A new analysis by Freedom24 reveals that investors across the Baltic States — Estonia, Latvia, and Lithuania — are actively engaging with global trends in AI, technology, and cryptocurrencies, while displaying unique national preferences and investment strategies. Estonian investors stand out for their eclectic and high-risk approach, while their Baltic neighbors show contrasting tendencies toward speculation or balance.
Estonia: A Taste for the Bold and the Niche
Estonian investors demonstrate the most diverse and speculative portfolio of the three Baltic countries, according to the study of the top 10 most popular stocks and Exchange-Traded Funds (ETFs). They’re investing in everything from Chinese e-commerce (Pinduoduo Inc. - PDD, TAL Education Group - TAL, Trip.com Group - TCOM) to biotech (Viking Therapeutics - VKTX, Neuronetics - STIM), semiconductors (Super Micro Computer - SMCI, Micron Technology - MU), cybersecurity (CrowdStrike - CRWD), and emerging digital health brands (Hims & Hers Health - HIMS). The presence of TeraWulf Inc. (WULF) signals a continued appetite for cryptocurrency-related companies.
Their ETF choices mirror this eclecticism, with a strong presence of leveraged and high-risk assets such as YINN (China), BITX (Bitcoin), LABU (biotech) and SQQQ (inverse Nasdaq). At the same time, Estonians also employ hedging strategies through more defensive ETFs like BIL (short-term US Treasuries) and TMF (long-term Treasury bonds).
“Estonians are not just following the hype — they’re exploring niche markets and enhancing their positions with high-leverage instruments,” says Maxim Manturov, Head of Investment Research at Freedom24. “This is a portfolio built by digital-savvy, globally-minded investors who see opportunity in volatility.”
Latvia: High-Tech and High Stakes
Latvian investors display a strong appetite for high-growth and speculative assets, particularly in technology and cryptocurrencies. Their top stock picks include NVIDIA (NVDA), Super Micro Computer (SMCI), Intel (INTC), Coinbase (COIN), and Palantir Technologies (PLTR). Speculative plays like IonQ (IONQ) and Affirm Holdings (AFRM) are also popular.
Their ETF selections follow a similar theme, dominated by Bitcoin-related funds (IBIT, BITO, BITU) and semiconductor-focused leveraged ETFs like SOXL and SOXS. Hedging tools such as SPY (S&P 500), TLT (long-term Treasuries), and FAS (financials) offer some balance.
“Latvian investors clearly prioritize growth and volatility, mirroring the enthusiasm around AI and crypto markets,” says Manturov. “It’s a bold, risk-on strategy, ideal for those chasing potential short-term gains.”
Lithuania: Growth Meets Income
Lithuanian investors take a more balanced and income-oriented approach. They, too, show a strong interest in technology stocks — Tesla (TSLA), AMD, NVDA, and SMCI — and cryptocurrency exposure via Coinbase (COIN) and MicroStrategy (MSTR). But what sets Lithuania apart is the inclusion of dividend and options-based income strategies. Stocks like Realty Income Corporation (O) and ETFs like TSLY, QYLD.EU, and MSTY reveal a focus on regular cash flow.
Diversification remains a priority: Lithuanians opt for broad-market ETFs like SPY (US) and VUAA.EU (Europe), while still holding some speculative assets like BITO (Bitcoin) and TQQQ (leveraged tech).
“Lithuania stands out for combining growth with stability,” notes Manturov. “It’s a mature, multi-faceted approach where high-growth potential coexists with consistent returns.”
Common Themes, Distinct Strategies
Across all three countries, certain themes prevail. Stocks like NVIDIA and SMCI are universally popular, reflecting global excitement over AI and the semiconductor industry. Cryptocurrency remains a strong interest area in all three countries, with various levels of risk appetite and hedging tactics applied.
Yet differences persist:
- Latvia shows the strongest focus on crypto and semiconductors, often using aggressive leverage.
- Lithuania favors a blend of growth and dividends, including innovative options strategies.
- Estonia leans into eclectic and niche sectors with high-risk ETFs and minimal overlap with its neighbors.
Global Outlook, Local Flavor
These preferences are not only reflective of investor psychology but also broader economic and cultural characteristics. Latvian investors mirror the fast-paced, high-risk mindset seen in U.S. retail markets. Lithuanians apply a more European lens, valuing sustainability and income. Estonians, in turn, embrace digital trends and global opportunities, making unconventional and diversified choices.
“Baltic investors are clearly plugged into global markets, but they each bring a unique flavor to the table,” concludes Manturov. “Understanding these patterns helps paint a clearer picture of how local culture and access to platforms shape investment behavior.”
The analysis is based on the activity of Freedom24 customers from Estonia, Latvia, and Lithuania on the platform in 2024.
About Freedom24
Freedom24 is the trading platform of Freedom Finance Europe Ltd, a European subsidiary of Freedom Holding Corp. The platform provides access to global financial markets, including stocks, ETFs, and IPOs, making it easier for investors in the Baltics and beyond to build diversified and modern portfolios.
Disclaimer: Investments in securities and other financial instruments always involve the risk of capital loss. Past performance or forecasts are no guarantee of future results. It is essential to carry out your own analysis before any investment. The company may engage in trading in the financial instruments mentioned in this material as a counterparty or liquidity provider. However, all recommendations and information provided in this offer are independent and not influenced by the trading positions of the company. We take all necessary measures to prevent conflicts of interest and ensure the objectivity of the information provided.
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