San Francisco – September 23, 2026 -- None of the 15 major institutions interviewed by Bitwise Asset Management reduced their crypto allocations during a roughly 50% market drawdown between Q4 2025 and Q2 2026, with several increasing positions instead, according to the firm's new Institutional Crypto Adoption report.
Bitwise, a crypto asset manager overseeing $9 billion in client assets, conducted in-depth interviews with senior investment professionals at endowments, foundations, public pension funds, sovereign wealth funds, multi-family offices, investment consultants, and public companies to determine what institutions hold, why, and what would trigger a sale.
No institution cited price declines as a reason to exit crypto holdings
Not one of the 15 institutions named a price drop as a factor that would prompt them to sell, according to the report. Bitwise Chief Investment Officer Matt Hougan said the finding contradicts the assumption that institutions represent weak hands during crypto downturns.
Bitcoin remains the sole universal holding across all institutions surveyed
Every institution that owns crypto owns bitcoin, most often as their first, largest, and longest-held position. Institutions frequently frame bitcoin as a store of value and pair it explicitly with gold as a hedge against fiat currency debasement.
Ethereum and Solana positions carry explicit exit conditions tied to adoption
Institutions holding Ethereum and Solana maintain smaller positions on shorter time horizons compared to bitcoin. Several interviewees stated they would sell if meaningful adoption fails to materialize within the next few years, according to the report.
Current allocations span 0.5% to 13% of investable assets
Crypto allocations among the institutions ranged from 0.5% to 13% of investable assets, with most concentrated between 1% and 2%. Exposure is typically split across ETFs, direct ownership, venture capital, and hedge funds.
Spot ETFs now serve as the primary access point for institutional crypto exposure
Almost every institution interviewed either uses spot ETFs or plans to adopt them, citing lower all-in costs and reduced operational burden. Bitwise noted that because some institutions use vehicles that bypass 13F filing visibility, ownership estimates based on 13F data likely understate actual institutional exposure.
"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, describing bitcoin as the anchor holding alongside gold, with Ethereum and Solana positions still proving their case.
Bitwise stated it expects a majority of institutional investors to hold crypto within five years based on the report's findings.