The recent surge in indirect cryptocurrency investments in the Netherlands has reached a notable benchmark, surpassing 1.2 billion euros within just five years. This rapid increase, detailed in findings from De Nederlandsche Bank (DNB), showcases a significant shift towards integrating digital assets into traditional investment portfolios.
Understanding Indirect Investments
Indirect cryptocurrency investments consist of financial products that track the value of cryptocurrencies without requiring investors to own the currencies themselves. DNB identifies three key types: crypto exchange-traded funds (ETFs), crypto exchange-traded notes (ETNs), and shares in crypto treasuries—listed companies that hold or are involved in cryptocurrencies, such as mining operations.
- Crypto-ETFs: These funds provide shares that represent a stake in a managed portfolio of cryptocurrencies.
- Crypto-ETNs: Similar to bonds, these notes derive their value from the performance of a cryptocurrency index.
- Crypto Treasuries: These allow investors to gain exposure to cryptocurrency through equity stakes in companies that engage in related activities.
Household Investments Lead the Charge
Interestingly, households stand out as the predominant investors in crypto ETFs and ETNs, with reported investments of 182 million euros and 213 million euros, respectively, as of October 2025. Investment institutions also play a role, with approximately 40 million euros in ETF investments. Contrastingly, pension funds take a substantial lead in holding shares in crypto treasuries, amounting to 287 million euros, emphasizing their preference for corporate exposure over index-based products.
Growth Driven by Market Dynamics
The substantial growth of indirect investments can largely be attributed to the increasing value of underlying cryptocurrencies. For instance, Bitcoin’s price has risen significantly—about 72 percent before a market correction in late 2025. Remarkably, the landscape reflects a net selling trend in the Netherlands, with a total net sell volume of approximately 45 million euros over the same period.
Sector Concentration and Foreign Influence
Despite the proliferation of crypto-related financial products, the ownership within the Netherlands is concentrated. A mere seven products—including four ETFs, one ETN, and two shares of crypto treasuries—account for 70 percent of the total indirect cryptocurrency holdings. These offerings predominantly come from foreign issuers, especially those located in the United States and Scandinavia.
Uptake of Direct Cryptocurrency Ownership Remains Limited
While indirect investments are on the rise, direct cryptocurrency ownership among Dutch financial institutions remains minimal. As of the third quarter of 2025, total direct holdings amounted to only 113 million euros, primarily located within investment funds and other financial intermediaries. Traditional banking institutions, pension funds, and insurance companies continue to be hesitant about direct cryptocurrency ownership.
Significance of the Trend
This trend of increasing indirect cryptocurrency investments highlights an evolving financial landscape where traditional and digital assets are becoming increasingly interconnected. Although the proportion of these investments remains small compared to the entire Dutch securities market, making up only 0.03 percent, their growth signifies a broader acceptance and recognition of cryptocurrencies, paving the way for future financial innovation.
The transition towards innovative financial products that incorporate cryptocurrencies not only reflects changing investor preferences but also influences the strategies of financial institutions across the Netherlands.
