None of the 15 institutions surveyed in Bitwise's first Institutional Crypto Adoption Report reduced their crypto exposure during a market drawdown of roughly 50%, and several investors instead added to their positions. Bitcoin, meanwhile, stood as the only crypto asset held by every institution in the survey, with most institutional allocations concentrated between 1% and 2% of investable assets. Taken together, the findings underscore how institutional strategies remained anchored to longer-term convictions rather than short-term price movements.

Institutions Held Through the Crypto Market Drawdown

According to the report, Bitwise interviewed 15 senior investment professionals who oversee crypto allocations at major institutions, including endowments, foundations, public pensions, sovereign wealth funds, multi-family offices, investment consultants, and public companies. The interviews took place between late March and April 2026, during a market decline that began in October 2025.

Not one of the institutions interviewed trimmed its crypto allocation during the drawdown, while several purchased additional assets. The findings carry an important caveat, however: they apply only to the 15 institutions interviewed. Bitwise did not identify the participants, meaning the results do not represent the entire institutional investment market.

Notably, falling prices were not cited as a reason to sell crypto. Respondents instead identified thesis failure, regulatory reversals, or an industry-wide credibility crisis as potential exit triggers.

INSIGHT: Bitwise released its first Institutional Crypto Adoption Report, and the findings are bullish. 🤯 ✅ 0 institutions cut crypto exposure during the ~50% drawdown ✅ Every crypto-holding institution owns Bitcoin ✅ Most allocations are around 1%-2% ✅ Several bought more… pic.twitter.com/wFljhY8XqR

— CryptosRus (@CryptosR_Us) September 24, 2026

Some investors had already experienced market declines exceeding 50% in prior cycles. As a result, the latest downturn did not necessarily change their longer-term allocation strategies.

Bitcoin Remains the Core Institutional Crypto Asset

Bitcoin emerged as the common asset among every crypto-owning institution included in the report. For nearly all respondents, BTC was their first, largest, and longest-held digital asset.

Several investors view Bitcoin primarily as a store of value, and some consider BTC alongside gold within broader portfolio strategies. That framing draws on Bitcoin's protocol-fixed supply cap of 21 million coins, a built-in scarcity attribute often likened to gold's limited reserves.

Institutional allocations varied considerably across the sample. Crypto exposure ranged from 0.5% to 13% of investable assets, although most allocations remained between 1% and 2%. Family offices reported some of the largest allocations, while sovereign wealth funds generally maintained smaller positions — differences that reflected varying approval processes, governance structures, and institutional constraints.

Ethereum and Solana received less consistent institutional conviction than Bitcoin. Investors generally held smaller positions in ETH and SOL and applied shorter investment horizons. Some institutions said they could sell either asset if network activity failed to generate value for the underlying token.

Stablecoins, decentralized finance, and tokenization were among the other areas investors monitored.

Spot Crypto ETFs Gain Institutional Traction

The report also highlighted growing institutional use of spot crypto exchange-traded funds. According to the findings, almost every interviewed institution either used these products or planned to use them. Spot bitcoin ETFs began trading in the United States in January 2024, with spot ether ETFs following that July, giving allocators an exchange-listed route into the asset class.

Some investors have shifted from private placements or direct custody toward ETFs. Lower costs, simpler operations, and easier portfolio administration were among the factors supporting that transition.

Direct custody nonetheless remained relevant for some institutions. Governance requirements and internal policies continue to shape how investors access digital assets.

Bitwise also noted that public filings may underestimate institutional crypto ownership. Certain holdings remain outside standard disclosure frameworks, while direct ownership and private investment vehicles may not appear in reported securities positions. In the United States, quarterly 13F disclosures capture exchange-listed securities such as ETF shares but generally exclude directly held tokens and private fund stakes.

Overall, the findings show that institutional crypto strategies increasingly center on allocation discipline, governance, and long-term investment theses rather than reactions to short-term price movements.