The value of assets held by clients of crypto asset service providers operating in Estonia stood at €889 million at the end of the second quarter of 2026, down 55.8% from the same period a year earlier, according to data published by Eesti Pank on September 15.
The total balance sheet of service providers stood at €1.07 billion at the end of the quarter, down 51% year on year. The number of clients was 1.34 million, a decrease of 33.2% compared with a year earlier.
There were 28 crypto asset service providers in Estonia at the end of the second quarter, 11 fewer than a year earlier. Fifteen of the service providers were majority-owned by non-residents, and they held 19% of the equity of all service providers.
The service providers generated €44.6 million in sales revenue in the second quarter of 2026. This compares with €16.2 million a year earlier and €81.7 million in the first quarter of 2026.
The service providers recorded a profit of €13.4 million in the second quarter. They had posted a loss of €3.9 million a year earlier, while profit in the first quarter of 2026 was €68.4 million.
Client assets accounted for 92% of the service providers’ balance sheets. Eesti Pank said the amount had fallen by more than half over the year due to the combined impact of service providers ceasing operations, falling crypto asset prices and asset sales. Private individuals owned 92% of client assets, while Estonian clients accounted for just 0.4% of the total client assets held by service providers.
At the end of the second quarter, clients held €329 million worth of Bitcoin, 15% less than in the previous quarter and 61% less than a year earlier. Eesti Pank said the price of Bitcoin fell by 10% over the quarter and by 45% over the year.
Clients also held €121 million worth of Ethereum, down 21% from the previous quarter and 59% year on year. The price of Ethereum fell by 20% over the quarter and 36% over the year.
Clients held €358 million worth of other crypto assets at the end of the quarter, 19% less than in the previous quarter and 53% less than a year earlier. Service providers also held €81 million in client money.
The assets held by Estonian clients were substantially smaller. Estonian clients held €0.4 million worth of Bitcoin at the end of the second quarter, down 92% from the previous quarter and 99% from a year earlier. They held €0.3 million worth of Ethereum, down 87% over the quarter and 91% over the year, and €2 million worth of other crypto assets, down 80% and 87% respectively. Service providers also held €1 million in money belonging to Estonian clients.
During the second quarter, €381 million worth of crypto assets were purchased using client funds, €586 million worth were sold for cash, and €224 million worth were exchanged for other crypto assets.
The total turnover of these transactions was €1.19 billion, which was €970 million less than in the previous quarter and €1.45 billion less than in the second quarter of 2025. Sales of crypto assets exceeded purchases by €205 million during the quarter and by €485 million over the year. The stock of client assets held by service providers decreased by €182 million during the quarter and by €1.12 billion over the year.
Estonian clients purchased €4 million worth of crypto assets during the second quarter, sold €7 million worth for cash and exchanged €0.4 million worth of crypto assets for other crypto assets. The total turnover of these transactions was €11 million, €188 million less than in the previous quarter and €64 million less than in the same quarter a year earlier. Sales of crypto assets by Estonian clients exceeded purchases by €3 million during the quarter and by €48 million over the year.
Virtual asset service providers (VASPs) were able to operate under licences issued by Estonia’s Financial Intelligence Unit until June 30, 2026. From July, crypto asset services in Estonia may only be provided by crypto asset service providers whose activities comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA) and Estonia’s Market in Crypto-Assets Act. These providers are supervised and licensed by Finantsinspektsioon, and according to Eesti Pank, only one company in Estonia has so far been issued a CASP licence.
As there are currently too few crypto asset service providers operating under Finantsinspektsioon licences, Eesti Pank will not publish crypto asset market statistics and a corresponding statistical release for the third quarter of 2026. Whether statistics are compiled and published in subsequent quarters will depend on how many new service providers enter the market, if any.
Source: eestipank.ee
