Just one month after the FCA lifted its ban on retail access to crypto-linked ETNs (cETNs) in October 2025, the London Stock Exchange recorded $280M in crypto ETN trading volume, ranking it third in Europe, behind only Xetra and SIX Swiss Exchange.
The London Stock Exchange currently only allows for Bitcoin and Ethereum ETPs to be listed, while exchanges across Europe offer products linked to dozens of cryptoassets. Despite the narrow product set, London still surpasses major multi-asset venues like Euronext Paris, Stockholm, and Amsterdam.
While the UK remains one of the more conservative jurisdictions when it comes to cryptoasset regulation and adoption, London is seeing a daily average trading volume of $11.7M, making it one of the most liquid markets for Bitcoin and Ethereum ETNs in Europe.
This exceptionally strong month for a newly reopened market segment demonstrates clear pent-up demand from UK investors following the lifting of the retail ban. Trading activity has scaled quickly, suggesting the UK could become a key hub for regulated crypto ETNs.
While nine issuers came to the UK market post ban lift, 21shares recorded a total trading volume of $133.5M, or $5.6M ADV and captured 31% of the total trading volume for the entire crypto ETN range listed on the LSE.
21shares’ activity was heavily concentrated in on-book trading ($95.0M), where it commands a strong 38% market share.
The highest trading volumes were driven by CBTC (£16.9M), followed closely by ETHU (£15.8M) and CBTU (£15.4M).
Russell Barlow, CEO of 21shares, comments:
“Before the UK’s ban on retail access was lifted, there were already a huge number of investors holding crypto; largely in unregulated exchanges. Crypto ETNs are a regulated way to gain exposure to the price movements of cryptocurrencies without having to worry about custody, with investments being 100% physically backed and held across multiple tier 1 custodians.
“We are thrilled with the uptake from UK retail investors and are proud to be the leading issuer on the LSE giving them access to this new and exciting asset class.
“21shares was founded in 2018 to be a trusted issuer that delivers innovative crypto investment products for all investors. Capturing 31% of total trading volume on the LSE is just the latest proof point of achieving that goal.”
