# Jelle de Boer
Jelle de Boer is a Dutch entrepreneur and co-founder of [Bitvavo](https://www.edgepedia.org/bitvavo), the Amsterdam-based cryptocurrency exchange, which he started in 2018 with [Tim Baardse](https://www.edgepedia.org/tim-baardse) and [Mark Nuvelstijn](https://www.edgepedia.org/mark-nuvelstijn).[1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389) • [2](https://www.quotenet.nl/financien/investeren/a43346709/alles-over-jelle-de-boer-bitvavo-miljonair/) Bitvavo grew into what industry research by Kaiko ranks as the world's largest euro spot exchange, handling 44% of global euro spot trading between 2025 and 2026.[3](https://bitvavo.com/en/about) • [4](https://newsbit.nl/bitvavo-opnieuw-gekroond-tot-grootste-euro-cryptobeurs-ter-wereld/) De Boer remains a co-founder and co-owner of the privately held company.[5](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/)
| Fact | Detail |
|---|---|
| Co-founded | Bitvavo, Amsterdam, 2018 (one source dates the start to May 2017)[1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389) • [6](https://www.crypto-insiders.nl/finance/deze-jonge-crypto-en-ai-miljonairs-bestormen-de-quote-top-100/) |
| Co-founders | Tim Baardse, Jelle de Boer, Mark Nuvelstijn[2](https://www.quotenet.nl/financien/investeren/a43346709/alles-over-jelle-de-boer-bitvavo-miljonair/) |
| Ownership | Privately held by the three founders; no listing[7](https://www.euinvestinghub.com/articles/coinbase-vs-bitvavo/) |
| Scale (2024) | Record net profit €217m; fee and commission income €310m; 267 employees[8](https://www.crypto-insiders.nl/nieuws/bitvavo/amsterdamse-cryptobeurs-bitvavo-boekt-monsterwinst-van-217-miljoen-euro/) • [9](https://www.pureluxe.nl/2026/02/bitvavo-recordwinst-2024/) |
| Euro spot share | 44% globally (Kaiko, 2025–2026), vs Kraken 20%, Coinbase 13%, Binance 8%[4](https://newsbit.nl/bitvavo-opnieuw-gekroond-tot-grootste-euro-cryptobeurs-ter-wereld/) |
| Wealth estimate | €170m in the 2025 Quote Top 100 (earlier estimates €105m and €150m)[6](https://www.crypto-insiders.nl/finance/deze-jonge-crypto-en-ai-miljonairs-bestormen-de-quote-top-100/) • [2](https://www.quotenet.nl/financien/investeren/a43346709/alles-over-jelle-de-boer-bitvavo-miljonair/) • [5](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/) |
| Regulation | MiCA crypto service provider license from the Dutch AFM (June 2025); DNB-registered since 2020[10](https://bitvavo.com/en/imprint) • [4](https://newsbit.nl/bitvavo-opnieuw-gekroond-tot-grootste-euro-cryptobeurs-ter-wereld/) • [7](https://www.euinvestinghub.com/articles/coinbase-vs-bitvavo/) |
## Founding and de Boer's role at Bitvavo
De Boer founded Bitvavo in 2018 with Tim Baardse while working on an informatics degree.[2](https://www.quotenet.nl/financien/investeren/a43346709/alles-over-jelle-de-boer-bitvavo-miljonair/) Mark Nuvelstijn joined as co-owner in May 2018, taking charge of the holding company Bitvavo Group, banking relations (with Bunq), and contacts with accountants and supervisors.[1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389) By the time of that report the platform had one million customers trading €10 billion in crypto monthly.[2](https://www.quotenet.nl/financien/investeren/a43346709/alles-over-jelle-de-boer-bitvavo-miljonair/)
