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Stratiphy reopens tax-free route to crypto ETNs for UK investors
TL;DR
Stratiphy has launched a tax-free route for UK investors to access crypto exchange-traded notes (ETNs) after regulatory changes limited previous options. The Financial Conduct Authority lifted its ban on retail access to crypto ETNs in October 2025, allowing investments in Bitcoin and Ether again.
Key points
- Stratiphy launches tax-free crypto ETNs for UK investors
- Financial Conduct Authority lifted ban on crypto ETNs in October 2025
- HM Revenue & Customs limited ETN eligibility to Innovative Finance ISAs
Mentioned in this story
StratiphyFinancial Conduct Authority
UK fintech platform Stratiphy has launched a new offering that gives investors a practical tax-free route back into crypto exchange-traded notes (ETNs) for UK investors after a series of regulatory shifts effectively shut investors out.
In October 2025, the Financial Conduct Authority lifted its four-year ban on retail access to crypto ETNs tied to assets like Bitcoin (BTC) and Ether (ETH). These products could initially be held in standard stocks-and-shares Individual Savings Accounts (ISAs), offering tax-free exposure.
However, that changed at the start of the new tax year, when HM Revenue & Customs ruled that new purchases of crypto ETNs would no longer qualify for those ISAs. Instead, eligibility was limited to Innovative Finance (IF) ISAs, a niche wrapper typically used for peer-to-peer lending, and no platform offered both, resulting in a dead end for investors seeking access.
Stratiphy’s launch now reopens that route by offering three ETNs issued by 21Shares, covering Bitcoin, Ether and a blended Bitcoin-gold product, according to the Financial Times.
Source: Stratiphy’s website
Cointelegraph reached out to Stratiphy for comment, but had not received a response by publication.
Related: Coinbase rolls out UK crypto-backed loans as FCA shapes rules
UK platforms offer crypto ETNs
Q&A
What are the new tax-free options for crypto ETNs in the UK?
Stratiphy now offers three ETNs covering Bitcoin, Ether, and a blended Bitcoin-gold product, allowing UK investors to access these assets tax-free.
Why were UK investors previously shut out from crypto ETNs?
A ruling by HM Revenue & Customs limited eligibility for new purchases of crypto ETNs to Innovative Finance ISAs, effectively excluding standard stocks-and-shares ISAs.
When did the Financial Conduct Authority lift the ban on crypto ETNs?
The Financial Conduct Authority lifted its four-year ban on retail access to crypto ETNs in October 2025.
