A Bitwise survey of 15 institutional investors found that none reduced their crypto exposure as the market fell about 50% between Q4 2025 and Q2 2026. Bitcoin remains the one asset every crypto-holding institution owns, while Ethereum and Solana draw smaller, more selective allocations.
None of the 15 institutions Bitwise surveyed cut their crypto allocation during a stretch when the market fell by about 50% between Q4 2025 and Q2 2026. The finding suggests institutions are staying put through the downturn even as they stay selective about what they buy.
Allocations stay small but steady
Crypto allocations across the surveyed portfolios range from 0.5% to 13% of investable assets, with most institutions holding between 1% and 2%. That exposure is spread across ETFs, direct crypto holdings, venture capital, and hedge funds. Some institutions are holding their current targets steady, while others are still working toward higher allocations.
Several investors are also moving away from illiquid private placements. Some are adding market-neutral strategies to reduce volatility and make crypto investments easier to approve internally. Bitwise said the debate is increasingly focused on how much crypto to hold and which vehicles to use, rather than whether to invest at all.
Every crypto-holding institution owns Bitcoin
Institutions are taking different approaches to Bitcoin, Ethereum, and Solana. Every institution that owns crypto also owns BTC, and many see it as a store of value and a hedge against currency debasement, often comparing it with gold. Some institutions hold Bitcoin as a standalone position, while others use a market-cap-weighted basket that still leaves around 80% of their crypto exposure in BTC.
Ethereum and Solana face a narrower path. Institutions that own them generally keep smaller positions and shorter investment timelines, and their decisions are tied to specific adoption and value-accrual expectations. Some investors avoid the two assets entirely because they do not see a clear link between blockchain activity and token value.
Sources: Bitwise, CryptoPotato
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