None of the 15 large institutions interviewed by Bitwise reduced its crypto allocation during the roughly 50% market drawdown between the fourth quarter of 2025 and the second quarter of 2026, and several added to their positions, according to the asset manager’s first Institutional Crypto Adoption Report.

The report, written by chief investment officer Matt Hougan and head of research Ryan Rasmussen, draws on interviews conducted in March and April with endowments, foundations, public pensions, sovereign wealth funds, multi-family offices, investment consultants and public companies managing anywhere from hundreds of millions to tens of billions of dollars.

Every institution that holds crypto holds bitcoin, and for nearly all of…