Institutions Treat Ethereum and Solana as Venture Bets

A recent Bitwise report found that institutions view Ethereum and Solana as venture bets rather than solid investments. According to the report, these tokens lack a clear value-accrual thesis, which means their prices are not expected to rise solely based on their real-world use.

Despite this, many institutions still hold significant amounts of Ethereum and Solana in their portfolios. However, they have set conditions for selling, including the requirement that growing network use must push up token prices within a few years.

In fact, none of the institutions interviewed by Bitwise cut their crypto allocations during the 50% market drop between October 2025 and April 2026. Instead, some even bought more. Bitcoin remains the only cryptocurrency on which significant institutions agree, with Ethereum and Solana considered lesser conditional bets.