I’ve just asked on Chat about their availability (I had previously completed the survey) and this is the response
”While the FCA is lifting its restrictions from October 8, 2025, the actual trading of these products can only begin once the ETN issuers have their prospectuses approved and the instruments are officially listed for retail trading.
We are monitoring the situation closely and will make these products available as soon as the providers launch them.”
Have you read this article it sounds like we are able to buy it in a ISA around the 13 October but come April 2026 it will need to be held in a innovative isa. I hope I got this wrong and I am thinking what the hell, no really uses innovative ISA, it’s very niche meaning for lending to businesses.
Feel like the UK are kicking and screaming with changes.
Wow, good find.
The UK regulators are such a joke on BTC treatment.
So far all they’ve “protected” consumers from has been accessing amazing investment performance inside a tax efficient wrapper haha.
Hopefully T212 will offer Innovative Finance ISA in future then I guess, so we can continue to buy/hold the ETNs. But guess that could add yet more delays to the process potentially…
As far as I am concerned the only reason (for me personally anyway) to buy an ETP of any kind (ETF/ETC/ETN) over real BTC, is to not have to pay Capital Gains Tax come that time. That’s the only thing that makes taking on the credit risk of ETN and giving up self-custody of any of the ETPs worth it in my mind.
The government are clearly still in the “then they fight you” stage more than they would like to admit it seems.
Yeah agree that from the regulator is a joke.
ISAs and tax rules need simplified not overly complicated. Extra layers add operating costs to brokers which ultimately get passed on to users.
There must be a parliament petition against the innovative finance isa already we could join in on?
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Which one’s are available on AJB? - I understood the screening tests were a requirement from FCA, rather than the broker…
Saw this article earlier, which provides some more detail on why they are delayed, doesn’t seem to be T212 (or other brokers) delaying
They aren’t. I went to try and buy some of the Wisdom Tree in my AJB SIPP. Had to do a qualifying ‘test’ which I passed, but then when I went to actually purchase got a pop up to to say ‘this instrument is not available for trading‘ (or words to that effect).
None of those mentioned crypto ETNs were listed in LSE before FCA restricted position related to crypto ETNs in January 2021. (Also LSE/UK never was a relevant center for crypto ETNs before. The innovators in crypto ETPs listings were Sweden, the first mover, Switzerland, the big push forward, and Germany. the mass adoption in number of asset management firms, listings and assets):
28 May 2024 (LSE Listing Date) - WisdomTree Physical Bitcoin (WXBT)
11 Jun 2024 (LSE Listing Date) - Global X Bitcoin ETP (BTCX)
14 Jan 2025 (LSE Listing Date) - CoinShares Physical Bitcoin (BITP)
28 Jun 2022 (Inception Date) - 21Shares Bitcoin Core ETP (CBTC)
Source: The asset management firms websites.
Hopefully next week especially given the dip
Is it really much of a dip? I mean it depends how long a time period you look at.
I mean even the stock markets are probably due a correction imo.
Anyone managed to trade any of these ETN’s anywhere yet?
Was expecting them to be available sometime about now.
Nope not yet. Bought more spot over the weekend on the dip instead. The FCA are still busy “protecting” us haha.
Checking daily on various ETNs, “View Only” status remains. Damp squib 8th Oct launch for ISAs. At least the crypto market hasn’t moved much…. T212 - some news please?
It’s the FCA approving the revised prospectus for the funds we are waiting on I think. Nothing T212 can do/update us on as far as I understand it.
Feels like the FCA is fighting till the end. Nannyism and red tape is killing this country off.
As I get older I am getting increasingly fed up of feeling like the state is actively working against me or getting in my way.
I concur, this sums up the sentiment really:
“This is regulatory incompetence masquerading as consumer protection. The FCA has had since their June consultation to coordinate with the LSE on implementation details, yet they’re still ‘going back and forth’ on whether another exchange segment is needed. Meanwhile, bitcoin has surged to USD120,000 this year, and UK retail investors have been locked out of regulated exposure to these gains that their European and American counterparts have enjoyed freely.
“What makes this even more farcical is the complete lack of meaningful trading activity on the LSE. According to the exchange’s own data, crypto ETN volumes on the London Stock Exchange represent a pathetic 0.59 per cent of European crypto ETP trading—averaging just GBP624,000 per day. For context, European exchanges traded a record EUR26 billion in crypto ETNs in 2024 alone. The LSE is an irrelevant sideshow in the European crypto ETP market, yet the FCA insists on restricting UK retail investors to only LSE-listed products.”
So a week has passed and no instruments available yet.
But for non-residents using the UK entity, why is there a need for the issuer to clear their products on LSE? We should be able to already trade them on other exchanges as well, is this not correct? (e.g. WBTC in € on the SIX Swiss Exchange)
My guess would be if you were a non-resident you could/would use the non-UK entity…. As imagine the UK entity is bound by UK regulation/approval. But just assuming all of that.
