Dutch pension funds are the largest investors in crypto treasuries in the Netherlands, holding €287m worth of shares in October 2025, according to De Nederlandsche Bank (DNB).

Crypto treasuries, companies that purchase crypto coins, are one of three types of crypto securities examined by DNB, along with exchange-traded funds (ETFs) and exchange-traded notes (ETNs).

Crypto treasuries purchase cryptocurrencies and are often involved in related activities such as crypto mining, which involves performing calculations in exchange for new cryptocurrencies, DNB explained.

They can also be custodial companies or trading platforms for cryptocurrencies, DNB stated. The shares issued by these companies are highly dependent on the price of cryptocurrencies.

DNB’s analysis found that the ownership of crypto assets by Dutch companies, institutions and households has risen dramatically in recent years. While all sectors in the Netherlands held around €81m in indirect crypto investments at the end of 2020, this had risen to €1.2bn by October 2025.

Despite the significant rise, DNB noted that this still represents only a fraction of the Netherlands' total securities holdings (0.03 per cent).

DNB found that Dutch households held the largest share of crypto ETFs and ETNs, worth €182m and €213m, respectively. Investment institutions also held a significant share of crypto ETFs, worth €40m.

ETFs and ETNs track the value of an underlying index, in this case, a cryptocurrency such as Bitcoin or Ethereum, or a combination thereof. If the price of these currencies rises, the value of the investment rises with it, and vice versa.

Analysis by DNB found that the sharp increase in indirect crypto ownership in the Netherlands is mainly due to the rise in the value of the underlying crypto coins.

After a volatile period, the Bitcoin price rose by around 72 per cent over the past five years, measured before the price drop at the end of 2025.

In contrast, new purchases had a less significant effect, as over a five-year period, approximately €45m more in crypto securities was sold than purchased in the Netherlands.

Furthermore, DNB said that seven specific securities are jointly responsible for 70 per cent of indirect crypto holdings in the Netherlands. These consist of four ETFs, one ETN and two specific shares in crypto treasuries. All these securities are issued by foreign institutions, for example, in the United States and Sweden.

Regarding direct ownership of cryptocurrencies, DNB said pension funds are not yet active in this market. Instead, investment funds (€76m), other financial intermediaries (€25m) and financial support companies (€12m) are invested directly.

At the end of the third quarter of 2025, the financial sector in the Netherlands held €113m worth of cryptocurrencies directly.

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