Bitwise Finds 1%-2% Crypto Allocations Common

Among 15 institutions interviewed by Bitwise, reported crypto allocations ranged from 0.5% to 13% of investable assets, with most between 1% and 2%. Every institution in the study that owned crypto held Bitcoin. 

The findings come from Bitwise’s first Institutional Crypto Adoption report, published Sept. 23. The firm conducted 30-to-60-minute interviews between late March and April with investment professionals from endowments, foundations, public pensions, sovereign wealth funds, multi-family offices, investment consultants and public companies.

Endowments Range From 0.5% to 10% as Family Offices Reach 13%

Endowments and foundations reported crypto allocations ranging from 0.5% to 10%, although most sat between 0.5% and 2%. Sovereign wealth funds reported positions between 1% and 1.5%, while public pensions ranged from 1.5% to 4.5%.

Multi-family offices reached allocations as high as 13%, with Bitwise saying family offices commonly targeted about 5%. Public companies in the study reported putting between 1% and 10% of excess cash into crypto.

Across the study, institutions used combinations of spot ETFs, direct ownership, venture capital and hedge funds rather than relying on a single investment structure.

None of 15 Respondents Cut Crypto Allocations During 50% Drawdown

Bitwise said none of the institutions interviewed reduced its crypto allocation as the market fell roughly 50% between October 2025 and April 2026. Several increased exposure during the decline.

No respondent named falling prices alone as a reason to exit. Instead, interviewees cited potential thesis failure, regulatory reversal or an industry-wide credibility crisis.

Ethereum and Solana were treated differently from Bitcoin. Institutions holding ETH or SOL generally used smaller positions and shorter investment horizons, with some saying they would sell if growing network adoption failed to translate into value for the underlying tokens.

Almost Every Respondent Uses Or Plans to Use Spot Crypto ETFs

Almost every institution interviewed either uses spot crypto ETFs or plans to use them, according to Bitwise.

Respondents that moved from direct custody to ETFs cited lower all-in costs, reduced operational burden and easier integration with existing back-office processes. Some institutions still avoided ETFs because of direct-custody mandates, investment-policy restrictions or the public visibility created by 13F disclosures.

The study remains a small, anonymous sample rather than a representative measure of institutional portfolios worldwide. Its findings show how those 15 allocators approached crypto, with governance, committee approvals and reputational concerns still limiting adoption and position sizes at some institutions.