Institutional Crypto Adoption in Early Stages, But Momentum Builds: JPMorgan

Institutional involvement in crypto remains nascent, yet momentum is steadily growing, according to a Wednesday report from JPMorgan.

The report notes that institutions currently hold roughly 25% of bitcoin ETPs, and an EY survey shows that 85% of firms already allocate to digital assets or plan to do so in 2025, with regulatory clarity cited as a key driver.

Bullish’s (BLSH) August IPO and the passage of the GENIUS Act have further drawn attention to the sector, removing regulatory uncertainty that previously hindered large-scale investment, analysts led by Kenneth Worthington said.

Engagement is increasing across markets. The CME reported record institutional open interest in crypto derivatives, while Ether (ETH) and Solana (SOL) continue to be the primary vehicles for institutional exposure. Since the GENIUS Act passed, ETH has rallied nearly 20%, and SOL is up 17%.

Bullish itself has emerged as an institutional proxy in equities, with shares rising 45% since its IPO. The platform could gain additional traction if it secures a BitLicense later this year.

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