Bitwise’s inaugural Institutional Crypto Adoption Report found that none of 15 interviewed institutional allocators reduced crypto exposure during a roughly 50% market decline between October 2025 and April 2026, while several increased positions. Most allocations stood between 1% and 2% of investable assets, within a reported range of 0.5% to 13%, with family offices generally reporting higher exposure than sovereign wealth funds. Bitcoin was held by every crypto-owning respondent and was usually their first, largest and longest-held digital asset; Ethereum and Solana were smaller, technology-oriented positions subject to more explicit adoption and token-value conditions. Nearly all respondents used or intended to use spot crypto ETFs, citing lower costs and simpler operations, although direct custody, internal policies and Form 13F disclosure considerations shaped vehicle selection. The anonymous sample does not represent the wider institutional market, and Bitwise’s forecast that most institutions will hold crypto within five years remains the firm’s outlook.