15 Institutions Surveyed by Bitwise: None Sold Their Crypto

In the spring, Bitwise surveyed the crypto leaders of 15 institutions, ranging from sovereign funds to pension funds, endowments, and publicly traded companies. The market had just lost about 50% since October, and none had reduced their allocation. Bitwise also asked them what would make them sell.

Price Is Not a Reason to Sell

Bitwise, which markets crypto products, published these interviews on September 23.

The institutions responded anonymously, most avoiding disclosing their crypto positions out of concern for competition or reputation. During the downturn from October 2025 to April 2026, several institutions bought more crypto.

When asked what would make them exit, none cited falling prices. Sovereign funds mentioned regulatory reversals or a credibility crisis in the sector.

Some of these institutions have already experienced multiple declines of over 50%, including the one in 2022.

One of them, which has held crypto for 10 years, summarized it this way: << Something has to work. At some point, if it doesn't work, we will exit. >>

Bitcoin in Every Crypto Portfolio

All the surveyed institutions that hold crypto own bitcoin. For almost all of them, it is their primary crypto asset, the most significant and the oldest. Most compare it to gold.

ETH and SOL hold more modest positions, kept for a shorter time. Several institutions set a timeline of a few years for them: the adoption of these networks must be reflected in the price of their tokens.

Some institutions do not hold either ETH or SOL. One of them uses DeFi to lend, trade, place stablecoins, and stake. It sees no mechanism by which this usage would benefit ETH or SOL.

From Family Offices to Sovereign Funds, Allocations from 0.5% to 13%

Crypto allocations range from 0.5% to 13% of investable assets, most between 1% and 2%.

Family offices, which manage the wealth of affluent families, report the highest allocations, while sovereign funds report the lowest.

Almost all institutions use a spot ETF or plan to do so. Some switched to it after holding their crypto directly. The ETF reduces their total cost, simplifies custody, and makes crypto a line item like any other in their accounts.

Several institutions complement their exposure with market-neutral strategies, which do not depend on market rises or falls. They seek to mitigate volatility and make it easier to validate crypto internally.

For one allocator, starting with arbitrage remains the simplest way to convince an institution to get involved.

Market-Neutral Strategies for Individuals Too

An individual who has built up significant capital faces the same problem on their scale. A portfolio fully exposed to a market reversal quickly becomes stressful and exhausting. They seek to grow their savings without experiencing significant price fluctuations, at least with part of their capital.

With stablecoins, DeFi provides access to yield mechanisms that do not depend on the rise of a token: lending, liquidity provision, market-neutral strategies. Spotting these opportunities and understanding their risks requires analytical work that the Club 25% documents for its members.

The Club 25% is a private club of over 150 investors who manage their savings in stablecoins via DeFi, aiming for 15 to 25% per year, without directional exposure, dedicating a few hours each quarter.

How it works in practice:

• A public portfolio of $100,000 tracked in real-time: all decisions are documented and explained.
• Analyzed DeFi opportunities: you follow step-by-step video guides to invest in selected protocols.
• Control of your funds: you remain in control of your capital, no third party has access to your wallet.

None of them reduced their crypto during the downturn, and none cited price among the reasons that would push them to do so.