Not a single one of the 15 major investors surveyed by crypto fund manager Bitwise reduced their digital asset positions as the market dropped by roughly 50% from October 2025 to April 2026, and several participants even increased their holdings.
The participants comprised pension funds, public companies, university endowments, family offices, and state-owned investment funds. Every single organization holding cryptocurrency included Bitcoin (BTC) in its portfolio.
Why the Institutions Refused to Sell Bitcoin
Bitwise, an organization overseeing more than $9 billion in client assets, conducted these discussions between late March and April 2026. The resulting report keeps the identities of the institutions confidential, though their overall portfolios span from hundreds of millions to tens of billions of dollars.
Decline in valuation was not cited by any participant as motivation to liquidate. Instead, they explained that they would only exit if the fundamental rationale for holding crypto became invalid, such as a major industry scandal or a severe regulatory reversal. A portion of the group had previously navigated past 50% market corrections, including the downturn in 2022.
The majority view Bitcoin as a digital store of value, frequently categorizing it alongside gold. Meanwhile, assets like Solana and Ethereum were approached with greater selectivity as technology investments that face potential sell-offs if tangible real-world adoption fails to materialize over the next few years.
“If the thesis is right, given the S-curve of adoption, selling now would be selling too early,” read an excerpt in the Bitwise report, citing an investment consultant.
Allocations remained modest, spanning between 0.5% and 13% of total investable assets, with the typical range falling between 1% and 2%. Virtually all of the interviewed entities currently utilize or intend to utilize spot Bitcoin exchange-traded funds (ETFs), which maintain direct reserves of the cryptocurrency and function like standard equities.
What Public Filings Show
The 15 subjects were chosen by Bitwise, an entity that offers crypto investment products to these exact categories of institutional clients.
However, public regulatory documents indicate that not all major investors maintained their positions. For instance, the Harvard endowment reduced its Bitcoin ETF holding by 43% during the opening quarter of 2026, as detailed in its quarterly US holdings disclosure (Form 13F). It remains unconfirmed whether Harvard participated in the Bitwise interviews.
Conversely, two state-backed investment funds based in Abu Dhabi retained every single share of IBIT throughout the market decline observed in the second quarter.
According to Bitwise, official filings fail to capture the full scope of institutional participation because certain investors leverage investment vehicles that circumvent public reporting requirements. Reputation, internal governance, and operational hurdles were highlighted as the primary obstacles preventing these entities from establishing larger allocations.
With Bitcoin changing hands near $84,534 at the time of publication, Bitwise anticipates that the majority of institutional players will incorporate crypto into their portfolios within the next five years.
Frequently Asked Questions
Did any of the 15 institutions sell their crypto during the market crash?
No. None of the 15 large investors interviewed by Bitwise cut their crypto holdings during the roughly 50% market drop between October 2025 and April 2026, and several bought more.
What types of institutions were included in the interviews?
The group included university endowments, pension funds, state-owned investment funds, family offices, and public companies.
Why would these institutions eventually decide to sell their crypto?
Respondents stated they would exit only if the core investment case for crypto broke down, such as an industry-wide scandal or a regulatory reversal, rather than simply reacting to falling prices.
How large were the crypto allocations held by these investors?
Their positions remained relatively small, ranging from 0.5% to 13% of investable assets, with the majority falling between 1% and 2%.
Did all large institutional holders avoid selling during this period?
Not universally. While the interviewed entities held firm—and Abu Dhabi’s two state funds kept every IBIT share—public filings showed that Harvard’s endowment cut its Bitcoin ETF stake by 43% in the first quarter of 2026.
