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A 2025 global study by BNY of 282 single-family offices found that 74% have invested in or are actively exploring Bitcoin and other cryptocurrencies, a 21% increase in just 12 months. At the same time, the proportion of family offices with no exposure or interest in crypto has declined materially, signalling a broad change in institutional sentiment.
Family offices globally are reassessing how digital assets fit within long-term, diversified investment portfolios. What was once a niche or speculative segment is increasingly being evaluated through the same institutional frameworks applied to other alternative assets.
Rebalancing the portfolio
Private equity remains the central pillar of the portfolio, with fund, direct, and venture investments collectively accounting for approximately 28% of current allocations. Alongside private markets, real estate continues to play an important role for family offices, valued for its income characteristics and its function as a long-term inflation hedge. At the same time, the relative weighting of public equities is declining, representing roughly 19% of assets for larger offices and 15% overall. This rebalancing follows several years of strong U.S. equity performance, during which there was a 67% year-over-year increase in U.S. professionals who identified elevated valuations as a key portfolio risk.
The reduction in allocation toward public equity, however, does not indicate a rejection. Rather, it should be viewed as a rotation within the portfolio, with a 50% increase in capital flowing into real assets, such as commodities and precious metals, and a 75% increase in allocations by non-U.S. family offices to digital assets, such as Bitcoin and other cryptocurrencies.
Crypto no longer an outlier
A question about asset allocation over the next 12 months yielded some interesting insights. Of family offices with assets under management (AUM) of less than US$1 billion, 44% plan to increase their exposure to cryptocurrency and other digital assets. Similarly, 38% of family offices with more than $1 billion in AUM plan to allocate to crypto.
Apart from rebalancing, interest in crypto appears closely linked to declining scepticism, with only 24% of family offices now reporting no exposure or interest, down sharply from 2024. A major contributor to this increased trust was the perceived shift to a more crypto-friendly U.S. political environment, with 77% of U.S. respondents and 69% of non-U.S. family offices indicating that they were more likely to consider crypto investments after the 2024 election.
Other factors, such as shifts in global regulatory signals, appear to have lowered the perceived barriers for institutional investors, suggesting that a growing number of family offices view digital assets as a legitimate area for institutional consideration, rather than a fringe investment.
The exploration phase
One notable finding is that crypto engagement is growing, with a significant increase in family offices exploring digital assets like Bitcoin but not yet allocating capital. Over the past 12 months, the proportion of professionals in this “exploration” phase increased by 22 percentage points, representing a 367% year-over-year rise.
The growing interest in digital assets does not appear in isolation, with simultaneous expanding exposure to private markets and direct investments. Within this broader shift, it seems crypto is being evaluated alongside other alternatives rather than treated as a standalone or exceptional allocation.
This perspective is further reinforced by the fact that “expanding investment offerings” ranks as the top strategic priority for 32% of family offices. In this context, digital assets can be viewed as part of a broader effort to diversify portfolios, access new return drivers and complement traditional investments.
Infrastructure matters
Operational considerations play a central role in evaluating new investments, particularly for digital assets. 58% of family offices operate with fewer than 20 employees, despite overseeing substantial, often complex portfolios.
This combination means professional platforms and solutions that provide scale, control, and risk mitigation. For family offices seeking to explore Bitcoin exposure with institutional-grade execution, Independent Reserve’s OTC crypto trading desk for institutions provides discreet access, tailored liquidity and a dedicated point of contact aligned with professional investment workflows.
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