Dutch crypto securities holdings are now worth €1.2 billion

Crypto securities holdings by Dutch companies, institutions and households have skyrocketed in recent years, according to new figures from the Dutch central bank.

Together, all sectors in the Netherlands owned around €81 million in indirect crypto investments at the end of 2020, but by October 2025 this had risen to €1.2 billion, the bank said in a new report.

Although the value of indirect crypto investments has grown sharply, €1.2 billion still only represents a fraction of the Netherlands’ total securities holdings (0.03%).

In addition, the sharp rise in the Netherlands’ indirect crypto holdings is mainly due to the rise in value of the underlying crypto-assets. The price of Bitcoin, for example, rose by some 72% over the past five years, before plummeting in late 2025, the bank said.

The central bank looked at three types of crypto securities: Exchange Traded Funds (ETFs, investment fund shares), Exchange Traded Notes (ETNs, debt securities) and crypto treasury shares (shares in companies that buy crypto-assets).

Dutch households held the largest share of crypto ETFs and ETNs at the end of October 2025, worth €182 million and €213 million respectively. Investment funds also held a significant share of crypto ETFs, with a value of €40 million.

Pension funds hold the largest share of crypto treasury shares, representing a value of €287 million in October 2025. Households hold €243 million in such shares.

Although more and more crypto securities have been issued in recent years, the greatest impact on total holdings comes from seven specific securities that account for 70% of Dutch indirect crypto holdings, the central bank said.

These include four ETFs, one ETN and two specific crypto treasury shares. All these securities are issued by foreign institutions, for example in the United States and Sweden.