Bitwise Asset Management released its first Institutional Crypto Adoption Report on September 29, 2026. The study, which surveyed 15 large institutions between March and April 2026, highlights a shift in reserve asset strategy among state-backed investors.
The report reveals that at least one sovereign wealth fund liquidated gold and foreign exchange reserves to increase its Bitcoin holdings. This move positions Bitcoin as a direct substitute for traditional reserve assets within the fund's portfolio.
During a market drawdown of approximately 50%, where Bitcoin prices fell from about $125 000 in Q4 2025 to $60 000 in Q2 2026, none of the surveyed institutions reduced their crypto positions. Bitcoin remained the primary asset for all participants.
Institutional allocations to crypto assets currently range from 0.5% to 13% of total investable assets, with most firms maintaining a 1-2% stake. Weekly inflows into Bitcoin ETFs reached as high as $2,5 billion during the observed period.
