Learn — Investment products
Crypto ETFs
for UK Investors.
Since October 2025, UK retail investors can buy physically-backed Bitcoin and Ethereum ETPs on the London Stock Exchange. Here's what's available, how to access it, and whether it makes sense for you.
Key facts
FCA removed the retail crypto ETN ban on October 8, 2025
Total assets in US spot Bitcoin ETFs as of Q1 2026
21Shares and Invesco offer the lowest expense ratios
Last date to add crypto ETNs to a Stocks & Shares ISA
What Changed
In January 2021, the FCA banned crypto exchange-traded notes for UK retail investors. The reasoning: too volatile, too complex, too risky. For four years, the only way to get crypto exposure in a tax wrapper was through indirect products or professional investor status.
On August 1, 2025, the FCA reversed course. The ban was lifted on October 8, 2025. UK retail investors can now buy physically-backed Bitcoin and Ethereum ETPs on the London Stock Exchange through their regular brokerage account.
The restriction on crypto derivatives(CFDs, futures-based products) for retail investors remains in place. Only physically-backed products — where the issuer actually holds Bitcoin or Ether — are permitted.
UK-Accessible Crypto ETPs
London Stock Exchange| Product | Ticker | Issuer | TER | AUM | Exchange |
|---|---|---|---|---|---|
| iShares Bitcoin ETP | IB1T | BlackRock | 0.25% | €760M | LSE |
| WisdomTree Physical Bitcoin | BTCW | WisdomTree | 0.25% | $880M | LSE |
| CoinShares Physical Bitcoin | BITC | CoinShares | 0.15% | €1,166M | LSE |
| 21Shares Bitcoin ETP | ABTC | 21Shares | 0.10% | N/A | LSE |
| Invesco Physical Bitcoin | BTIC | Invesco | 0.10% | €435M | Xetra |
TER = Total Expense Ratio (annual). AUM data as of March 2026. Products are physically backed by Bitcoin held in institutional custody.
ISA window closes April 5, 2026.
Crypto ETNs can be held in a Stocks & Shares ISA until April 5, 2026. After that, they're reclassified as Innovative Finance ISA (IFISA) investments only. The problem: no IFISA provider currently supports crypto ETNs.
If you want crypto exposure in an ISA, the window is open now. SIPPs remain available as a tax wrapper with no reclassification deadline.
Apr 5
2026
ISA deadline
US Spot Bitcoin ETFs
Not directly available to UK retailUK investors cannot buy US-domiciled ETFsthrough standard UK brokers. PRIIPs regulations require a Key Information Document (KID) that US issuers don't produce. Use the UK-listed equivalents above instead. BlackRock's IB1T on the LSE provides the same exposure as IBIT in the US.
| Ticker | Fund | Issuer | TER | AUM |
|---|---|---|---|---|
| IBIT | iShares Bitcoin Trust | BlackRock | 0.25% | $70.6B |
| FBTC | Fidelity Wise Origin Bitcoin Fund | Fidelity | 0.25% | $17.7B |
| GBTC | Grayscale Bitcoin Trust | Grayscale | 1.50% | $14.9B |
| BTC | Grayscale Bitcoin Mini Trust | Grayscale | 0.15% | $4.4B |
| ARKB | ARK 21Shares Bitcoin ETF | ARK/21Shares | 0.21% | $3.6B |
| BITB | Bitwise Bitcoin ETF | Bitwise | 0.20% | $3.5B |
| EZBC | Franklin Bitcoin ETF | Franklin Templeton | 0.19% | $500M |
Combined US spot Bitcoin ETF AUM exceeds $150B. BlackRock's IBIT alone holds ~$70B. Data as of Q1 2026.
Where to Buy in the UK
BrokersHargreaves Lansdown
Launching early 2026
Interactive Investor
Available
AJ Bell
Available
Fidelity Personal Investing
Available
Freetrade
Available
IG
Available
Availability varies by platform. Check with your broker for supported products and dealing fees.
Direct Crypto vs ETF: Which Is Better?
| Factor | Direct Crypto | Crypto ETP |
|---|---|---|
| Ownership | You hold the keys | Trust holds crypto for you |
| Tax wrappers | Not ISA/SIPP eligible | ISA (until Apr 2026), SIPP eligible |
| Trading hours | 24/7 | LSE hours (8am–4:30pm Mon–Fri) |
| Annual cost | None (you hold it) | 0.10–0.25% expense ratio |
| DeFi access | Full access | None |
| Simplicity | Wallet management needed | Buy like any stock |
| Security | Your responsibility | Institutional custody |
| Inheritance | Complex (key management) | Standard probate process |
The short version:if you want crypto in a SIPP for tax-free growth and don't need 24/7 trading or DeFi access, an ETP is simpler and safer. If you want full control, lower ongoing costs, and access to the wider crypto ecosystem, buy directly on an exchange.
For amounts under £1,000, the annual expense ratio on an ETP barely matters. For larger holdings over many years, the 0.25% annual drag compounds. A £50,000 holding at 0.25% costs £125 per year in fees — but the SIPP tax relief could be worth far more.
Tax Treatment
Outside a wrapper
Gains taxed at 18% (basic rate) or 24% (higher rate). Annual CGT allowance of £3,000 applies. Same as buying crypto directly.
In an ISA
Gains and income are tax-free. But crypto ETNs move to IFISA-only status from April 6, 2026. No IFISA providers currently support them. Window closing.
In a SIPP
Gains tax-free within the pension. Tax relief on contributions (20–45%). No reclassification deadline. The best current option for long-term, tax-efficient crypto exposure.
This is not tax advice. Tax treatment depends on individual circumstances and may change. Consult a qualified tax adviser before making investment decisions.