**Leadership changed in 2024–2025.** CEO Mark Nuvelstijn stepped down after publications about private transactions with a convicted fraudster; Stibbe and PwC found no indication that Bitvavo employees were involved, and CFO Johan van Olffen was appointed interim chief by the supervisory board.[9](https://www.pureluxe.nl/2026/02/bitvavo-recordwinst-2024/) • [11](https://nos.nl/artikel/2573631-topman-bitvavo-stapt-op-na-onthullingen-over-overtreding-anti-witwasregels) Emerce reports that Nuvelstijn left immediately and fully exited the company he co-founded, shortly after Bitvavo received its official MiCA license from the AFM.[12](https://www.emerce.nl/nieuws/mark-nuvelstijn-vertrekt-per-direct-bitvavo-na-onthullingen-privtransacties) Sources date the step-down differently: Pure Luxe places it in 2024, while Emerce's timing, tied to the license award, points to mid-2025.[9](https://www.pureluxe.nl/2026/02/bitvavo-recordwinst-2024/) • [12](https://www.emerce.nl/nieuws/mark-nuvelstijn-vertrekt-per-direct-bitvavo-na-onthullingen-privtransacties)
## Funding, ownership and wealth
**Bitvavo has no outside shareholders on record.** Coinbase's parent is NASDAQ-listed, while Bitvavo is privately held with less public financial disclosure.[7](https://www.euinvestinghub.com/articles/coinbase-vs-bitvavo/) During the 2022 crisis the founders lent the company €80 million of their own money at 5% interest over a three-year term, stating willingness to go further if needed.[5](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/) Earlier, by the company's own statement, €114 million in dividends had been paid out; NRC reports €110 million of dividends over 2021 alone.[13](https://www.nrc.nl/nieuws/2023/01/11/miljoenenstrop-dreigt-voor-nederlands-cryptoplatform-a4154003) • [1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389)
Dutch rich lists have tracked de Boer's wealth upward: Quote's Selfmade top 100 put each of the three founders at €105 million in one edition, €150 million in another (a figure NRC also cites, based partly on the 2021 dividends), and the 2025 Quote Top 100 estimated Baardse and de Boer at €170 million each, with Nuvelstijn ninth at €165 million.[5](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/) • [2](https://www.quotenet.nl/financien/investeren/a43346709/alles-over-jelle-de-boer-bitvavo-miljonair/) • [1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389) • [6](https://www.crypto-insiders.nl/finance/deze-jonge-crypto-en-ai-miljonairs-bestormen-de-quote-top-100/) These are magazine estimates, not filed figures.
## By the numbers
Bitvavo's results have swung with the crypto cycle. The company earned €11 million net over 2018–2020, then made €173 million profit on €247 million revenue in 2021 according to NRC; Quote, reporting the filed annual accounts, puts 2021 net profit at €139 million.[13](https://www.nrc.nl/nieuws/2023/01/11/miljoenenstrop-dreigt-voor-nederlands-cryptoplatform-a4154003) • [5](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/) Transaction fees were €246 million in 2021 and €130 million in 2022.[5](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/) In 2022 net profit collapsed to €382,655, a fall of about 99.7% from €139 million.[5](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/)
**2024 set a record.** Net profit reached €217 million, on trading-fee revenue of €231.6 million and interest income of €65.3 million; total fee and commission income of €310 million was roughly three times the prior year, aided by bitcoin rising above $100,000.[8](https://www.crypto-insiders.nl/nieuws/bitvavo/amsterdamse-cryptobeurs-bitvavo-boekt-monsterwinst-van-217-miljoen-euro/) • [9](https://www.pureluxe.nl/2026/02/bitvavo-recordwinst-2024/) The company reported more than 2 million customers trading over €10 billion in crypto per month and 267 employees.[8](https://www.crypto-insiders.nl/nieuws/bitvavo/amsterdamse-cryptobeurs-bitvavo-boekt-monsterwinst-van-217-miljoen-euro/) • [9](https://www.pureluxe.nl/2026/02/bitvavo-recordwinst-2024/)
Against rivals, Kaiko research credits Bitvavo with 44% of global euro spot trading between 2025 and 2026, its third consecutive year as the largest euro spot exchange, against Kraken at 20%, Coinbase at 13%, and Binance at 8%.[4](https://newsbit.nl/bitvavo-opnieuw-gekroond-tot-grootste-euro-cryptobeurs-ter-wereld/) In the Netherlands, Bitvavo claimed over one million Dutch customers in early 2023, more than Binance or Coinbase there, out of an estimated 1.9 million Dutch crypto holders.[13](https://www.nrc.nl/nieuws/2023/01/11/miljoenenstrop-dreigt-voor-nederlands-cryptoplatform-a4154003)
