Crypto Adoption by Institutions Appears Nascent, Says JPMorgan

Institutional Crypto Adoption Gaining Traction, Still Early: JPMorgan

Institutional adoption of digital assets is in its early phases, but momentum is building, according to a Wednesday report from JPMorgan.

Currently, institutions hold around 25% of bitcoin ETPs, and an EY survey indicates that 85% of firms either already invest in crypto or plan to do so in 2025, with regulatory clarity cited as a key factor.

The report highlighted Bullish’s (BLSH) August IPO and the passage of the GENIUS Act as catalysts for increased institutional engagement, easing regulatory concerns that have historically slowed large-scale adoption.

JPMorgan analysts noted growing activity across markets: the CME reported record institutional open interest in crypto derivatives, while Ether (ETH) and Solana (SOL) remain the leading avenues for institutional exposure. ETH has surged nearly 20% and SOL 17% since the GENIUS Act passed.

In equities, Bullish has become a proxy for institutional interest, with shares climbing 45% since its IPO. The exchange could see further growth if it obtains a BitLicense later this year.

JPMorgan maintains a neutral rating on Bullish shares with a $50 price target. Shares were trading modestly higher at $54.50 on Wednesday.

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