Not one of the 15 institutions interviewed reduced its crypto allocation through a roughly 50% drawdown, and none named price as a reason they would sell. Bitwise expects a majority of institutional investors to hold crypto within five years.
SAN FRANCISCO, Sept. 23, 2026 /PRNewswire/ — Bitwise Asset Management, a global crypto asset manager with $9 billion in client assets, today released Institutional Crypto Adoption, a study drawn from in-depth interviews with the senior investment professionals responsible for crypto allocation decisions at 15 of the world’s largest institutions, including endowments, foundations, public pension funds, sovereign wealth funds, multi-family offices, investment consultants, and public companies.
Institutions rarely disclose their crypto positions, whether for competitive or reputational reasons. This study intends to break through that silence by asking allocators directly what they hold, how much, why, and what would make them sell.
The findings suggest adoption is happening faster and more durably than the general public realizes, and support Bitwise’s position that a majority of institutional investors will hold crypto within five years.
Five key findings from the Institutional Crypto Adoption report:
Institutional crypto capital proved sticky through the drawdown. Crypto markets fell roughly 50% between Q4 2025 and Q2 2026. Not one institution interviewed reduced its allocation over that period, and several bought more. No institution named a price decline as a reason it would sell.
Bitcoin is the universal institutional conviction asset. Every institution interviewed that owns crypto owns bitcoin. For almost all of them it was their first, largest, and longest-held crypto asset, most often framed as a store of value and frequently paired explicitly with gold as a fiat debasement hedge.
Ethereum and Solana are held as thesis-dependent bets. Institutions that own these assets hold smaller positions, on shorter horizons, with explicit exit conditions tied to whether value accrues to the underlying token. Several said plainly that if meaningful adoption does not materialize in the next few years, they will sell.
Allocation sizes are small now, but the direction is up. Crypto allocations ranged from 0.5% to 13% of investable assets, with most between 1% and 2%, typically split across ETFs, direct ownership, venture capital, and hedge funds.
Spot ETFs have reshaped institutional access. Almost every institution interviewed either uses spot ETFs or plans to, citing lower all-in cost, lower operational burden, and the fact that ETFs make crypto look more familiar from a back-office perspective. Because some institutions deliberately use vehicles that bypass 13F visibility, estimates of institutional ownership drawn from 13F filings should be read as a floor rather than a ceiling.
Note: All allocation figures and characterizations above are as described by the institutions interviewed. All quotes are anonymized.
“Institutional investors are embracing crypto as an important component of their portfolios,” said Matt Hougan, Chief Investment Officer at Bitwise. “The adoption is happening faster and more durably than the general public may realize.”
Hougan added: “Crypto markets fell roughly 50% between Q4 2025 and Q2 2026, yet not one institution we interviewed reduced its allocation during the sell-off, while several bought more. When asked what would prompt them to exit, none of them said price. This cuts against the common assumption that institutions are weak hands in a crypto drawdown.”
“What stands out across these conversations is how consistent the thinking has become. Institutions with different mandates, governance, and constraints have arrived at a strikingly similar view of how to approach crypto in their portfolios,” said Ryan Rasmussen, Head of Research at Bitwise. “It’s Bitcoin as the anchor, often held alongside gold, while Ethereum and Solana are earning their place. That pattern held across the world’s largest institutions—sovereign wealth funds to endowments, pensions, and foundations.”
To read the report, please visit: https://bitwiseinvestments.com/crypto-market-insights/the-first-ever-bitwise-institutional-crypto-adoption-report.
Disclosures
Investing involves risk, including the possible loss of principal. Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including of the merits and risks involved in an investment, and must base its investment decision, including a determination whether it would be a suitable investment for the investor, on such examination and investigation. Prospective investors must not construe the contents of this material as legal, tax, investment, or other advice. Each prospective investor is urged to consult with its own advisors with respect to legal, tax, regulatory, financial, accounting, and similar consequence of any investment, the suitability of the investment for such investor, and other relevant matters concerning an investment. Do not place undue reliance on this material.
Nothing contained herein is intended to predict the performance of any investment. There can be no assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. Historical performance of sample portfolios has been generated and maximized with the benefit of hindsight. The returns do not represent the returns of an actual account and do not include the fees and expenses charged by funds. Past performance is no guarantee of future results.
The opinions expressed herein are intended to provide insight or education and are not intended as individual investment advice. Bitwise does not represent that this information is accurate and complete and should not be relied upon as such. Any use of this material is on an “as is” and “as available” basis and is at the user’s sole risk. The information in this material is for discussion purposes only and no representations or warranties are given or implied. The information contained in this material is subject to further discussion, completion, and amendment. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any security in particular. All of the information presented herein is subject to change without notice.
Certain of the Bitwise investment products may be subject to the risks associated with investing in crypto assets, including cryptocurrencies and crypto tokens. Because crypto assets are a new technological innovation with a limited history, they are a highly speculative asset. Future regulatory actions or policies may limit the ability to sell, exchange or use a crypto asset. The price of a crypto asset may be impacted by the transactions of a small number of holders of such crypto asset. Crypto assets may decline in popularity, acceptance or use, which may impact their price. The technology relating to crypto assets and blockchain is new and developing. Currently there are a limited number of publicly listed or quoted companies for which crypto assets and blockchain technology represent an attributable and significant revenue stream.
Media Contact: Stephanie Dressler, bitwise@dlpr.com
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