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.
Sep 10, 2025, 3:48 p.m.
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.
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 (ETH) and solana SOL$222.28 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.
More For You
XRP Breakout Fueled by Institutional Flows Targets $3.60 Mark
Despite facing resistance near $3.02, the market structure suggests accumulation, with bulls defending support around $2.98 as traders gauge momentum for a push toward higher extension levels.
What to know:
- XRP surpassed the $3.00 mark amid strong institutional interest and high trading volumes.
- The token’s price fluctuated between $2.96 and $2.99, with significant activity during midday trading.
- Analysts suggest a potential breakout to $3.60 if momentum continues, despite current resistance at $3.02.
