A new report from Bitwise indicates that institutional investors maintained their cryptocurrency exposure during a severe market downturn, with none of the 15 institutions interviewed reducing their positions and several choosing to buy more. The findings were published on September 24, 2026, in Bitwise’s first Institutional Crypto Adoption Report, based on interviews conducted between late March and April 2026 amid a contraction of roughly 50% that began in October 2025.
The institutions included university endowments, foundations, public pension funds, sovereign wealth funds, multi-family offices, investment consultants, and public companies. None of the respondents cut crypto allocations during the drawdown. Falling prices were not mentioned as a sell trigger; instead, they cited an adverse regulatory reversal, a widespread credibility crisis, or failure of their investment thesis as reasons they might exit. The findings apply only to the 15 institutions interviewed, and participants were not identified, so the results do not represent the entire institutional market.
Bitcoin emerged as the foundational institutional asset. It was the first, largest, and longest-held crypto position for nearly all holders, often treated as a store of value alongside gold. Crypto allocations ranged from 0.5% to 13% of investable assets, though most concentrated between 1% and 2%. In contrast, Ethereum and Solana attracted less consistent conviction, with smaller positions and shorter horizons. Some institutions said they could exit ETH or SOL if stablecoin, DeFi, or tokenization activity did not translate into token value.
The report also highlighted growing use of spot crypto ETFs, with almost all institutions already using or planning to use them, and some migrating from private placements or direct custody. Bitwise noted that public filings may undercount institutional crypto ownership. A separate CoinShares 13F report showed professional exposure to U.S. spot Bitcoin ETFs fell 17% in the first quarter, driven mainly by hedge funds and broker-dealers, while banks increased participation.
