Stratiphy Reopens Tax-Free Crypto ETN Route for UK Investors
The UK Financial Conduct Authority lifted its four-year ban on retail crypto ETNs on October 8, 2025, and the products were initially eligible for Stocks and Shares ISAs. However, HM Revenue & Customs restricted them to Innovative Finance ISAs, or IFISAs, from April 6, 2026. Because mainstream platforms do not offer IFISAs, investors were effectively unable to use their £20,000 annual tax-free allowance for the products.
A report on April 22 said London fintech platform Stratiphy had secured approval to offer both IFISAs and crypto ETNs, reopening the tax-free investment route. Its initial lineup includes three 21Shares products tracking Bitcoin, Ether, and a Bitcoin-and-gold portfolio, respectively. Stratiphy began operating in August 2025 and currently manages about £4 million in assets for 2,000 retail and corporate clients.
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The history behind this eventUK HMRC Reclassifies Crypto ETNs as Eligible Only for Innovative Finance ISAs
The UK's Financial Conduct Authority had prohibited the sale of cryptoasset exchange-traded notes, or Crypto ETNs, to retail investors before lifting the restriction on Oct. 8, 2025. These debt securities track the prices of cryptoassets such as Bitcoin. Holding them in an ISA allows investment gains to accrue tax-free within the £20,000 annual allowance, providing retail investors with a regulated route to cryptoasset exposure.
HM Revenue & Customs said that from April 6, 2026, Crypto ETNs will be eligible only for Innovative Finance ISAs, or IFISAs, and new purchases will no longer be permitted in Stocks and Shares ISAs. Existing holdings may remain in their original accounts. Investors must complete allocations by April 5, but at the time, very few HMRC-approved IFISA platforms supported these products.
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