Hargreaves Lansdown, the U.K.'s largest retail investment platform, has opened nine bitcoin and ether exchange-traded notes (ETNs) to its two million customers, reversing a warning against cryptocurrency investments issued less than a year earlier. The products come from six providers and carry annual fees of 0% to 0.35%; new buyers must complete an appropriateness assessment and wait 24 hours before trading. The firm manages nearly £173 billion, or more than $233 billion, and warns that crypto ETNs are high-risk and volatile. The move follows the Financial Conduct Authority's lifting of its retail ban on crypto exchange-traded products in October 2025. It also comes amid broader institutional adoption after the U.S. Securities and Exchange Commission approved bitcoin exchange-traded funds in 2024; funds managed by firms including BlackRock, Fidelity and Morgan Stanley now collectively hold more than $100 billion in assets.