ING Germany Opens Custody Accounts for Bitcoin ETPs – BitMine Aggressively Accumulates Ethereum

Institutional Adoption Reaches German Retail Banks in Full Force

The landscape of institutional crypto investments is undergoing a fundamental transformation. While treasury companies like BitMine pursue aggressive accumulation strategies and already control percentage shares of entire networks, established retail banks are integrating crypto products into their traditional custody infrastructures for the first time. These parallel developments mark a turning point: crypto exposure is becoming a standard product in traditional finance – and precisely during a phase of falling prices.

ING Germany, with over nine million customers, is taking a significant step by offering Exchange Traded Products (ETPs) and Exchange Traded Notes (ETNs) on Bitcoin, Ethereum, Solana, and other cryptocurrencies. Simultaneously, BitMine Immersion Technologies is demonstrating how treasury strategies in the crypto space are increasingly taking on the character of long-term accumulation programs, having purchased an additional 41,788 Ether within one week.

The Facts

ING Germany has opened its securities custody account for crypto investments and enables customers to trade ETNs and ETPs on Bitcoin, Ethereum, and Solana directly through existing banking infrastructure ^[3]. The offering includes physically-backed products from established issuers such as 21Shares, Bitwise, VanEck, WisdomTree, and BlackRock's iShares ^[2][3]. Customers can trade these products on regulated exchanges via ING's Direct-Depot platform, eliminating the need to manage external wallet systems or private keys ^[3].

Starting in February, ING customers can trade Bitwise crypto ETPs with minimum order sizes of 1,000 euros without execution fees, while smaller orders are subject to a commission of approximately 4.60 dollars ^[2]. The products can also be used for savings plans without execution fees ^[2]. VanEck's offering on the ING platform includes ten ETNs linked to Bitcoin, Ethereum, Algorand, Avalanche, Chainlink, Polkadot, Polygon, and Solana, as well as two basket ETNs ^[2]. Martijn Rozemuller, CEO of VanEck Europe, described the partnership as providing "low-threshold access" that brings crypto exposure directly into securities accounts ^[3].

For tax purposes, the ETNs at ING are treated analogously to direct crypto investments, meaning that capital gains may potentially remain tax-free in Germany after a holding period of more than one year ^[3]. However, the bank explicitly warns of the specific risks of the asset class, including extreme volatility, market manipulation, and issuer risks that can lead to total loss in the event of insolvency ^[3]. ING classifies cryptocurrencies as speculative products without intrinsic value, whose price development is heavily driven by psychological effects ^[3].

Parallel to these retail developments, publicly-listed company BitMine Immersion Technologies is pursuing an aggressive Ethereum accumulation strategy. Last week, BitMine purchased 41,788 Ether at an average price of around 2,317 US dollars per coin ^[1]. This increased the company's total Ether holdings to 4.285 million ETH, representing approximately 3.55 percent of the currently circulating Ethereum supply ^[1]. The company has thus already achieved more than 70 percent of its internal goal to hold around five percent of all available Ether in the long term ^[1]. The total value of the Ethereum position stood at around 9.9 billion US dollars as of February 1 ^[1].

BitMine is also significantly intensifying its staking activities: approximately 2.9 million ETH are now staked, almost 900,000 ETH more than just a week earlier ^[1]. Based on current staking yields, the company expects annual revenue of approximately 188 million US dollars ^[1]. CEO Tom Lee justifies the aggressive buying strategy with a significant discrepancy between Ethereum usage and the current market price: the number of transactions and active addresses on the Ethereum network recently reached record levels, while the ETH price has fallen from nearly 3,000 to around 2,300 US dollars since the beginning of the year ^[1]. BitMine's market capitalization of around 11.4 billion US dollars remains below the value of its Ether holdings, representing a significant valuation gap ^[1].

The broader market for crypto ETPs experienced a difficult start to 2026: global crypto ETPs lost 3.43 billion US dollars in the first two weeks and recorded outflows of one billion US dollars since the beginning of the year ^[2]. However, Bitcoin ETFs recovered on Monday with inflows of 562 million US dollars ^[2]. Bitcoin itself is trading ten percent below its year-opening level ^[2].

Analysis & Context

ING Germany's decision to integrate crypto ETPs into its core product offering is a fundamental milestone for the adoption of digital assets in traditional banking. With nine million customers, ING is one of Germany's largest retail banks – a market traditionally known for being particularly cautious in regulatory matters and risk-sensitive. That such an institution offers crypto products not as a fringe offering but as a fully integrated custody position signals a paradigm shift in the perception of digital assets.

The timing is particularly notable: the integration occurs during a phase of falling prices and negative flows in global crypto ETPs. This suggests that established financial institutions are increasingly thinking long-term and independently of short-term market cycles. The strategic logic is understandable: infrastructure is built during bear markets to be positioned when the next wave of demand arrives. The tax equivalence with direct crypto investments through the one-year holding period makes the products attractive for German investors, while integration into traditional custody accounts removes significant entry barriers.

BitMine's aggressive Ethereum accumulation follows a pattern already established by MicroStrategy in the Bitcoin space: treasury companies use weak market phases for systematic purchases, building positions that reach relevant percentages of circulating supply. With 3.55 percent of the Ethereum supply, BitMine has reached a position that can exert considerable influence on market dynamics during rising prices. The combination of holding and staking generates continuous cash flows of an estimated 188 million US dollars annually – a business model receiving increasing attention from institutional investors.

The discrepancy between on-chain activity and price development cited by Tom Lee is a classic value argument: when fundamental usage metrics rise while prices fall, long-term investors see an entry opportunity. Historically, such phases – such as winter 2018/2019 or spring 2020 – were indeed attractive accumulation windows. The valuation gap between BitMine's market capitalization and the value of its held assets is a double-edged sword: it can close quickly during rising prices but also carries the risk of further compression during continued weakness.

Conclusion

• The integration of crypto ETPs into traditional retail banking infrastructures by major banks like ING marks the transition of crypto from a niche product to a standard asset class in the German market – despite volatile market conditions

• Treasury companies like BitMine are establishing a new institutional investment model through systematic accumulation: the combination of long-term holding and staking generates continuous returns while simultaneously building market-relevant positions

• The timing of ING's integration during falling prices and negative ETP flows indicates long-term strategic positioning independent of short-term market cycles – infrastructure is being built during bear markets

• The tax equivalence of ETNs with direct crypto investments in Germany makes institutional products attractive for retail investors, while custody integration eliminates significant technical barriers

• BitMine's position of 3.55 percent of circulating Ethereum supply demonstrates how treasury strategies are increasingly reaching supply-relevant dimensions – a factor that could exert considerable influence on future price movements