TL;DR
- The Dutch central bank reports indirect crypto holdings reached $1.4 billion in October 2025.
- Holdings are highly concentrated, with just seven securities accounting for 70% of the total.
- This growth occurs alongside easing inflation in the Netherlands, which averaged 3.3% in 2025
The central bank of the Netherlands reported an increase in indirect holdings of crypto securities. The data shows these investments reached approximately $1.4 billion by October 2025. This figure represents a marked increase from the $94 million recorded in 2020.
Households and pension funds lead the exposure through specific instruments. The bank’s analysis focused on three categories: exchange-traded funds (ETFs), exchange-traded notes (ETNs), and crypto treasury shares. ETFs and ETNs track the price of crypto assets, while treasury shares represent equity in companies that hold these assets on their balance sheet.
Breakdown of Holdings by Investor Type
Dutch households held nearly €182 million in crypto ETFs and €213 million in ETNs by the end of October 2025. Investment funds also had exposure, with around €40 million in ETFs linked to crypto assets.
Pension funds acquired €287 million in crypto treasury shares. This amount makes them the largest institutional group within that category. Households also owned €243 million in shares of digital asset treasury companies.
The central bank clarified that the analysis only covers investments in securities linked to crypto assets, not direct ownership of tokens. It explained that the increase over the last five years came mainly from the upward trend in the valuation of the underlying assets.
Concentration in a Small Number of Securities
Although the number of crypto-linked securities available has grown, the concentration is high. Only seven specific securities account for about 70% of all indirect crypto holdings in the country.
One example is the Dutch firm Amdax, which raised €30 million last year. The company launched the Amsterdam Bitcoin Treasury Strategy (AMBTS). This Bitcoin treasury company has the ambition to accumulate up to 1% of the total Bitcoin supply. Its long-term valuation target is around $26 billion at current prices.
Another company, Treasury BV, raised $147 million in a private round last September. The funds allowed it to acquire over 1,000 Bitcoins. The company seeks to become the largest publicly traded Bitcoin treasury in Europe. It plans a reverse listing on Euronext Amsterdam.
The growth in indirect holdings occurs in an economic context of easing inflationary pressures. The Dutch statistics office reported a year-on-year inflation rate of 2.8% in December. The average inflation for 2025 was calculated at 3.3%. These figures provide a macroeconomic backdrop for the increased adoption of alternative assets by institutional and retail investors.
