirect crypto exposure, whereas these ETNs will be more closely linked to the direct underlying price of cryptocurrencies.
Crypto ETNs are exchange-traded products listed on regulated UK markets, and currently, you can buy and hold them in a stocks and shares ISA.
However, the full picture isn’t so simple. HMRC has stated that from the next tax year beginning April 2026, crypto ETNs will no longer be eligible for ISA wrappers and are only to be bought and sold within innovative finance ISAs.
There’s no clear guidance yet on whether this means that you will be forced to sell your crypto ETN positions on this date, or if you can continue holding, but simply can’t add more to your crypto ETN investments.
So, watch this space, hopefully there will be further reviews and clarity before the next tax year.
If you’re considering holding crypto ETNs in your pension, this can offer some excellent tax advantages.
However, it’s vital to consider whether these products are reliable and suitable to hold in your retirement portfolio. Cryptocurrency has only been around for just over 15 years, will it still be here in 30 or 40 years? Who knows.
If you do use a Bitcoin or Ethereum ETN in your pension or self-invested personal pension (SIPP), ensure you’re fully aware of the risks and only use it as a small piece of a diversified portfolio.
"Because they’re the first step on a bridge towards cryptocurrency ETFs and more regulated crypto financial products. For years, investors have had to choose between the wild west of crypto or staying on the sidelines.
UK FCA-approved crypto ETNs change that by bringing digital assets into the regulated investment world. They won’t magically erase volatility, Bitcoin will still swing and do its thing, but they will let people access crypto through familiar, trusted brokerages and platforms.
That’s a game-changer for adoption, and it could make crypto more investable and accessible for a much broader audience."
Crypto ETNs could be the next big gateway for UK investors. They take some of the complexity out of crypto by wrapping it in a regulated, exchange-traded product that fits neatly into your portfolio.
Whether you’re a digital native and one of the 3 million UK investors who’s been buying Bitcoin for years, or a cautious investor dipping your toe into crypto for the first time, buying UK crypto ETNs could be something to explore and worth keeping on your radar. Keep in mind, these investments carry risks relating to the underlying cryptos as well as the lower risk of issues linked to the note issuers.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
We’ve rounded up some of the best crypto ETPs (ETNs) already listed on the London Stock Exchange (LSE), what they track, who issues them, and what you need to know before investing.
Whether you’re looking for a Bitcoin or Ethereum ETN, check out our list of all the crypto ETNs currently listed on the London Stock Exchange (LSE).
Here’s what investors need to know before adding Bitcoin or Ethereum ETP exposure to their retirement pot.
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