Bitcoin Magazine
Hargreaves Lansdown Reverses Course, Rolls Out Bitcoin Trading
British financial services company Hargreaves Lansdown is granting retail investors access to purchase bitcoin, marking a reversal nearly a year after declaring the cryptocurrency “not an asset class.”
According to the website of the Bristol, UK-based investment firm, bitcoin and alternative crypto exchange-traded notes (ETNs) are now being offered to investors. These ETNs function as investment funds that trade on stock exchanges while tracking the pricing of digital assets.
This shift follows warnings issued to customers by the firm last year, despite managing nearly £173 billion (exceeding $233 billion) in assets.
NEW:
U.K.'s largest investment platform Hargreaves Lansdown is now offering Bitcoin products to 2 million clients!
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“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 company stated at that time.
“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.”
Presently, several ETNs that track the prices of bitcoin and other digital currencies have been made available. The organization currently cautions clients that “crypto ETNs are considered high-risk and may be volatile.”
In the United States, the Securities and Exchange Commission approved bitcoin exchange-traded funds in 2024 following a decade-long period of rejecting such products.
Those funds experienced the most successful launch in ETF history as investors who previously lacked exposure to the asset class rushed to acquire the offerings.
Managed by leading financial institutions and asset managers such as BlackRock, Fidelity, and Morgan Stanley, these investment vehicles currently oversee more than $100 billion in combined assets.
What is Hargreaves Lansdown?
Hargreaves Lansdown is a Bristol, UK-based investment firm and financial services provider that manages nearly £173 billion (over $233 billion) in assets.
Can retail investors buy bitcoin through Hargreaves Lansdown now?
Yes, the firm is now offering bitcoin and other crypto exchange-traded notes (ETNs) to investors, reversing its previous stance.
What did Hargreaves Lansdown previously say about bitcoin?
Nearly a year prior to this rollout, the firm stated that bitcoin was “not an asset class,” warned that it was a highly volatile investment much riskier than stocks or bonds, and stated it shouldn’t be relied upon to help clients meet financial goals.
What are crypto ETNs?
Crypto exchange-traded notes (ETNs) are investment funds that trade on stock exchanges and track the prices of digital assets, though Hargreaves Lansdown warns they are high-risk and volatile.
