Indirect crypto investments held by Dutch households surged to €1.2bn by October 2025 – compared to just €81mn in 2020.
Rather than holding crypto-assets directly, more investors are accessing the market using regulated instruments like ETNs, ETFs and companies listed as ‘crypto treasuries’.
While these securities still only represent 0.03% of total Dutch security holdings, what is more interesting is who holds them.
Households now dominate crypto ETNs and ETFs, showing a clear preference for liquid, exchange-traded exposure, while pension funds concentrate on crypto treasury shares to gain exposure to firms operating in custody, mining and trading infrastructure.
Direct crypto holdings in the financial sector are still limited, particularly among banks and insurers. The Dutch financial sector held crypto-assets worth €113mn by the third quarter of 2025, which was mainly limited to investment funds, financial auxiliaries and other intermediaries.
The growth in popularity of indirect crypto investments among retail investors is also driven by price appreciation, thanks to the rise in the overall value of the underlying crypto-assets.
However, because most indirect exposure is concentrated on a small number of international issuers, investors need to carefully consider the reliability and governance of these counterparties.
As digital assets continue to become embedded into traditional financial markets, Capital Pioneer is monitoring the institutionalisation of crypto closely.
