The Central Bank of the Netherlands, known as De Nederlandsche Bank, revealed that indirect investment in crypto assets in the Netherlands grew substantially until October 2025. This increase, which places holdings at 1.2 billion euros, represents a significant jump from the 81 million recorded in 2020. Official figures demonstrate how exposure to digital assets has expanded among various Dutch financial institutions and households today.
According to the regulator’s report, most of this growth is due to asset price appreciation, rather than massive inflows of new capital. During the five-year period analyzed, Bitcoin experienced a 72% increase before facing a severe correction towards the end of last year. This valuation effect has allowed crypto-market linked instruments to gain relative weight within traditional investment portfolios in the country.
Despite the notable increase in absolute terms, this sector barely represents 0.03% of the country’s total securities market. However, the interest in cryptocurrencies through regulated vehicles reflects a professionalization of access to capital in the European region. Data suggests that, while direct adoption remains limited, financial infrastructure is facilitating new forms of participation for local investors.
Massive concentration of capital in securities issued outside national borders
A relevant finding of the report is that 70% of the total exposure is concentrated in just seven specific securities. Among these instruments, four exchange-traded funds, one note, and two types of treasury shares stand out, all issued by foreign entities located in Sweden and the United States. Likewise, Dutch households lead the holdings of ETFs and ETNs, accumulating a joint valuation close to 400 million euros as of last October.
For their part, pension funds have opted for different strategies, preferring shares of companies with digital assets on their balances. This category, called crypto treasury shares, represents the largest institutional bet with 287 million euros under management. Therefore, the ownership structure indicates that institutions prefer access through equity structures rather than direct market products available.
How will the new Bitcoin treasury strategy impact the local market?
The landscape could transform with the recent capital raising of the Dutch firm Amdax for its new corporate strategy. The company managed to raise 30 million euros with the goal of accumulating up to 1% of the total supply of Bitcoin. In this way, the initiative seeks to offer investors direct exposure as a distinct asset class and fully regulated within the European continent.
This move responds to the need for large local corporate holders to balance the influence of Asian and US markets. Also, the long-term goal of reaching a valuation of 26 billion dollars underlines the ambition of the Dutch financial sector to lead institutional adoption. However, the inherent volatility of the market will remain the determining factor for stability of these portfolios in the near future.
