Reference price of crypto on 31 December 2025: the snapshot moment for the new capital gains tax
- Aeacus Lawyers
- 14 hours ago
- 3 min read
On 31 December 2025, an important snapshot moment for crypto-assets is expected to apply in the context of the new Belgian capital gains tax. Although the legislation has not yet been definitively adopted at the time of writing, the preparatory parliamentary works indicate that this date will retroactively function as the reference price (the so-called “snapshot moment”) for existing crypto positions, making it advisable to already gather the necessary documentation and valuation data.
We have received numerous questions about which price should be used as the reference price for the snapshot moment. Below you will find the reference prices of the 30 largest crypto-assets (excluding stablecoins) on 31 December 2025 at 23:59 CET. The coins are ranked according to their market capitalisation on that date.
For individuals who held crypto-assets before 1 January 2026 in the context of normal management of private assets, the taxable capital gain upon a subsequent sale will in principle be subject to a 10% tax and will be calculated as the difference between the sale price and the value as at 31 December 2025.
Under the former tax regime, capital gains realised in the course of normal management could in principle remain tax-exempt. The legislator now provides for a historical exemption by taking into account, for existing positions, only the capital gain arising as from 31 December 2025. The value of the relevant crypto-assets at that snapshot moment therefore constitutes the tax acquisition value for the purposes of the new capital gains tax.
Reference price of crypto on 31 December 2025 (23:59 CET) – snapshot moment
Bitcoin (BTC) – € 74.475,60
Ethereum (ETH) – € 2.525,14
BNB (BNB) – € 734,69
XRP (XRP) – € 1,57
Solana (SOL) – € 105,94
TRON (TRX) – € 0,24
Dogecoin (DOGE) – € 0,10
Bitcoin Cash (BCH) – € 509,75
Cardano (ADA) – € 0,28
UNUS SED LEO (LEO) – € 8,18
Hyperliquid (HYPE) – € 21,64
Chainlink (LINK) – € 10,37
Zcash (ZEC) – € 436,22
Monero (XMR) – € 368,74
Stellar (XLM) – € 0,17
Litecoin (LTC) – € 65,34
Canton (CC) – € 0,13
Avalanche (AVAX) – € 10,47
Sui (SUI) – € 1,19
Hedera (HBAR) – € 0,09
Shiba Inu (SHIB) – € 0,00
Toncoin (TON) – € 1,41
World Liberty Financial (WLFI) – € 0,12
Uniswap (UNI) – € 4,79
Cronos (CRO) – € 0,08
Mantle (MNT) – € 0,82
Polkadot (DOT) – € 1,52
Bitget Token (BGB) – € 2,96
Bittensor (TAO) – € 186,21
OKB (OKB) – € 93,23
Source: CoinMarketCap snapshot 31 december 2025; ECB-exchange rate 1 EUR = 1,1750 USD.
What does this mean in practice?
Suppose you purchased 2 BTC in 2022 at €25,000 per BTC. The reference price as at 31 December 2025 amounts to €74,475.60 per BTC.
If you sell in 2027 at €185,000 per BTC, the taxable capital gain will in principle be calculated as the difference between €185,000 and €74,475.60 per BTC — not as the difference between €185,000 and €25,000.
The snapshot moment therefore determines the tax reference point for the future.
Snapshot moment applicable only in case of normal management
The application of this reference value is limited to crypto-assets held in the context of the normal management of private assets.
If the activity is qualified as speculative income or professional income, the entire realised capital gain may be taxable under different tax rules. The snapshot moment does not alter that qualification.
The assessment of whether the activity qualifies as normal management therefore remains crucial.
What if your historical acquisition value was higher?
If your actual historical acquisition price exceeds the value as at 31 December 2025, you may in principle rely on the higher historical acquisition value, provided that you can substantiate it.
The burden of proof rests with the taxpayer. Proper documentation of your purchases, transactions and portfolio history therefore remains essential.
Conclusion
The snapshot moment of 31 December 2025 constitutes the fiscal turning point for existing crypto positions under the new capital gains tax. The correct determination and documentation of the reference value on that date is essential to avoid future discussions with the tax authorities.
In addition, the qualification of your activity — whether as normal management, speculative activity or professional activity — remains decisive for the tax treatment.
Those holding substantial crypto-assets would be well advised to review their position in a timely manner before any future realisation.
Questions about your crypto position?
The above overview of the reference prices and the snapshot moment of 31 December 2025 will help many crypto investors to make an initial calculation of their future capital gains tax.
If you still have questions regarding your specific situation, the qualification as normal management, or the calculation of your capital gain, a short discussion may provide clarity.
Should you wish to review your file together or have your calculation checked, you may schedule an initial meeting on a no-obligation basis.
