Surge in Dutch Crypto Securities Holdings: €1.2B by 2025, Reports Central Bank

As cryptocurrency and blockchain technology continue to evolve, the Netherlands has seen a notable increase in crypto-linked securities. According to recent findings by De Nederlandsche Bank (DNB), these holdings have significantly risen over the past five years, largely due to appreciation in the values of underlying digital assets.

Key Takeaways:

Dutch indirect cryptocurrency holdings surged to €1.2B by 2025, primarily driven by price appreciation.
Crypto securities represent only 0.03% of the total Dutch investment market.
The concentration of exposure lies primarily within a limited selection of foreign-issued crypto securities.

Growth of Dutch Crypto Securities

In a detailed report, DNB disclosed that as of October 2025, Dutch companies, institutions, and households held approximately €1.2 billion in indirect crypto investments. This marks a substantial increase from around €81 million at the close of 2020.

This growth reflects a broader willingness across various sectors in the Netherlands to engage with crypto assets, even though many investors still exhibit limited direct ownership.

Limited Market Share of Crypto Securities

However, despite this impressive growth, crypto securities still make up a minuscule portion of the overall Dutch investment landscape. DNB noted that these indirect crypto holdings constitute only about 0.03% of total securities in the Netherlands, highlighting the continued dominance of traditional asset classes in both household and institutional portfolios.

The bank attributes much of the increase to valuation changes rather than significant new capital influx, as the prices of key crypto assets rose sharply over the five-year period. For instance, Bitcoin saw an increase of approximately 72% before experiencing a marked decline in late 2025, according to the report.

Categories of Crypto Securities

DNB analyzed three primary categories of crypto securities: exchange-traded funds (ETFs), exchange-traded notes (ETNs), and crypto treasury shares—equity stakes in companies that maintain crypto assets on their balance sheets.

By October 2025, households were the largest holders of crypto ETFs and ETNs, with their holdings valued at €182 million and €213 million, respectively. Investment funds also engaged with crypto ETFs, accounting for about €40 million in holdings.

Pension funds emerged as the largest holders of crypto treasury shares, with a total worth of €287 million, while households held €243 million in those shares. This suggests that institutional investors prefer acquiring crypto through equity-structured investments rather than direct market avenues.

Concentration of Holdings

Though the variety of crypto-related securities available to investors has grown in recent years, DNB highlighted that these holdings are highly concentrated. Only seven securities—comprising four ETFs, one ETN, and two crypto treasury shares—account for nearly 70% of Dutch indirect crypto exposure. Notably, all these contracts originate from foreign issuers, primarily located in the United States and Sweden.

Dutch Firm Amdax's Ambitious Plans

Recently, Dutch crypto company Amdax successfully raised €30 million (around $35 million) to establish the Amsterdam Bitcoin Treasury Strategy (AMBTS). This new venture aims to accumulate up to 1% of the total Bitcoin supply, equivalent to about 210,000 bitcoins.

AMBTS intends to leverage capital markets to incrementally increase the bitcoin per share, with a long-term valuation target nearing $26 billion at existing prices. According to CEO and co-founder Lucas Wensing, this initiative provides investors with direct access to bitcoin as a unique asset class. He pointed out that Europe requires its own large-scale corporate Bitcoin holder to align with the adoption trends observed in the United States and Asia.