Bitcoin: Wall Street Still Sees BTC as a High-Risk Tech Bet

Bitcoin is often presented as “digital gold.” In institutional portfolios, its classification is sometimes quite different. A Bitwise survey conducted among 15 major institutions shows that several still place their crypto investments in pockets dedicated to technology, innovation, or venture capital. Yet Bitcoin remains the common asset among all respondents exposed to cryptocurrencies. Allocations range from 0.5% to 13% of investable assets, with a majority between 1% and 2%.

Bitcoin Remains Classified in the Technology Pockets

The contrast emerges quite quickly from the report. The investors interviewed often speak of bitcoin as a store of value and liken it to gold. One of them even places it in the “gold basket” of his portfolio.

However, when actually classifying the investments, technology takes precedence. One foundation describes its crypto allocation as a bet on “growth and disruption.” A pension fund places it in an innovation pocket that also includes AI, life sciences, space, and other emerging technologies. Another foundation outright rejects the idea of “digital gold” and considers cryptocurrencies as disruptive technologies.

This dual reading also appears in a previous Cointribune study on institutional behavior during the market crash. Bitcoin already held a special place there: generally the first asset purchased, the oldest, and the most significant.

The Bitwise report covers endowment funds, foundations, public pension funds, sovereign wealth funds, multi-family offices, investment consultants, and listed companies. So this goes beyond just traditional Wall Street. The structures surveyed manage from a few hundred million to several tens of billions of dollars. Bitcoin thus lies between two categories that finance previously separated quite easily: store of value on one side, technological investment on the other.

All Crypto Institutions Surveyed Hold Bitcoin

On this point, the answers are much less ambiguous. Every institution in the sample that owns cryptocurrencies holds Bitcoin. For almost all, BTC also constitutes the first open crypto position, the largest, and the one held for the longest time. Ethereum and Solana appear next, usually in smaller amounts and shorter horizons.

Allocations vary greatly. The smallest represents about 0.5% of investable assets, the largest 13%. The majority, however, hover around 1% to 2%.

Family offices generally are more generous. Sovereign wealth funds, whose decisions go through more layers of approval, remain more cautious. Bitwise also observes an inverse relationship between the size of the allocation and the number of people needed to validate it.

ETFs have also simplified entry for these investors. Almost all institutions surveyed already use them or plan to do so. They cite lower operational costs and especially integration much more familiar for their internal teams.

This channel is already gaining momentum. At the beginning of September, Bitcoin ETFs had attracted about 3.8 billion dollars in three weeks.

The wallet is thus no longer mandatory to enter Bitcoin. For a pension fund or a foundation, BTC can now appear in the portfolio in a form much closer to a traditional financial product.

Even a 50% Drop Did Not Trigger Sales

Bitwise also questioned these investors about their exit conditions. Price is far behind. Between Q4 2025 and Q2 2026, the crypto market lost about 50%. None of the 15 institutions surveyed reduced their allocation during this period. Several even bought more.

None cited a simple Bitcoin price drop as a sufficient reason to sell. Responses instead relate to three scenarios: a questioning of the investment thesis, a significant regulatory reversal, or a credibility crisis affecting the entire sector. For Ethereum and Solana, some institutions also set conditions related to actual network adoption and the ability of that activity to benefit the token.

Bitcoin benefits from different treatment. Bitwise has been advocating for several months that institutional investors could still increase their allocations. The manager mentioned in August thousands of potential institutional billions of dollars. This is a Bitwise projection, not an amount already committed. The current study mainly offers a more down-to-earth snapshot: allocations often limited to 1% or 2%, ETFs used to simplify access, and Bitcoin that some classify with gold while others still place it alongside AI and tech.