**Danske Bank** is the largest lending institution in Denmark and has started offering Bitcoin (BTC) and Ethereum (ETH) exchange-traded products (ETPs) to its customers through its online and mobile banking platform, ending an 8-year voluntary ban on cryptocurrency services.
The bank emphasized that it does not simultaneously recommend cryptocurrencies as an asset class and will not provide investment advisory services for these products.
The ETPs available at launch consist of three products in total: two that track Bitcoin and one that tracks Ethereum, all issued by BlackRock and WisdomTree. These products are subject to the EU's MiFID II investor protection regulatory framework.
What has changed?
Danske Bank warned its customers to completely avoid this asset class in 2018, stating that it would not support any form of cryptocurrency trading, and reaffirmed this internal restriction once again in 2021.
According to the bank, two factors have influenced this entry pivot. The first is the increase in customer demand, and the second is regulatory clarity. **Kerstin Lysholm**, the head of investment products and offerings, stated that the EU's regulation on crypto assets (MiCA) has 'generally increased trust in cryptocurrencies.'
This ETP is only available to self-directed investors who make their own investment decisions on the Danske platform. In other words, customers who invest directly without investment advice. Before purchasing the product, customers must pass a suitability assessment to confirm their understanding of the risks associated with cryptocurrency-linked products.
What the bank does not say
The choice of language surrounding this launch is particularly cautious compared to typical product launches. At the end of the Danske Bank press release, it is stated that customers should not interpret access to the ETP as a 'recommendation' from the bank. The bank classifies cryptocurrencies as 'opportunistic investments' rather than part of a long-term portfolio strategy.
"Just because access to selected cryptocurrency ETPs has been granted on the Danske Bank trading platform, it should not be seen as a recommendation of this asset class by Danske Bank," said Lysholm.
Additionally, the bank holds 132,746 shares of Strategy, the largest corporate holder of Bitcoin, which is said to amount to approximately $17.6 million. This fact adds a certain context to why the bank chose cautious language.
See also: $675 Million In Bitcoin Longs Face Liquidation If Price Breaks Below $65,000
Why is it important?
Denmark is not classified as a major cryptocurrency market. According to 2024 Triple-A data, there are about 70,600 cryptocurrency holders in Denmark, which is about 1.2% of the total population. Chainalysis ranked Denmark 84th among 151 countries in cryptocurrency adoption in its 2025 report.
However, Danske Bank's decision is placed within a larger trend. Since the full implementation of MiCA, European banks have been expanding cryptocurrency accessibility within the regulatory framework, and the increase in demand from existing bank customers acts as a common driving force. The ETP structure allows institutions to provide exposure without handling custody, wallets, or tokens directly.
It remains a more interesting question whether Danske's defensive tone, which seems to actively discourage usage while offering products, reflects caution about actual risks or is a strategy to manage regulatory responsibilities.
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