Estonian cryptocurrency service providers are holding €1.8 billion in client assets, according to the Bank of Estonia – yet Estonian clients account for only four per cent of the total.
Client assets held in Bitcoin totalled €767 million at the end of the first quarter, according to the Bank of Estonia. The value fell by 13 per cent over the quarter but rose by 5 per cent year on year. Bitcoin’s price dropped 12 per cent over the quarter but was up 16 per cent over the year.
Ethereum holdings stood at €233 million – down by about half both over the quarter and the year, mirroring a similar decline in the cryptocurrency’s price.
Assets held in other crypto instruments amounted to €820 million, down 37 per cent during the quarter and 16 per cent year on year.
Bitcoin holding increased fivefold y/y
Estonian clients held €48 million in Bitcoin at the end of the first quarter – a sixfold increase over the quarter and more than fivefold year on year.
Holdings in Ethereum stood at €3 million, down 32 per cent over the quarter and 43 per cent over the year, while assets in other crypto instruments totalled €16 million – a quarterly decline of 35 per cent but up 24 per cent year on year.
Overall, Estonian clients accounted for just 4 per cent of the total assets held by cryptocurrency service providers.
A sharp decline in profits
At the end of the first quarter, Estonia was home to 40 registered providers of crypto asset services – ten fewer than a year earlier. The majority ownership of 18 of these firms was held by non-residents, who collectively controlled 84 per cent of the sector’s equity.
Sales revenue across the sector reached €35.2 million in the first quarter of 2025, down from €37.5 million a year earlier but up from €26.5 million in the final quarter of 2024. Profits, however, collapsed to €0.8 million – a sharp fall from €20.8 million a year ago and €23.9 million in the previous quarter.
Estonian clients purchased €40 million worth of crypto assets during the quarter and sold €19 million for cash. A further €2 million was exchanged for other crypto assets.
