A comprehensive new study by EY-Parthenon and Coinbase reveals that institutional investors are moving past the experimentation phase of digital assets and into a period of disciplined execution. Despite a volatile market environment throughout late 2025 and early 2026, the survey of 351 institutional investors shows that commitment to the asset class remains at an all-time high.
The core takeaway is a shift in “how” institutions engage: 49% of respondents have significantly tightened their risk management, liquidity, and position-sizing protocols, yet 73% still plan to increase their crypto allocations over the next 12 months.
The shift to regulated access
Institutional entry points have fundamentally changed. Regulated products are no longer just an option—they are the default.
- ETF Dominance: 66% of respondents already hold spot crypto ETFs or ETPs.
- Preference for Compliance: 81% of investors explicitly prefer accessing digital assets through registered vehicles, citing compliance clarity and investor protection as foundational requirements for scaling.
Stablecoins and Tokenization: The new financial plumbing
The survey highlights two structural themes that are moving from pilot programs to core operational functions: stablecoins and asset tokenization.
Stablecoins move beyond trading: Today, 86% of investors are utilizing or exploring stablecoins for internal cash management and global money movement. This adoption is forcing firms to formalize governance around reserve transparency and 24/7 settlement workflows to ensure they fit within existing institutional controls.
Tokenization hits a tipping point: Interest in tokenizing assets jumped from 40% to 64% over the past year. Furthermore, 61% of investors expect tokenization to significantly disrupt trading, clearing, and settlement within the next three to five years. However, the report notes that regulatory uncertainty remains the chief hurdle preventing a full-scale transition.
Regulation: The primary catalyst and roadblock
The study describes regulation as a “double-edged sword.” While 65% of firms cite improved regulatory clarity as the top reason to increase their exposure, 66% simultaneously list the current uncertain environment as their primary investment concern.
Specifically, 78% of respondents identified “market structure” as the area most in need of clear regulatory guardrails to allow for long-term institutional stability.
Key sentiment indicators for 2026
- Price Outlook: 74% of institutional investors expect crypto prices to rise over the next year.
- Infrastructure Focus: Investors are prioritizing robust controls, clear governance, and operational resilience over speculative gains.
- Adoption Curve: The focus is shifting toward real-world use cases that integrate crypto into global finance rather than keeping it as a siloed asset class.
As the industry moves through 2026, the EY-Parthenon and Coinbase findings suggest that the integration of stablecoins and tokenized assets is building a more durable and regulated foundation for the future of global finance.
