Canaccord Wealth UK Partners With Bitwise to Offer Bitcoin and Ethereum ETPs to Managed Clients
Canaccord Genuity Wealth Management UK has partnered with Bitwise Asset Management to offer Bitcoin and Ethereum exchange-traded products to select managed clients, with cryptocurrency exposure capped at 5% of any single portfolio. The arrangement was reported on May 17, and marks one of the first times a mid-tier UK discretionary wealth manager has embedded regulated crypto products directly into managed mandates rather than requiring clients to self-select.
Bitcoin trades near $78,000 and Ethereum near $2,100 as of the same date, giving the products a meaningful price anchor for advisers building initial positions.
The Structure of the Partnership
Under the terms disclosed, Canaccord Wealth UK advisers will be able to allocate client portfolios to Bitwise’s exchange-listed Bitcoin and Ethereum ETPs through the firm’s existing managed portfolio service. The 5% cap per client is set at the portfolio level, not per product, meaning combined exposure to both Bitcoin and Ethereum products cannot exceed that threshold.
Clients must meet suitability criteria before any allocation is made. Bitwise, a San Francisco-based cryptocurrency asset manager that operates one of the largest Bitcoin ETPs in the United States, launched its European ETP range in 2023 and has been building UK distribution relationships since the Financial Conduct Authority clarified its position on retail crypto ETP sales in late 2024. Bitcoin (BTC) and Ethereum (ETH) are the two assets covered under the initial rollout.
Background
UK retail investors gained access to cryptocurrency ETPs on the London Stock Exchange in May 2024, after the FCA lifted a ban that had restricted crypto exchange-traded product sales to professional investors since 2021.
The 2021 ban came after the regulator said it did not believe retail investors could adequately assess the risks of cryptocurrency investments. The reversal in 2024 followed sustained lobbying from asset managers and aligned with similar moves in the European Union under the MiCA framework.
Several large UK wealth platforms, including Hargreaves Lansdown and AJ Bell, began offering crypto ETPs to self-directed clients within months of the FCA decision. The Canaccord arrangement is notable because it embeds crypto into a discretionary managed service, meaning advisers are making the allocation decision rather than the client.
That represents a higher degree of institutional endorsement than self-directed access alone.
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Why the 5% Cap Matters
Wealth management firms that offer discretionary services face conduct risk if client portfolios suffer large losses from concentrated positions in volatile assets. The 5% ceiling mirrors guidance from several European regulators and aligns with internal risk frameworks that many UK wealth managers have adopted for alternative assets including gold ETFs and commodity baskets.
For Bitwise, embedding crypto at even 5% across a managed client book translates into meaningful assets under management at scale. Canaccord Wealth UK manages several billion pounds in client assets.
A 5% crypto allocation across even a fraction of that base would represent hundreds of millions in ETP inflows over time. The arrangement gives Bitwise a distribution channel that its direct sales operation in the UK would take years to replicate independently.
Also Read: Japan’s Largest Brokerages Prepare to Offer Cryptocurrency Investment Funds to Retail Clients
The Broader UK Institutional Crypto Trend
The Canaccord-Bitwise deal fits a pattern forming across UK and European wealth management in 2025 and 2026.
Smaller regional wealth managers and multi-family offices have begun adding crypto ETP access after watching flows into BlackRock’s US Bitcoin ETF validate institutional demand. The FCA’s clarified retail access rules created a legal pathway, and the competitive pressure to match larger platforms has accelerated adoption.
Bitwise has positioned itself as the preferred partner for mid-tier wealth firms that want crypto exposure without building in-house custody or compliance infrastructure. Its ETP structure handles custody through regulated third-party custodians, removing the operational burden from the wealth manager’s side.
Outlook
The key question for the Canaccord-Bitwise arrangement is whether the 5% cap will be raised as client familiarity with crypto products grows.
Several US registered investment advisers began with similar caps in 2021 and raised them to 10% or higher by 2024 as volatility declined relative to early expectations. UK suitability rules give advisers more flexibility to raise limits if they can document client understanding of the risks.
If Bitcoin consolidates above $75,000 through the remainder of 2026, the probability that UK wealth managers loosen their caps increases. A sharp drawdown to the $60,000 range would likely freeze further institutional rollouts for at least two quarters.
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