Institutional investors largely maintained or increased their crypto exposure through the latest market downturn, according to a new study from Bitwise Asset Management.

Bitwise interviewed senior investment professionals responsible for crypto allocations at 15 large institutions, including pension funds, sovereign wealth funds, endowments, foundations and family offices.

None reduced its allocation during the roughly 50% crypto market drawdown between Q4 2025 and Q2 2026, while several increased their exposure.

Bitcoin emerged as the common asset across institutional portfolios. Every institution in the study that owned crypto held Bitcoin, which for nearly all was its first, largest and longest held crypto position.

Investors frequently…