15 Institutions Spoke to Bitwise: More Crypto Buyers May Be Coming

Institutions Held Through the Sell-Off as Others Weighed Buying

Some of the world’s largest institutions held their crypto allocations through a roughly 50% market decline between October 2025 and April 2026. None of the 15 interviewed by Bitwise reduced its allocation during that period, and several bought more, according to the firm’s institutional crypto adoption report published Sept. 23. The interviews were conducted between late March and April.

Potential buyers were also part of the group. Several participants who had yet to allocate were in advanced due diligence, while multiple sovereign wealth funds were actively examining sizable positions. Their decisions may take longer to appear in public holdings: One sovereign investor told Bitwise that building the legal and regulatory infrastructure for an allocation could take more than a year.

The investors’ willingness to hold during a decline helped shape Bitwise’s outlook. None named a price drop as a reason it would sell. An investment consultant described the longer-term view:

“If the thesis is right, given the S-curve of adoption, selling now would be selling too early.”

Interest from another group points in the same direction, though plans are not purchases. In a separate poll of wealth managers discussed by Bitwise Head of Research Ryan Rasmussen on Sept. 8, 60% of respondents planned a crypto allocation within a year, while 67% had none at the time.