## The DCG affair and customer funds
**The core risk sat in staking.** At the end of 2022, €280 million of customer funds, about one-sixth of what Bitvavo managed, stood with [Digital Currency Group](https://www.edgepedia.org/digital-currency-group-crypto-holding-company)'s subsidiary Genesis through Bitvavo's staking service, which lends out coins for yield.[1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389) Genesis froze the funds in November 2022 and filed for bankruptcy in New York on 19 January 2023.[1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389) Most other customer money, held by about one million Dutch customers, was kept on the account of a foundation separate from the Bitvavo B.V. and not lent out; only staking funds were exposed.[14](https://www.volkskrant.nl/nieuws-achtergrond/crisis-bij-bitvavo-maar-het-cryptobedrijf-bezweert-niet-nog-meer-lijken-in-de-kast~b3ae0d61/)
The founders moved to cover the gap. De Volkskrant reports the three deposited €100 million of their own equity at Bitvavo to guarantee the Genesis exposure; NRC reports that the shareholders returned €125 million of received dividends to the company and took over staking customers' risks.[14](https://www.volkskrant.nl/nieuws-achtergrond/crisis-bij-bitvavo-maar-het-cryptobedrijf-bezweert-niet-nog-meer-lijken-in-de-kast~b3ae0d61/) • [1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389) Had Genesis repaid only the 70 percent initially offered, Bitvavo would have had to cover an €84 million shortfall, against equity of €33 million a year earlier.[13](https://www.nrc.nl/nieuws/2023/01/11/miljoenenstrop-dreigt-voor-nederlands-cryptoplatform-a4154003) In February 2023 Bitvavo rejected the 70 percent offer and agreed with DCG on repayment of 80 to 100 percent of the roughly €280 million, paid in installments in cash, cryptocurrency, and DCG shares, subject to formal creditor approval.[1](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389) • [15](https://www.bnr.nl/nieuws/financieel/10503415/bitvavo-sluit-deal-met-digital-currency-group-over-klanttegoeden) Bitvavo recorded a write-down of €55,022,377 for 2022 on the Genesis exposure.[5](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/) The company said it would review its staking services in the first quarter of 2023.[14](https://www.volkskrant.nl/nieuws-achtergrond/crisis-bij-bitvavo-maar-het-cryptobedrijf-bezweert-niet-nog-meer-lijken-in-de-kast~b3ae0d61/)
## Regulation and the MiCA era
Bitvavo has been AML-registered with [De Nederlandsche Bank](https://www.edgepedia.org/de-nederlandsche-bank) since 2020, and an August 2026 DNB register update lists Bitvavo B.V., seated in Amsterdam, simultaneously as a crypto service provider and a payment institution, with licensed payment services limited to e-money tokens and euro funds supporting crypto purchases and sales.[7](https://www.euinvestinghub.com/articles/coinbase-vs-bitvavo/) • [16](https://cryptofocus.nl/nieuws/crypto/bitvavo-betaalrail-euro-stablecoins-dnb/) Under Regulation (EU) 2023/1114 (MiCA), Bitvavo is authorized as a crypto-asset service provider and regulated by the Netherlands Authority for Financial Markets (AFM); it has held the license since June 2025, ahead of the 1 July 2026 end of the transition period for unlicensed exchanges, and the license is valid throughout the EU.[10](https://bitvavo.com/en/imprint) • [3](https://bitvavo.com/en/about) • [4](https://newsbit.nl/bitvavo-opnieuw-gekroond-tot-grootste-euro-cryptobeurs-ter-wereld/) Kaiko attributes part of the 31% rise in European euro spot volume, to €362 billion over 2025, to MiCA.[4](https://newsbit.nl/bitvavo-opnieuw-gekroond-tot-grootste-euro-cryptobeurs-ter-wereld/)
