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Crypto Institutional Adoption Appears to Be in the Early Phases: JPMorgan
Institutions hold about 25% of bitcoin ETPs, and according to one survey, 85% of firms already allocate to digital assets or plan to in 2025.
Updated Sep 11, 2025, 1:27 p.m. Published Sep 10, 2025, 3:48 p.m.
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What to know:
- JPMorgan said regulatory clarity from the GENIUS Act and Bullish’s IPO have reignited expectations for large-scale crypto adoption
- Institutions now hold around 25% of bitcoin ETPs, the report said.
- Ether and solana are the best ways to play this theme, the bank's analysts said, while Bullish (BLSH) emerges as an equity proxy with shares up 45% post-IPO.
Institutional adoption of crypto still looks early, but momentum is building, according to a Wednesday report from Wall Street bank JPMorgan.
Bullish’s (BLSH) August IPO and the passage of the GENIUS Act have sharpened focus on the sector, with regulatory clarity removing one of the biggest hurdles for large investors, wrote analysts led by Kenneth Worthington. Bullish is the parent company of CoinDesk.
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Signs of engagement are emerging, the analysts continued. The Chicago Mercantile Exchange reported record institutional open interest in crypto derivatives, institutions now hold roughly a quarter of bitcoin ETPs and an EY survey showed that 85% of firms already allocate to digital assets or plan to in 2025, citing regulation as the key driver.
Ether and solana remain the primary ways to play this theme, JPMorgan said. Ether, which underpins most stablecoin activity, has rallied nearly 20% since GENIUS passed, while SOL is up 17%.
In equities, Bullish has become an institutional proxy. Shares have climbed 45% since its IPO, and the exchange could gain more traction if it secures a BitLicense later this year, the report added.
JPMorgan has a neutral rating on Bullish shares with a $50 price target. The stock was modestly higher on Wednesday at $54.50.
Read more: Wall Street Sees U.S. Entry as Catalyst for Bullish’s Next Leg Up
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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Lo que debes saber:
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- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
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