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Bitwise surveyed 15 investment professionals at endowments, pension funds, sovereign wealth funds, family offices and public companies between late March and April 2026, and found that none reduced their crypto exposure during the roughly 50% market decline from October 2025 to April 2026. Several respondents actually added to their positions during the drawdown.
Why it matters
All crypto-owning respondents held Bitcoin. Allocations ranged from 0.5% to 13% of investable assets, with most concentrated in the 1% to 2% band. Despite the steep drawdown, the cohort showed no signs of capitulation, which suggests institutional books are now treating crypto as a sticky allocation rather than a tactical trade. Governance, operational and reputational concerns remain the main friction points keeping those weights from growing.
Market impact
Nearly every respondent either uses or plans to use spot crypto ETFs. That is the structural read for the asset class: the buy-and-hold cohort has consolidated around regulated wrappers, and the survey found no sellers even at the cycle's worst stretch. The next move, if allocations drift from 1%–2% toward the 13% high end of the sample, is what the spot ETFs are positioned to absorb.
Source: [source](https://s3.us-east-1.amazonaws.com/static.bitwiseinvestments.com/Research/Bitwise-Institutional-Crypto-Adoption-2026.pdf)
Frequently asked questions
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How many institutions did Bitwise survey?
Bitwise interviewed 15 investment professionals at endowments, pension funds, sovereign wealth funds, family offices and public companies between late March and April 2026.
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Did any institutions cut their crypto allocations during the 2025–26 crash?
No. None of the 15 respondents reduced their crypto exposure during the roughly 50% market decline from October 2025 to April 2026, and several added to their positions.
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What share of portfolios is crypto for these institutions?
Crypto allocations ranged from 0.5% to 13% of investable assets, with most respondents concentrated in the 1% to 2% band.
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Do these institutions use spot crypto ETFs?
Nearly all respondents already use or plan to use spot crypto ETFs, according to Bitwise.
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What is stopping institutions from allocating more to crypto?
Bitwise said governance, operational and reputational concerns remain the main barriers to larger allocations.
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