Bitcoin, Ethereum, Solana: How Institutions Manage Their Cryptos

No Institution Sold During the Drop

Bitwise surveyed the cryptocurrency investment decision-makers at 15 major global institutions. The sample includes endowments, foundations, public pension funds, family offices, investment consultants, sovereign wealth funds, and publicly traded companies. The interviews were conducted over several months with professionals directly responsible for crypto allocations.

One of the main takeaways from the report is that none of the institutions surveyed reduced their exposure to cryptocurrencies during the approximately 50% market drop between Q4 2025 and Q2 2026. Several even strengthened their positions.

Institutions are generally reluctant to announce their crypto positions.

So we asked 15 of the world's largest investment firms how they're allocating to crypto today.

Introducing the first-ever Bitwise Institutional Crypto Adoption Report.https://t.co/LhY0Ek5rjG

--- Bitwise (@Bitwise) September 23, 2026

Moreover, no investor cited price as a reason that could push them to sell. The main scenarios mentioned are rather the invalidation of the investment thesis, a regulatory reversal, or a credibility crisis affecting the entire sector.

Bitcoin as a Pillar, Often Associated with Gold

All the institutions surveyed that hold cryptocurrencies own Bitcoin. For almost all of them, it is both their first exposure to the sector, their largest position, and the one they have held the longest.

Allocations represent between 0.5% and 13% of investable assets, with a strong concentration around 1% to 2%. This level is below the 4% ceiling that Morgan Stanley already recommended to some of its clients in October 2025.

The size of the allocation tends to decrease as the number of decision-makers involved increases. Family offices show the highest exposures, while sovereign funds are the most cautious.

Bitcoin serves as an anchor, often alongside gold, while Ethereum and Solana still need to prove themselves. Ryan Rasmussen, Director of Research at Bitwise.

Ethereum and Solana Under Conditions

Ether (ETH) and SOL are held in smaller quantities, over shorter horizons, with explicit exit conditions. Institutions treat them as early-stage technology bets.

"At some point, if it doesn't work out, we will exit," a crypto-invested institution for 10 years told Bitwise. Some completely avoid them, including one that heavily uses decentralized finance (DeFi) without seeing how this activity benefits the tokens.

Spot ETFs have also profoundly changed how institutions expose themselves to cryptocurrencies. Almost all organizations surveyed by Bitwise are already using them or plan to do so. Those that have abandoned direct holdings cite lower overall costs, simplified operational management, and better liquidity.

Finally, the main barrier to wider adoption is no longer the relevance of the investment itself, but rather governance and reputational constraints. Integrating cryptocurrencies into existing investment policies, obtaining committee approval, and assuming reputational risk remain significant obstacles. However, Bitwise observes that these barriers are decreasing with the proliferation of spot ETFs, the improvement of the regulatory framework, and the gradual arrival of other major investors in the market.

The crypto market is thus undergoing significant changes with the arrival of institutional players. Investors looking to capitalize on this evolution can turn to Crypto Stratège, the support method established by the experts at Cryptoast.

Sources: Bitwise, Stocktwits via Yahoo Finance

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