Major institutional investors view bitcoin as both digital gold and a technology investment, according to a survey of 15 large institutions by Bitwise Asset Management.
The survey included endowments, foundations, public pension funds, sovereign wealth funds, multi-family offices, investment consultants, and public companies managing hundreds of millions to tens of billions of dollars in assets. Interviews were conducted between late March and April 2026, when bitcoin was trading around $75,000.
Mixed Classification Approaches
Most surveyed institutions that own crypto assets frame bitcoin as "a store of value with asymmetric upside, often paired with gold as a fiat debasement hedge." One institution keeps bitcoin in its portfolio's "gold bucket." However, other institutions place crypto assets in venture, innovation, and technology investment buckets instead.
An endowment described bitcoin as both an "emerging-to-established store-of-value" play and "a venture-style bet." A pension fund positioned crypto as part of a broader innovation allocation including artificial intelligence, life sciences, and space technology. One foundation rejected the digital gold framing entirely, categorizing all crypto as disruptive technology rather than a store of value.
Bitcoin's Institutional Status
Every institution surveyed that owns crypto owns bitcoin, with most holding bitcoin as a standalone position. Among surveyed institutions, crypto allocations range from 0.5% to 13% of investable assets, with most between 1% and 2%.
Bitcoin has achieved status as "the universal conviction asset," while ether and solana have not yet attained similar standing among the surveyed institutions.
Decision-Making and Exit Criteria
Bitwise noted that crypto allocation decisions vary by institutional structure. "Where one person can decide, crypto gets allocated. Where a committee must agree, it often stalls," the report stated.
The surveyed institutions did not reduce their crypto allocations during the market sell-off between October 2025 and April 2026, with several institutions buying more during that period. When asked what would prompt them to exit their positions, none of the institutions cited bitcoin's price. Bitcoin-only holders said they would reconsider their positioning if ether or solana showed clear value accrual. Sovereigns named regulatory reversal or an industry-wide credibility crisis as reasons to exit.
