10 Big Trends in Institutional Crypto Investing

We interviewed 15 of the world’s largest institutional investors to ask what they think about crypto assets. They didn't disappoint.

Anyone paying attention to crypto in recent years has heard it time and again: “The institutions are coming.” 

That’s been the prevailing narrative since the advent of Bitcoin and Ethereum ETFs in 2024, when institutional adoption surged. And it’s been reinforced by 13F filings, derivatives volumes, and Bitcoin tributes from the likes of Larry Fink, Ray Dalio, and Paul Tudor Jones. 

But none of those data points tell the full story. After all, foundations, endowments, pension funds, hedge funds, multi-family offices and sovereign wealth funds often play it close to the vest. Their positions are private, discretion is their bent, and many of them prefer to stay out of the limelight.  

So how do you know what the world’s biggest investors actually think about crypto? What are they buying? How big are their allocations? What’s keeping them from adding more?

There’s really only one way to find out, and that’s to ask them directly. So we did. 

Earlier this year, Bitwise sat down for in-depth interviews (sometimes multiple rounds) with senior investment professionals at 15 of the world’s largest institutions to explore their views on crypto in depth. It was our first-ever such survey. We were hopeful that it would yield insights, but you never really know until the talking begins. 

We weren’t disappointed. The institutions we surveyed offered a candid take on the crypto landscape and a fascinating window into their decision-making. Among the top 10 findings: Despite a 50%+ pullback in crypto prices from October 2025 to April 2026, not one institution we interviewed planned to cut their exposure to the asset class. They are allocating for the long haul. 

In lieu of a standard memo this week, I’d like to invite you to read the report itself.  It covers institutional investors’ views on spot ETFs, Solana vs. Ethereum, Bitcoin vs. gold, and more. While the report doesn’t name names—interviewees insisted on discretion—it offers detailed summaries of the interviews and aims to put you in the room with the largest institutions in the world.

I think you’ll enjoy it. Check it out here.

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