Bitwise interviewed 15 institutional investment professionals, including those from endowments, pension funds, sovereign wealth funds, family offices, and public companies, between late March and April 2026. Crypto allocations among these institutions ranged from 0.5% to 13% of investable assets, with most falling between 1% and 2%. All crypto-owning respondents held Bitcoin. None of the interviewed institutions reduced their crypto exposure as the market fell roughly 50% between October 2025 and April 2026, with several even adding to their positions. Nearly all respondents either already use or plan to use spot crypto ETFs, though governance, operational, and reputational concerns remain the main barriers to larger allocations.