Bitwise, the crypto asset manager that has been steadily building its European footprint, has struck a distribution deal with Hargreaves Lansdown to bring its Bitcoin and Ethereum exchange-traded products to the UK’s biggest retail investment platform.
Hargreaves Lansdown serves more retail investors than any other platform in Britain.
What’s actually happening
Bitwise originally listed four Bitcoin and Ethereum ETPs on the London Stock Exchange back in April 2025. At launch, those products were restricted to professional and institutional investors, a consequence of the Financial Conduct Authority’s long-standing skepticism toward letting everyday savers anywhere near crypto.
That changed in October 2025, when the FCA lifted its ban on retail access to crypto-backed exchange-traded products. Retail investors gained access to Bitwise’s ETPs around October 21, 2025.
Hargreaves Lansdown announced its intention to start offering these products to clients beginning in early 2026, pending the completion of appropriate risk assessments. The platform has indicated it will follow FCA guidance suggesting a cap of 10% portfolio allocation to crypto products.
To sweeten the deal for cost-conscious investors, Bitwise slashed the Total Expense Ratio on its Core Bitcoin ETP (ticker: BTC1) by 75%, dropping it from 0.20% to 0.05%. At five basis points, that makes it one of the cheapest Bitcoin ETPs available anywhere in Europe.
Hargreaves Lansdown has noted that Bitcoin lacks intrinsic value and shouldn’t dominate core portfolios.
Why the FCA shift matters
In January 2021, the FCA banned the sale of crypto derivatives and exchange-traded notes to UK retail consumers, citing extreme volatility and the difficulty of reliably valuing the underlying assets.
The new framework specifically permits physically-backed crypto ETPs, meaning products where every share is supported by actual Bitcoin or Ethereum held in custody. Bitwise’s offerings are backed 1:1 by the underlying assets stored in cold storage with regulated custodians. These products are structured to trade under both BaFin- and FCA-approved prospectuses, giving them cross-border regulatory credibility. There’s also the potential for integration with standard brokerage accounts, which could eventually make them eligible for tax-advantaged wrappers like ISAs and SIPPs.
The competitive landscape
Reports suggest Bitwise’s BTCE product had accumulated around $800M in assets under management by early 2026, with BITC1 reaching several hundred million dollars.
The 10% allocation cap that Hargreaves Lansdown plans to enforce reflects the FCA’s view that crypto should remain a satellite position rather than a core holding.