UK Asset Manager Integrates Exchange-Traded Bitcoin Product

The issuer of a bitcoin exchange-traded note (ETN) based in Sweden has announced a new integration with UK investment service Hargreaves Lansdown.

XBT Provider said that Hargreaves Lansdown clients with self-invested personal pension or brokerage accounts would be able to purchase ETN-related shares. The exchange-traded product first received approval from the Swedish government just over two years ago.

It's a significant integration, given the size and scope of Hargreaves Lansdown. The firm, founded in the early 1980s, is a publicly-listed company in the UK. As of 2016, Hargreaves Lansdown reported £61.7bn in assets under management, posting more than £200m in pre-tax profits for that year.

In statements, the ETN's backers positioned the move as one that would offer investors a new means of exposure to bitcoin.

"By adding self-service, online dealing, the team at Hargreaves Lansdown is providing UK investors with professional and quick access to the bitcoin space in the UK and greater Europe," Ryan Radloff, XBT's head of investor relations, said of the integration.

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