Hargreaves Lansdown has started offering bitcoin ETNs to retail investors, reversing its previous stance that bitcoin is not an asset class.
Retail investors can now buy bitcoin through Hargreaves Lansdown, the British financial services company. That comes almost a year after the firm called the cryptocurrency “not an asset class.”
The firm, based in Bristol, UK, announced on its website that it is offering bitcoin and other crypto exchange-traded notes. ETNs are funds that trade on stock exchanges and follow digital asset prices.
This move follows the company, which oversees roughly £173 billion (more than $233 billion) in assets, warning clients last year about purchasing bitcoin.
In its earlier warning, the company said: “While longer-term returns of Bitcoin have been positive, Bitcoin has experienced several periods of extreme losses and is a highly volatile investment — much riskier than stocks or bonds,”
The firm added: “The HL Investment view is that Bitcoin is not an asset class, and we do not think cryptocurrency has characteristics that mean it should be included in portfolios for growth or income and shouldn’t be relied upon to help clients meet their financial goals.”
Currently, several ETNs that track the price of bitcoin and other cryptocurrencies are on offer. The company advises users that “crypto ETNs are considered high-risk and may be volatile.”
In 2024, the U.S. Securities and Exchange Commission gave the green light to bitcoin exchange-traded funds for investors, following a decade of rejections.
Those funds enjoyed the most successful launch in ETF history, as investors who had been unable to gain exposure to the asset class quickly bought in.
Managed by leading asset managers and banks including BlackRock, Fidelity, and Morgan Stanley, these investment vehicles now hold over $100 billion in assets collectively.
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
Zcash has dropped nearly 30% from its September peak amid a broader crypto selloff. Key catalysts include a potential spot ETF and the NU7 network upgrade.
Santiment reports Solana's network growth jumped 124% since early September, adding 1.71 million new wallets daily.
Bitget is expanding institutional custody and settlement options, from off-exchange models to regulated custodians, as more hedge funds add crypto exposure.
XRP fell for a fourth day as negative funding rates and rising U.S. Treasury yields weighed on sentiment, with key support near $1.400 under threat.