Bitcoin is readily presented as “digital gold”. In institutional portfolios, its arrangement is sometimes quite different. A Bitwise survey of 15 large institutions shows that many still place their crypto investments in pockets dedicated to technology, innovation or venture capital. However, Bitcoin remains the common asset for all respondents exposed to cryptocurrencies. Allocations range from 0.5% to 13% of investable assets, with the majority falling between 1% and 2%.
In brief
- All institutions surveyed that hold crypto own Bitcoin.
- Most crypto allocations represent between 1% and 2% of investable assets.
- No institutions surveyed reduced their exposure during the roughly 50% drop between late 2025 and mid-2026.
Bitcoin remains stored in technology pockets
The contrast emerges quite quickly from the report. Investors interviewed often talk about bitcoin as a store of value and compare it to gold. One of them even places it in the “gold basket” of his wallet.
Yet when it comes to actually ranking investments, technology takes over. One foundation describes its crypto allocation as a bet on “growth and disruption.” A pension fund places it in an innovation pocket also including AI, life sciences, space and other emerging technologies. Another foundation flatly rejects the idea of “digital gold” and considers cryptocurrencies to be disruptive technologies.
This double reading also appears in a previous Tremplin.io study on the behavior of institutions during the market fall. Bitcoin already occupied a special place there: generally the first asset purchased, the oldest and the most important.
The Bitwise report covers endowments, foundations, public pension funds, sovereign wealth funds, multi-family offices, investment consultants and listed companies. We are therefore beyond just traditional Wall Street. The structures surveyed manage from a few hundred million to several tens of billions of dollars. Bitcoin thus finds itself between two categories that finance previously separated quite easily: store of value on one side, technological investment on the other.
All crypto institutions surveyed hold Bitcoin
On this point, the answers are much less ambiguous. Every institution in the sample that owns cryptocurrencies holds Bitcoin. For almost all of them, BTC also constitutes the first open crypto position, the largest and the one held for the longest. Ethereum and Solana appear next, with generally smaller amounts and shorter horizons.
Allowances vary greatly. The lowest represents approximately 0.5% of investable assets, the highest 13%. The majority, however, is around 1% to 2%.
Family offices are generally more generous. Sovereign funds, whose decisions go through more levels of approval, remain more cautious. Bitwise also notes an inverse relationship between the size of the allocation and the number of people needed to validate it.
ETFs have also simplified entry for these investors. Almost all institutions surveyed are already using them or planning to do so. They cite lower operational costs and above all a much more familiar integration for their internal teams.
This channel is already gaining momentum. By early September, Bitcoin ETFs had attracted around $3.8 billion in three weeks.
The wallet is therefore no longer required to enter Bitcoin. For a pension fund or a foundation, BTC can now arrive in the portfolio in a form much more resembling a classic financial product.
Even a 50% drop didn’t trigger sales
Bitwise also asked these investors about their exit conditions. The price comes far behind. Between the fourth quarter of 2025 and the second quarter of 2026, the crypto market lost around 50%. None of the 15 institutions surveyed reduced their allocation during this period. Many even bought more.
Neither cited a simple drop in Bitcoin’s price as sufficient reason to sell. The answers focus instead on three scenarios: a questioning of the investment thesis, a significant regulatory reversal or a credibility crisis affecting the entire sector. For Ethereum and Solana, some institutions also set conditions related to the actual adoption of the networks and the ability of this activity to benefit the token.
Bitcoin gets different treatment. Bitwise has for several months defended the idea that institutional investors could further increase their allocations. In August, the manager spoke of trillions of dollars of potential institutional capital. This is a projection from Bitwise, not an amount already committed. The current study above all gives a more down to earth picture: allocations often limited to 1% or 2%, ETFs used to simplify access and a Bitcoin that some place with gold while others still put it next to AI and tech.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
