The number of licensed crypto asset service providers in Estonia fell to 32 at the end of the first quarter of 2026, nine fewer than a year earlier, according to the Bank of Estonia.
Client assets held by the service providers fell by 42% over the year, affected by companies ceasing operations, falling crypto asset prices and asset sales. Client assets made up 87% of the providers’ balance sheets, with private individuals owning 92% of those assets.
Estonian clients accounted for only 2% of total client assets held by the providers, underlining the largely international nature of the sector.
Distribution of client assets held by Estonian crypto asset service providers, by client residence, as of 31 March 2026. Source: The Bank of Estonia.
Despite the fall in the number of companies and the decline in client assets, the sector reported a sharp increase in financial results. Sales revenue reached €82 million in the first quarter, up from €35.3 million a year earlier and €22 million in the fourth quarter of 2025. Profit rose to €68.4 million, compared with €0.7 million a year earlier and €4 million in the previous quarter.
Clients held €386 million in Bitcoin at the end of the quarter, down 50% from a year earlier, and €154 million in Ethereum, down 34%. They also held €442 million in other crypto assets, down 46% year on year.
Total transaction turnover was €2.16 billion in the first quarter, €1.06 billion less than in the previous quarter and €2.41 billion less than in the same period of 2025. Crypto assets worth €635 million were bought using client funds, €791 million were sold for cash and €735 million were exchanged for other crypto assets.
