Stratiphy has secured regulatory approval to operate as an Innovative Finance ISA (IFISA) manager, opening a new route for UK investors to access crypto exchange-traded notes (ETNs) within a tax-free wrapper.
IFISA Route Activated
Under rules introduced in early April 2026 by HM Revenue & Customs, crypto ETNs were removed from Stocks and Shares ISAs and are now eligible only through IFISAs. Stratiphy's authorisation turns that constraint into an entry point, making it one of the first platforms to operationalise access under the new structure. CEO Daniel Gold said, “With regulatory changes coming into effect, investors need a simple and compliant pathway to maintain exposure to digital assets. If you want to access crypto tax-efficiently, this is currently the only way you can do it.”
Stratiphy will allow users to invest in a range of crypto ETNs issued by 21Shares, covering Bitcoin and Ethereum. An ETN is an unsecured debt note that delivers returns linked to an underlying asset, but carries issuer risk. Gold called crypto ETNs “a really interesting way to diversify your portfolio”, noting low correlation to other asset classes.
Niche Structure, Clear Demand
The shift to IFISAs has narrowed the access point for crypto ETNs into a relatively small ISA segment originally designed for peer-to-peer lending. Despite the niche structure, demand is strong. Stratiphy, launched in August, currently manages about £4 million on behalf of roughly 2,000 retail and corporate clients. To put 21Shares' scale into context, its Bitcoin, Ethereum, and Ripple ETFs total roughly $2.9 billion in assets, per SosoValue.