Hargreaves Lansdown: Bitcoin is not an asset class

Hargreaves Lansdown — one of the largest retail investor platforms in the UK — claims that Bitcoin has no intrinsic value and should not be considered an asset class, while advising customers not to rely on Bitcoin for growth or income.

However, the company stated that it is preparing to launch trading of cryptocurrency ETN products at the beginning of 2026, exclusively for customers who pass the risk assessment and only applicable to Bitcoin and Ether ETNs with real asset backing, listed on the London Stock Exchange (LSE).

According to Hargreaves Lansdown, the price of Bitcoin in the past has shown many periods of "serious losses", making this asset unable to be seen as a stable tool to achieve financial goals.

This move comes right after the UK's Financial Conduct Authority (FCA) lifted a nearly 4-year ban on cryptocurrency ETNs for retail investors. Under the new regulations, ETNs must be physically backed by Bitcoin or Ether and listed on a recognized exchange such as the London Stock Exchange.

Eligible customers will be limited to a maximum of 10% of their investment portfolio for cryptocurrency assets. Hargreaves Lansdown has stated that it will collaborate with issuers such as 21Shares, CoinShares, and WisdomTree for ETN products priced in pounds.