Bitwise survey finds most institutional crypto allocations sit at 1‑2% of assets

Bitwise’s inaugural Institutional Crypto Adoption report, released on September 23, surveyed 15 senior investment professionals from endowments, foundations, public pension funds, sovereign wealth funds, multi‑family offices, investment consultants and public companies. The interviews, conducted between late March and April, explored sizing, governance, investment vehicles, rebalancing and exit conditions.

Typical allocation size

Across the sample, crypto exposure ranged from 0.5% to 13% of investable assets. Most institutions reported allocations clustered between 1% and 2%.

• Endowments and foundations: 0.5%‑10% (most 0.5%‑2%)
• Sovereign wealth funds: 1%‑1.5%
• Public pension funds: 1.5%‑4.5%
• Multi‑family offices: up to 13% (average around 5%)
• Public companies: 1%‑10% of excess cash

No reduction during market drawdown

During the roughly 50% crypto‑market decline from October 2025 to April 2026, none of the interviewed institutions lowered their crypto exposure. Several actually increased their positions. Price declines were not cited as an exit trigger; instead, respondents mentioned a breakdown in investment thesis, regulatory reversal, credibility crises or lack of value creation on Ethereum and Solana as potential reasons to exit.

Bitcoin remains the core holding

Bitcoin was the only digital asset held by every crypto‑owning institution in the study. For most respondents it was the first, largest and longest‑held position, often accounting for about 80% of the total crypto allocation in market‑cap‑weighted portfolios. Institutions framed Bitcoin as a store‑of‑value comparable to gold.

Ethereum and Solana see limited, conditional exposure

Ethereum and Solana received smaller allocations and were treated as technology investments tied to network adoption. Some institutions avoided them due to uncertainty about how network usage translates into token value.

Spot ETFs become the preferred vehicle

Almost all surveyed institutions either use or plan to use spot crypto ETFs, citing lower total costs, reduced operational burden and easier integration with existing custody and reporting systems. A few respondents preferred direct custody or domestic infrastructure due to regulatory mandates or policy restrictions.

Governance constraints limit allocation size

Operational structure and internal governance were cited more often than return expectations as the main constraints on crypto allocation size. Custody, portfolio classification, committee approvals and reputational risk were recurring concerns, especially for public pensions, sovereign wealth funds and foundations.

Outlook

Bitwise expects a majority of institutional investors to hold crypto within five years, noting regulatory developments and peer adoption as potential drivers while warning that a major crypto failure or weak real‑world adoption could delay further allocations.