Danske Bank opens access to Bitcoin and Ethereum ETPs after eight-year ban

Danske Bank, Denmark’s largest lender, announced that it is rolling out products allowing clients to invest in Bitcoin and Ethereum through exchange-traded ETPs, marking a complete reversal of its longstanding ban on all crypto-related services. The new option is available in Danske eBanking and Danske Mobile Banking, letting users gain exposure without holding crypto directly – the ETPs provide a regulated gateway into the market.

Kerstin Lisholm, head of investment products, said the decision was driven by rising client demand. More customers want crypto exposure in their portfolios, and the bank aims to accommodate those willing to take on the associated risks. Lisholm noted that the crypto market “is now better regulated,” largely thanks to Europe’s MiCA framework, which she said “has increased trust and transparency.”

However, the bank stresses that the launch of ETPs does not signal a shift in its stance on crypto as an asset class. Danske Bank still views cryptocurrencies as “opportunistic investments” and does not recommend them for long-term allocation. The press release underscores that the bank will not provide investment advice on cryptoassets, maintaining the cautious approach established in 2018 and reaffirmed in 2021, when it publicly opposed crypto products and reinforced internal restrictions.

Access to ETPs is limited to clients who pass a risk-appropriateness assessment. The bank deliberately highlights the high volatility of the crypto market and the need for informed decision-making. According to Lisholm, the final choice to invest rests with the customer, but the bank now offers a “safer and more transparent” way to gain crypto exposure.

Interest in crypto investments in Denmark has also been rising gradually. According to Triple-A, around 70,600 Danes – roughly 1.2% of the population – owned cryptocurrency by 2024. Yet Denmark ranked only 84th out of 151 countries in Chainalysis’ global crypto adoption index, reflecting low on-chain engagement.

The launch of Bitcoin and Ethereum ETPs marks one of the most notable policy reversals by a major European bank in recent years. Danske Bank is betting that demand for regulated crypto products will grow – and that ETPs will serve as a compromise for clients seeking exposure to digital assets without direct custody.