Why Institutional Investors Are Doubling Down on Crypto in 2026

Seventy-three percent of institutional investors told Coinbase and EY-Parthenon, in a January 2026 survey of 351 institutional decision-makers, that they plan to increase their digital-asset allocations this year. Alongside that, 74% expect crypto prices to rise over the next 12 months, while two-thirds report exposure through spot crypto ETFs or exchange-traded products (ETPs).

That appetite for more crypto, though, comes with a catch: 49% of respondents said recent volatility had led their firms to place greater emphasis on risk management, liquidity, and position sizing. As David Duong, Head of Institutional Research at Coinbase, told CoinDesk, “People are still interested in crypto. They want to see tighter risk controls, but they want to stay allocated.”

That same caution appears in how institutions are sizing their allocations. The proportion of surveyed firms allocating more than 5% of their assets under management to digital assets is expected to rise from 18% to 29% by the end of 2026. Interestingly, the largest institutions are also the most cautious: 64% of firms managing between $501 billion and $1 trillion plan to increase their holdings, compared with 77% of firms managing between $1 billion and $50 billion, according to the Coinbase and EY-Parthenon survey. 

A separate 2026 survey from Nomura and Laser Digital adds another perspective. The survey gathered responses from 518 investment professionals in Japan, including representatives of institutional investors, family offices, and public-sector organizations. Among respondents considering a digital-asset allocation over the next three years, nearly 80% planned to invest, while 60% expected to allocate between 2% and less than 5% of their portfolios.

Across the surveys, the pattern is similar. Many institutions appear to be approaching crypto as a longer-term allocation rather than a quick trade.

Survey answers are one thing, and regulatory filings are another. Together, they provide a clearer view of institutional exposure.

Under U.S. rules, institutional investment managers that meet certain thresholds must disclose specified equity holdings each quarter through documents called 13F filings. Second-quarter 2026 filings identify major holders of BlackRock’s iShares Bitcoin Trust ETF, or IBIT, including Jane Street, Wells Fargo, Goldman Sachs, Morgan Stanley, and Millennium Management.

As of June 30, 2026, Jane Street reported an IBIT position valued at approximately $828 million, followed by Wells Fargo at approximately $812 million. Goldman Sachs reported approximately $574 million, while Morgan Stanley and Millennium Management reported approximately $549 million and $322 million, respectively. These positions can change significantly from one quarter to the next, but the filings provide concrete evidence of institutional participation.

Beyond institutional funds, access has widened for retail investors as well. Vanguard began allowing clients to trade certain third-party crypto ETFs and mutual funds, while Merrill Lynch expanded the ability of its advisors to recommend select crypto products. Morgan Stanley also announced plans to introduce direct cryptocurrency trading through its E*Trade platform.

These are meaningful steps for firms that had previously taken a cautious approach to digital assets. Separately, Bitfinex analysts projected that total assets under management in crypto ETFs could reach $400 billion by the end of 2026, with products tracking assets such as Solana and XRP broadening a market previously dominated by Bitcoin and Ethereum funds.

Taken together, regulated funds have become a major entry point into crypto. Retail interest has not disappeared, but many institutional investors increasingly prefer the familiar structure, compliance requirements, and investor protections offered by registered vehicles.

Beneath the fund flows, corporate treasuries, the cash and other reserve assets businesses keep on their balance sheets, tell a messier story worth watching.

Strategy, the software company formerly known as MicroStrategy, remains the largest corporate holder of Bitcoin. As of March 22, 2026, it held 762,099 BTC acquired for approximately $57.69 billion, at an average purchase price of $75,694 per coin. With Bitcoin trading below that average at the time, the position was approximately $6.2 billion below its acquisition cost.

Strategy then reported no purchases for the week of March 23 to March 29, its first weekly pause of 2026. However, the pause did not signal a broader retreat. The company resumed buying the following week, acquiring another 4,871 BTC between April 1 and April 5, according to a subsequent SEC filing.

The wider corporate-treasury trend also reflected greater caution. In February 2026, public companies added approximately 7,800 BTC and sold or otherwise reduced their reported holdings by roughly 8,600 BTC. This produced a net decline of approximately 800 BTC, the first monthly net reduction recorded by the cited tracker. Strategy alone accounted for approximately 65% of the Bitcoin added by public-company treasuries that month.

Strategy is not the only public company holding Bitcoin as a reserve asset, only the biggest. Semler Scientific, a U.S. healthcare-technology company, adopted Bitcoin as its primary treasury reserve asset in May 2024. Japan-based Metaplanet adopted a similar strategy that year and has since become one of the most prominent corporate Bitcoin holders outside the United States.

None of this means companies are giving up on Bitcoin treasuries. It means the trend is growing up, moving past the phase when buying more was necessarily the obvious next step.

Beyond corporate balance sheets, institutional interest is not staying limited to Bitcoin.

The proportion of surveyed institutions holding cryptocurrencies other than Bitcoin and Ethereum is expected to rise from 51% to 56% in 2026, with Solana, Chainlink, and XRP among the leading assets driving that increase. Even so, Bitcoin and Ethereum remain much more widely held, appearing in 91% and 90% of surveyed portfolios, respectively.

Within that shift, stablecoins have seen one of the more interesting changes. A stablecoin is a cryptocurrency designed to maintain a relatively stable value, typically by being tied to an asset such as the U.S. dollar. This can make stablecoins useful for payments, settlements, and transfers without the price swings associated with Bitcoin.

In the Coinbase and EY-Parthenon research, 85% of respondents said they already use or are interested in using stablecoins. Internal cash management and money movement, along with same-day securities settlement, were among the leading potential uses identified by respondents.

The survey also found that U.S. respondents viewed the GENIUS Act, a 2025 law that established a federal regulatory framework for payment stablecoins, as a potential catalyst for wider institutional and corporate adoption.

Further out, tokenization is still taking shape. It involves representing ownership of a real-world asset, such as a stock, bond, or piece of real estate, through a digital token recorded on a blockchain. Sixty-three percent of investors surveyed by Coinbase and EY-Parthenon said they were interested in allocating to tokenized assets, while 61% expected tokenization to significantly affect trading, clearing, and settlement over the next three to five years.

Separately, Broadridge’s 2025 Tokenization Survey found that 63% of custodians already offer tokenized assets, compared with 15% of asset managers, although another 41% of asset managers plan to launch tokenized products.

None of this means every institution is following the same playbook. Taken as a whole, however, the 2026 data shows a market moving from experimentation toward infrastructure: regulated products, tighter risk controls, and identifiable institutional holders are becoming more prominent alongside the retail activity that drove earlier crypto cycles.

For small- and mid-cap companies, what matters is less where Bitcoin’s price sits on any given day and more what this shift signals: many large investors are becoming more comfortable treating crypto as a portfolio allocation rather than a novelty. That is a different environment from five years ago and one worth understanding, whether or not digital assets ever appear on a company’s own balance sheet.

For small- and mid-cap companies determining how, or whether, to discuss digital assets with investors, Global One Media can help translate complex market shifts into clear, accessible investor communications. Get in touch with us to learn how we can help your organization.