Institutional investors held their crypto allocations through a roughly 50% market decline between October 2025 and April 2026, according to a Bitwise report based on interviews with 15 institutions conducted in late March and April. None reduced its allocation, and several bought more. Crypto represented 0.5% to 13% of investable assets, with most positions between 1% and 2%. Several institutions without exposure were in advanced due diligence, while multiple sovereign wealth funds were examining sizable positions. One sovereign investor said building the legal and regulatory infrastructure for an allocation could take more than a year. Every interviewee with crypto exposure held Bitcoin, generally as its first, largest and longest-held position; some also owned smaller amounts of Ether or Solana. Almost every institution used or planned to use spot crypto ETFs, citing lower costs and simpler administration. Two Abu Dhabi investment vehicles held nearly $764 million in Blackrock Bitcoin ETF shares at the end of June without reducing their combined net share count during the second quarter. Bitwise expects a majority of institutional investors to hold crypto within five years, while a separate poll found 60% of wealth managers planned an allocation within a year and 67% had none at the time. A Coinbase and EY-Parthenon survey of 351 institutional investors found nearly three-quarters planned to increase crypto allocations in 2026.