Institutions are generally reluctant to discuss their crypto positions. Whether for competitive reasons or reputational ones, most have historically avoided disclosing what they own—which means the public conversation about institutional adoption runs largely on inference.

So we asked them directly.

Over three months, Bitwise interviewed the senior investment professionals responsible for crypto decisions at 15 of the world’s largest institutions: endowments, foundations, public pension funds, multi-family offices, investment consultants, sovereign wealth funds, and public companies. We asked what they hold, how much, why, and what would make them sell.

What we found:

• Not one institution we interviewed reduced its allocation through the…