15 Institutions Speak to Bitwise: Institutional Crypto Demand Remains Strong

Bitwise interviewed 15 large institutions between late March and April 2026 to gauge crypto allocation behavior during a market decline of roughly 50% from October 2025 to April 2026. The findings show that none of the respondents reduced their crypto exposure, and several added to their positions.

Holdings Remained Stable Through the Sell‑Off

All 15 institutions kept their crypto allocations intact during the price drop. Some even increased their stakes, according to Bitwise’s institutional crypto adoption report released on September 23, 2026. No interviewee cited the price decline as a reason to sell.

Potential New Buyers in Advanced Due Diligence

Among the group were institutions that had not yet allocated to crypto but were deep in the due‑diligence process. Several sovereign wealth funds are evaluating sizable positions, though one noted that building the necessary legal and regulatory framework could take more than a year.

Allocation Sizes and Asset Preferences

Crypto allocations among the interviewees ranged from 0.5% to 13% of investable assets, with most sitting between 1% and 2%. Family offices tended to hold the larger percentages, while sovereign wealth funds held smaller allocations due to longer internal approval processes. Every institution that owned crypto held Bitcoin, typically as the primary and largest position. Some also held Ether or Solana in smaller amounts, attaching conditions based on network adoption and value creation.

Access Through Spot ETFs

Nearly all institutions either used or planned to use spot crypto exchange‑traded funds, citing lower costs and simplified administration. Spot Bitcoin ETFs provide price exposure via brokerage‑held shares while the fund handles custody of the underlying Bitcoin. Bitwise also noted that some institutions use vehicles that fall outside Form 13F disclosures, meaning public filings may understate true ownership.

Outlook for Institutional Adoption

Bitwise projects that a majority of institutional investors will hold crypto within five years, based on the momentum observed in the interviews and broader surveys. A separate Coinbase and EY‑Parthenon survey of 351 institutional investors found that nearly three‑quarters planned to increase crypto allocations in 2026, with heightened focus on risk management and liquidity.

Factors Supporting Future Growth

• Regulatory progress and clearer guidance.
• Increasing peer adoption reducing reputational barriers.
• Pairing Bitcoin with traditional safe‑haven assets like gold.
• Placement of crypto in technology and innovation portfolio categories.