Every Institution Bitwise Interviewed That Holds Crypto Owns Bitcoin

Bitwise head of research Ryan Rasmussen said every institution Bitwise interviewed that owns crypto owns bitcoin, summarizing the firm's Institutional Crypto Adoption Report. For almost all of those institutions, bitcoin was their first, largest, and longest-held crypto position.

What the 15 Institutions Hold

Bitwise's Institutional Crypto Adoption Report draws on interviews with 15 large institutions conducted in late March and April 2026, according to Cointelegraph. Crypto allocations among the 15 institutions ranged from 0.5% to 13%, with 1% to 2% typical.

Cointelegraph reported that every institution in the group that owned crypto held bitcoin, usually as its largest and longest-held position. Even at typical crypto allocations of 1% to 2%, bitcoin was the first, largest, and longest-held crypto position for almost all of the 15 institutions.

None of the 15 institutions cut their crypto allocations during a roughly 50% market drawdown that ran from October 2025 to April 2026, while several bought more.

Rasmussen said bitcoin is the only crypto asset with consistent institutional conviction.

Bitcoin and Gold as a Pair

Most institutions frame bitcoin as a store of value, often paired with gold. Rasmussen wrote:

"Bitcoin and gold now travel together. Most institutions we interviewed hold the two as a pair, as a hedge against currency debasement."

Ethereum and Solana sit in a different bucket. Institutions that own Ethereum and Solana treat them as venture-stage bets with shorter horizons and explicit exit conditions, according to Bitwise.

The split contrasts bitcoin, held as a store of value and a hedge against currency debasement, with Ethereum and Solana, held as venture-stage bets with explicit exit conditions.

For almost all of the institutions Bitwise interviewed, bitcoin was not only the first crypto position but also the largest and the longest-held, which is why Rasmussen said bitcoin is the only crypto asset with consistent institutional conviction.

Why It Matters

Institutions that sat through a roughly 50% market drawdown without cutting crypto allocations, and in several cases bought more, are treating bitcoin as a store of value rather than a trade. Most of the 15 institutions hold bitcoin and gold as a pair as a hedge against currency debasement, because fiat money printing dilutes currency while bitcoin scarcity cannot be diluted. Ethereum and Solana were treated as venture-stage bets with explicit exit conditions, a contrast that reflects why Rasmussen called bitcoin the only crypto asset with consistent institutional conviction. With 1% to 2% typical allocations, those institutions have room to grow their first, largest, and longest-held position, and in our view the hedge is complete only when that bitcoin sits in self-custody.