None of 15 large institutions interviewed by Bitwise cut crypto allocations during a roughly 50% market drawdown from the fourth quarter of 2025 to the second quarter of 2026, while several added exposure. The asset manager's first Institutional Crypto Adoption Report, written by Chief Investment Officer Matt Hougan and Head of Research Ryan Rasmussen, found that every crypto-holding respondent owned bitcoin, typically as its first, largest and longest-held position. Allocations ranged from 0.5% to 13% of investable assets, although most were between 1% and 2%. Institutions increasingly frame bitcoin alongside gold as a store of value and a hedge against fiat debasement, with market-capitalization-weighted allocators holding about 80% of crypto exposure in bitcoin. Ether and Solana were generally held in smaller positions with shorter investment horizons and stated exit conditions. Most institutions use spot ETFs or plan to, with several shifting from illiquid private placements toward ETFs or direct holdings. Bitwise said institutional hurdles now center on custody, governance processes, asset classification and career risk, while cautioning that its 15-interview sample is small and that it sells products to the same investor base.