Recent approval from the FCA means that UK investors will soon be able to buy crypto exchange-traded notes (ETNs) on stock exchanges using your favourite online trading brokers. Find out what crypto ETNs are and everything we know so far.
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
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Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
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 investing in the UK is about to change. Hopefully, for the better. Finder stats show 1 in 10 Brits already own crypto, and with crypto ETNs (exchange-traded notes) set to launch under FCA regulation, the whole investing population will soon be able to get exposure to digital assets like Bitcoin and Ethereum through the same platforms you already use for stocks and exchange-traded funds (ETFs).
What is a crypto ETN?
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.
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Crypto ETN examples
Crypto ETNs have been around for a while in some 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.
There are already crypto ETNs listed on the London Stock Exchange (LSE), but your everyday UK retail investor hasn’t been able to buy or sell them. Here are some of the providers that already have live listings of crypto ETN products:
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How do Crypto ETNs work?
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:
The issuer or provider sets up a crypto ETN that tracks a cryptocurrency (say Bitcoin).
You buy the ETN on your investing platform, just like you’d buy a stock.
The ETN’s value rises or falls in line with the price of that specific underlying cryptocurrency.
Most crypto ETNs should be fully backed (not all are), meaning the issuer actually holds the underlying crypto in custody. This helps ensure the ETN moves in step with the asset’s real price and reduces counterparty risk.
Platforms where you can invest in crypto ETNs
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.
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.
When did the FCA change its crypto policy?
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.
Where can you buy crypto ETNs?
Although you still can’t buy crypto ETNs in the UK just yet, the doors were officially opened from 8 October 2025, but providers and platforms need time to get their ducks in a row before releasing their ETNs into the wild.
Once available, UK crypto ETNs will be listed on regulated exchanges like the London Stock Exchange (LSE). So, you’ll be able to buy them through mainstream UK brokers and platforms, the same way you’d buy shares or ETFs.
However, not all trading platforms may offer crypto ETNs straight away. We’ll keep you updated with news and updates once we know exactly where you’ll be able to invest in crypto ETNs.
So far, we’ve been informed that Trading 212 and Freetrade will be looking to list Crypto ETNs as soon as possible, but we’re still awaiting confirmation on plans from the following platforms:
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:
Crypto ETF. A fund that directly holds crypto (or crypto futures).
Crypto ETN. A debt note issued by a financial institution that tracks the crypto’s price.
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.
The risks of UK crypto ETNs
Like all investments, crypto ETNs carry specific risks you should understand before jumping in:
Market volatility. Just because these assets trade like stocks, doesn’t mean that the prices will be stable because they follow cryptocurrency movements, which can swing dramatically in short periods.
Counterparty risk. ETNs are debt instruments, so you’re relying on the provider that’s issuing the ETN to honour the note.
Regulatory uncertainty. Rules around crypto products in the UK are still evolving, which could affect availability or things like tax implications.
Liquidity risk. Early UK crypto ETNs may have lower trading volumes, making it harder to buy or sell them quickly. Also, there may be a limited number of trading platforms offering access.
Tracking risk. While many ETNs are fully backed, poor structuring or management from the provider could lead to deviations from the underlying crypto price.
Fee drag. Issuers may charge higher fees than you’d face for holding crypto directly, which can eat into your returns over time.
Can you hold crypto ETNs in ISAs and SIPPs?
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.
Our expert says: Why should UK investors care about crypto ETNs?
"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."
Like any investment, crypto ETNs come with unique advantages and disadvantages to consider.
Pros
Easy access to crypto prices through UK investing platforms.
No need to manage wallets, private keys, or use exchanges.
Fits into existing portfolios alongside stocks, bonds, and ETFs.
Potential tax-efficiency if you hold in the right account.
Cons
Likely to be volatile, since prices follow crypto markets.
Counterparty risk because you’re relying on the issuer.
Potentially higher fees than holding crypto directly.
Limited access initially as products are rolled out from October.
Bottom line
Crypto ETNs could be the next big gateway for UK investors. They take 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.
Frequently asked questions
Not yet, but the FCA's policy shift means they're expected to roll out from 8 October 2025.
Most likely Bitcoin and Ethereum at launch, with others potentially added later.
To a degree, yes. They're regulated, offered by reputable brokers and often fully backed by the underlying crypto, but they still carry risks like volatility and issuer reliability (just like a bond).
They'll likely be treated like other investments, meaning capital gains tax (CGT) could apply on profits if you don't hold them in a tax-efficient account like a stocks and shares ISA.
Maybe in the future, but for now, ETNs are the FCA's preferred structure for exchange-traded crypto exposure. We'll have to get what we're given for now, but at least it's progress!
*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.
George is a deputy editor at Finder. He has previously written for The Motley Fool UK, Nasdaq, Freetrade, Investing in the Web, MoneyMagpie, Online Mortgage Advisor, Wealth, and Compare Forex Brokers.
He's focused on making personal finance and investing engaging for everyone. To do this he draws from previous work and his Level 4 Diploma for Financial Advisers (DipFA), sharing what he’s learnt. When he’s not geeking out about money, you’ll find him playing sports and staying active. See full bio
George's expertise
George has written 269 Finder guides across topics including:
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