Indirect crypto securities held by Dutch households, funds and institutions rose to about €1.2 billion by October 2025, the Dutch Central Bank (DNB) reported, up from roughly €81 million at the end of 2020. The rise reflected valuation gains in underlying digital assets rather than a large net inflow of new purchases.
The DNB data show the jump was driven primarily by price appreciation in crypto markets over the five years through 2025, with Bitcoin’s multi‑year run contributing materially to higher valuations of crypto-linked ETFs, ETNs and treasury shares issued abroad.
DNB said about 70% of the Netherlands’ indirect crypto securities position was tied to seven foreign‑issued instruments: four ETFs, one ETN and two crypto treasury shares, mainly from the United States and Sweden. That concentration amplifies market‑price effects on local portfolios.
Despite the headline increase, indirect crypto securities still represented a very small slice of the Dutch securities market overall — about 0.03% — underscoring that traditional assets remain dominant.
Direct holdings, flows and regulatory concerns
Beyond indirect instruments, the Dutch financial sector held approximately €113 million in direct crypto assets by end‑Q3 2025. The direct market was concentrated in investment funds (€76 million), other financial intermediaries (€25 million) and financial auxiliaries (€12 million); banks, large pension funds and insurers were not materially active in direct crypto holdings at that time.
Net transaction data pointed to a valuation effect: over the five‑year span to October 2025, roughly €45 million more in crypto securities were sold than purchased in the Netherlands, meaning the bulk of the portfolio increase came from rising asset prices rather than net inflows.
On the regulatory front, DNB leadership highlighted the systemic risk dimension. As DNB President Klaas Knot said on June 12, ‘The crypto ecosystem will keep evolving and so must our regulatory frameworks.’ The central bank linked the growing retail access created by ETF launches to lower entry barriers and greater integration of crypto into traditional financial channels.
For investors, the data underline both opportunity and concentration risk: access via ETFs and ETNs can scale retail participation quickly, but the dominance of a few foreign instruments means Dutch exposure remains sensitive to price swings and issuer structures.
Looking ahead, market participants and policymakers will assess whether regulatory adjustments and disclosure practices keep pace with valuation volatility and product concentration. DNB’s statistical reporting through 2026 will be a key reference point as authorities monitor whether asset‑price movements translate into broader financial‑stability risks.
