Start‑up Stratiphy has become the first UK platform to let retail investors hold crypto exchange‑traded notes inside an Innovative Finance ISA. The Wednesday launch adds three 21Shares ETNs covering bitcoin, ether and a bitcoin‑gold blend, giving a tax‑free wrapper for assets that swing wildly. The move restores a tax advantage stripped earlier this year when HMRC limited crypto ETNs to IF ISAs only.

Regulators cleared the way last October when the FCA removed a four‑year ban on retail ETNs tied to bitcoin or ether. HMRC then barred new purchases in standard stocks‑and‑shares ISAs, pushing crypto products into the niche Innovative Finance ISA market. Stratiphy, which manages £4mn for 2,000 clients, fills the gap and positions the firm for growth as demand for compliant crypto exposure rises.

21Shares, Europe’s largest crypto ETN issuer with $2.7bn in assets, supplies the three notes. While platforms such as Interactive Investor and Revolut already list crypto ETNs, none combine them with IF ISAs, leaving Stratiphy as the sole conduit. Declining bitcoin (‑38%) and ether (‑47%) prices and modest LSE turnover—about $7.9 m daily—temper near‑term demand today.