Dutch indirect crypto investments surge despite limited market share
Households and pension funds dominate Dutch indirect crypto investments, concentrated in a small group of foreign-issued instruments.
Indirect crypto securities holdings across Dutch households, institutions, and companies have expanded sharply over the past five years, according to central bank data. The increase reflects wider use of exchange-traded products linked to digital assets, while overall exposure remains limited.
Total indirect investments climbed from around €81 million at the end of 2020 to €1.2 billion by October 2025. Even with that increase, crypto-linked securities remain marginal, accounting for just 0.03% of overall securities holdings in the Netherlands.
Value growth has largely reflected rising prices of underlying crypto-assets rather than widespread new investment. Bitcoin, for example, recorded substantial gains before experiencing a sharp decline in late 2025, which influenced the valuation of related products.
Households hold the largest share of crypto ETFs and ETNs, while pension funds dominate crypto treasury shares. Holdings are highly concentrated, with seven foreign-issued securities accounting for roughly 70% of total Dutch indirect crypto exposure.
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