**Fees and protection.** Bitvavo charges 0.15% maker and 0.25% taker at the entry tier for euro order-book trades, falling to 0% maker and 0.02% taker at the highest 30-day volume tier; iDEAL and SEPA deposits and euro withdrawals are free.[7](https://www.euinvestinghub.com/articles/coinbase-vs-bitvavo/) Its Account Guarantee is a conditional pilot that may reimburse eligible losses from unauthorised account access and withdrawals up to €100,000, and is not a bank deposit guarantee or insurance.[7](https://www.euinvestinghub.com/articles/coinbase-vs-bitvavo/)
## References
1. [Bitvavo, een brave bankier tussen de cryptocowboys, NRC](https://www.nrc.nl/nieuws/2023/03/24/bitvavo-een-brave-bankier-tussen-de-cryptocowboys-a4160389)
2. [Alles over Jelle de Boer: Bitvavo-miljonair, Quote](https://www.quotenet.nl/financien/investeren/a43346709/alles-over-jelle-de-boer-bitvavo-miljonair/)
3. [About us | Bitvavo.com](https://bitvavo.com/en/about)
4. [Bitvavo opnieuw gekroond tot grootste euro-cryptobeurs ter wereld, Newsbit](https://newsbit.nl/bitvavo-opnieuw-gekroond-tot-grootste-euro-cryptobeurs-ter-wereld/)
5. [Bitvavo leent €80 miljoen van oprichters na winstdaling van 99,8%, Quote](https://www.quotenet.nl/financien/cryptocurrency/a46255004/jaarverslag-2022-bitvavo-leent-80-miljoen-van-oprichters-mark-nuvelstijn/)
6. [Deze jonge crypto- en AI-miljonairs bestormen de Quote Top 100, Crypto Insiders](https://www.crypto-insiders.nl/finance/deze-jonge-crypto-en-ai-miljonairs-bestormen-de-quote-top-100/)
7. [Coinbase vs Bitvavo: Which Is Better in the Netherlands?, EU Investing Hub](https://www.euinvestinghub.com/articles/coinbase-vs-bitvavo/)
8. [Bitvavo boekt recordwinst van 217 miljoen euro, Crypto Insiders](https://www.crypto-insiders.nl/nieuws/bitvavo/amsterdamse-cryptobeurs-bitvavo-boekt-monsterwinst-van-217-miljoen-euro/)
9. [Bitvavo boekt recordwinst dankzij herstel cryptomarkt, Pure Luxe](https://www.pureluxe.nl/2026/02/bitvavo-recordwinst-2024/)
10. [Imprint – Bitvavo](https://bitvavo.com/en/imprint)
11. [Topman Bitvavo stapt op na onthullingen over overtreding anti-witwasregels, NOS](https://nos.nl/artikel/2573631-topman-bitvavo-stapt-op-na-onthullingen-over-overtreding-anti-witwasregels)
12. [CEO Mark Nuvelstijn vertrekt per direct bij Bitvavo, Emerce](https://www.emerce.nl/nieuws/mark-nuvelstijn-vertrekt-per-direct-bitvavo-na-onthullingen-privtransacties)
13. [Miljoenenstrop dreigt voor Nederlands cryptoplatform. Wat is er loos bij Bitvavo?, NRC](https://www.nrc.nl/nieuws/2023/01/11/miljoenenstrop-dreigt-voor-nederlands-cryptoplatform-a4154003)
14. [Crisis bij Bitvavo, maar het cryptobedrijf bezweert: niet nog meer lijken in de kast, de Volkskrant](https://www.volkskrant.nl/nieuws-achtergrond/crisis-bij-bitvavo-maar-het-cryptobedrijf-bezweert-niet-nog-meer-lijken-in-de-kast~b3ae0d61/)
15. [Bitvavo sluit deal met Digital Currency Group over klanttegoeden, BNR](https://www.bnr.nl/nieuws/financieel/10503415/bitvavo-sluit-deal-met-digital-currency-group-over-klanttegoeden)
16. [Bitvavo betaalrail onder DNB-licht, CryptoFocus](https://cryptofocus.nl/nieuws/crypto/bitvavo-betaalrail-euro-stablecoins-dnb/)
17. [Voorlopig deskundigenonderzoek naar mogelijk datalek en ongeoorloofde inzage in Bitvavo-accounts toegestaan (Rb. Amsterdam 21 mei 2026)](https://itenrecht.nl/artikelen/voorlopig-deskundigenonderzoek-naar-mogelijk-datalek-en-ongeoorloofde-inzage-in-bitvavo-accounts-toegestaan)
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Technology founders and companies › Europe, Middle East, Africa, and Latin America technology › Europe technology › Fintech and payments*
*Initially written Sep 19, 2026 · Reviewed: Sep 19, 2026 · Edited: Oct 11, 2026; Oct 15, 2026 · Last review: Sep 19, 2026*
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