Crypto-linked securities holdings in the Netherlands have risen sharply over the past five years, driven largely by price gains in underlying digital assets, according to new data from De Nederlandsche Bank (DNB).
Key Takeaways:
- Dutch indirect crypto holdings rose to €1.2B by 2025, driven mainly by price gains.
- Crypto securities still make up just 0.03% of the Dutch investment market.
- Exposure is concentrated in a few foreign-issued crypto-linked securities.
In a recent report, the central bank said Dutch companies, institutions and households held around €1.2 billion in indirect crypto investments as of October 2025, up from roughly €81 million at the end of 2020.
The increase highlights how exposure to crypto assets has expanded across sectors, even as direct ownership remains limited for many investors.
Crypto Securities Make Up Just 0.03% of Dutch Investment Market
Despite the rapid growth, crypto securities still account for a very small share of the country’s overall securities market.
DNB said indirect crypto holdings represented about 0.03% of total Dutch securities, underlining that traditional assets continue to dominate household and institutional portfolios.
The central bank attributed much of the rise to valuation effects rather than large inflows of new capital. Prices of major crypto assets increased significantly over the period, lifting the value of related securities.
Bitcoin, for example, gained around 72% over the five-year window before falling sharply in late 2025, according to the report.
DNB examined three main categories of crypto securities: exchange-traded funds (ETFs), exchange-traded notes (ETNs), and so-called crypto treasury shares, equities in companies that hold crypto assets on their balance sheets.
Households held the largest share of crypto ETFs and ETNs by the end of October 2025, with holdings valued at €182 million and €213 million, respectively.
Investment funds also maintained exposure to crypto ETFs, accounting for about €40 million.
Pension funds were the biggest holders of crypto treasury shares, with positions worth €287 million, while households held €243 million in the same category.
This distribution suggests that institutional investors are primarily accessing crypto through equity-linked structures rather than direct market products.
Although the number of crypto-related securities available to investors has expanded in recent years, DNB noted that holdings are highly concentrated.
Just seven securities, including four ETFs, one ETN and two crypto treasury shares, account for about 70% of total Dutch indirect crypto exposure. All are issued by foreign entities, mainly based in the United States and Sweden.
Dutch Firm Amdax Raises €30M to Launch Bitcoin Treasury Firm
Last year, Dutch crypto firm Amdax raised €30 million ($35 million) to launch Amsterdam Bitcoin Treasury Strategy (AMBTS), a dedicated Bitcoin treasury company that plans to accumulate up to 1% of the total BTC supply, or roughly 210,000 bitcoin.
AMBTS aims to use capital markets to steadily increase bitcoin per share, with a long-term target valued at around $26 billion at current prices.
CEO and co-founder Lucas Wensing said the milestone gives investors direct exposure to bitcoin as a distinct asset class, adding that Europe needs its own large-scale corporate bitcoin holder to match adoption trends seen in the US and Asia.
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