Danske Bank, Denmark's largest lender, is now offering Bitcoin (BTC) and Ethereum (ETH) exchange-traded products to customers through its online and mobile banking platforms - ending an eight-year self-imposed ban on cryptocurrency services.
The bank simultaneously stressed that it does not recommend cryptocurrencies as an asset class and will not provide advisory services for the products.
Three ETPs are available at launch: two tracking Bitcoin and one tracking Ethereum, all issued by BlackRock and WisdomTree. The products fall under the EU's MiFID II investor protection framework.
What Changed
Danske Bank refused in 2018 to support any form of cryptocurrency trading, warning customers to avoid the asset class entirely. It renewed that internal restriction in 2021.
The reversal, according to the bank, comes from two factors: growing customer demand and regulatory clarity. Kerstin Lysholm, Head of Investment Products and Offering, cited the EU's Markets in Crypto-Assets Regulation as a development that "has generally increased confidence in cryptocurrencies."
The ETPs are available only to self-directed traders on Danske's platform - customers who invest without receiving advice. Before purchasing, clients must pass a suitability assessment confirming they understand the risks of cryptocurrency-linked products.
What The Bank Is Not Saying
The language around the launch is unusually cautious for a product rollout. Danske Bank's own press release closes by asking customers not to interpret ETP access as an endorsement. It classifies cryptocurrencies as "opportunistic investments rather than part of a long-term portfolio strategy."
"Access to selected cryptocurrency ETPs on Danske Bank's trading platform should not be seen as a recommendation of the asset class from Danske Bank," Lysholm said.
The bank also holds 132,746 shares of Strategy, the largest corporate Bitcoin holder, valued at approximately $17.6 million - a detail that adds some context to the cautious framing.
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Why It Matters
Denmark is not a major cryptocurrency market. Triple-A data from 2024 counted roughly 70,600 crypto owners in the country, about 1.2% of the population. Chainalysis ranked Denmark 84th out of 151 countries for cryptocurrency adoption in its 2025 report.
But Danske Bank's move fits a pattern. European banks have been expanding regulated crypto access since MiCA took full effect, and demand from existing banking customers has been a common driver. The ETP structure lets institutions offer exposure without touching custody, wallets, or direct token handling.
Whether Danske's defensive tone - offering the product while actively discouraging it - reflects genuine risk caution or regulatory liability management is the more interesting question.
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