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1、IncreasingAllocationsinaMaturingMarket2025InstitutionalInvestorDigitalAssetsSurveyContentsClick chapter to navigateSurvey methodologyKey takeawaysMarket outlookInvestment use casesDeFi,stablecoins and utilityConclusionDemographicsContactsSurvey methodologyBackground and methodologyWhat we didTo bett

2、er understand how institutional investors think about digital assets(including sentiment,allocations,future expectations,tokenization,and payments),Coinbase,in collaboration with EY-Parthenon practice,conducted a survey of 352 institutional investors.We surveyed only decision-makers(e.g.,COO,CEO,Hea

3、d of Transformation)with a mix of respondents who have/are currently invested in digital assets(e.g.,crypto,stablecoins)and digital asset products(e.g.,funds,trusts,derivatives),and those who have neverinvested.Survey datesJanuary 13,2025January 24,2025AudienceFindings are based on a survey of N=352

4、 institutional investors with influence over allocation decisions,prioritizing firms with$1b AUM.Survey was focused on US(62%of respondents)and Europe(28%in UK/EU),with some representation from rest of world(“ROW,”10%in APAC,LatAm,Africa).Respondents are currently invested,previously invested,or pla

5、nning toinvest in digital assets or digital asset-related products in the next12months.Sample compositionAUM52%$1b$50b14%$1T11%$501b$1T18%$51b$500bFirm Types32%Asset manager22%Hedge fund20%Private Bank andVC fund18%Asset owner110%Family office1.Asset Owner(e.g.,Pension,Endowment,Foundation,etc.)2.In

6、itial set of qualification questions,N=4033.Please note that due to rounding,some figured may not add up to 100%Source:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage3Introduction ofReportEnthusiasm grows for digital assets as increased utility expand

7、s the ecosystemInstitutional investors globally increased their allocations to digital assets this past year and intend to continue to do so throughout 2025.Building on the momentum from the introduction of crypto exchange traded products(ETPs)for Bitcoin(BTC)and Ethereum(ETH)early in the year,2024

8、was a year of growth for crypto.The outlook for 2025 reflects enthusiasm for both increased utility and expected regulatory clarity for digital assets.Combined with an appetite for innovation in the areas of stablecoins,decentralized finance(DeFi)and tokenization,the industry appears to be on the cu

9、sp of broad institutional support to enhance our financial system with faster settlement,the democratization of access to alternative assets,and increased transactional convenience.There are substantive reasons to believe in this bull cycle.The market is more mature and resilient,the introduction of

10、 ETPs for Bitcoin and Ethereum and other products has expanded market participation,and there is a positive outlook on the evolving regulatory environment across the US,EU and the globe.The underlying technology has also progressed in the past several years:Use cases have evolved,and transaction cos

11、ts and speeds have become more compelling.With this as a backdrop,Coinbase and EY-Parthenon practice conducted a survey of more than 350 institutional investors across the world on their sentiment,investment plans and usage around digital assets.Conducted in January 2025,post-election,but prior to t

12、he digital asset executive order,the survey reflects an institutional investor base that is ready to build on an already strong foundation and prepared to both broaden participation and expand allocations as a global regulatory framework becomes clearer.The data tells the storyMore than three-quarte

13、rs of surveyed investors expect to increase their allocations to digital assets in 2025,with 59%planning to allocate over 5%of assets under management to digital assets or related products.Looking forward,surveyed investors noted regulatory clarity as the#1 catalyst for growth in digital assets.Inte

14、rest in stablecoins and tokenized assets is also increasing.Seeking yield,transactional convenience,and an efficient means to facilitate foreign exchange,84%of institutions are either already utilizing or expressing interest in utilizing stablecoins.Driven predominantly by goals of portfolio diversi

15、fication,76%of firms intend to invest in some form of tokenized assets by 2026.We also expect to see institutional investors increase core allocations,expand their holding of altcoins,start to engage more in DeFi,explore the availability of tokenized alternative assets,and leverage stablecoins for b

16、oth yield and transactional convenience.While momentum continues,markets will keep an eye on news coming out of the Presidents Working Group on Digital Asset Markets as well as Senate and House subcommittees on digital assets,watching for both detail and intent as they sort through current rules and

17、 bring forward new regulations.Investors in Europe will look to see how EU governing bodies,seeking to balance stability,consumer protection,and innovation,react to the positive tone struck by development in the US.Table of contentsPage4ContentsSurvey methodologyKey takeawaysMarket outlookInvestment

18、 use casesDeFi,stablecoins and utilityConclusionDemographicsContactsKey takeawaysAs of Jan 2025,86%of surveyed institutional investors have exposure to digital assets,or plan to make digital asset allocations in 2025.Among these.Eighty-five percent of respondents increased allocations to digital ass

19、ets and digital assets-related products in 2024,and a similar portion plan to continue doing so.In 2025,59%of respondents plan to allocate over 5%of their assets under management(AUM)to cryptocurrencies,with US respondents and hedge funds indicating higher allocations than othersegments.Concerns on

20、regulatory clarity and volatility remain key issues for investors globally.In light of this,emerging regulatory clarity is recognized as the#1 catalyst for industrygrowth.Seventy-three percent of institutional investors currently hold one or more altcoins beyond BTC and ETH,led by hedge funds at80%.

21、Sixty percent of investors prefer to gain exposure to crypto through registered vehicles(e.g.,ETPs1),with high levels of interest in further innovation including diversified index funds,altcoin ETPs,and US-based perpetual futures.The percentage of respondents that engage with DeFiis set to triple in

22、 the next two years,from 24%to75%.Almost half of respondents leverage stablecoins,with key use cases focused on yield generation,transactional convenience in the markets,and foreign exchange.Fifty-seven percent of surveyed respondents are interested in investing in tokenized assets,particularly alte

23、rnative funds,to drive portfolio diversification.1.ETP includes Exchange Traded Funds,Exchange Traded Notes,and other Exchange Traded ProductsSource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage6ContentsSurvey methodologyKey takeawaysMarket outlookI

24、nvestment use casesDeFi,stablecoins and utilityConclusionDemographicsContactsMarket outlookRespondents overwhelmingly plan to increase their digital asset allocations in 2025,driven by expectations of higher returns compared to other asset classesHow did your firms allocation to cryptocurrencies,dig

25、ital assets,or related crypto funds/products change in 2024?N=345How do you think your firms allocation will change in 2025?N=35224%16%Significantly increasedholdings61%67%Increased holdings12%16%Holdings remainedunchanged3%1%Decreasedholdings0%0%Significantlydecreased holdings20252024Which of the f

26、ollowing do you consider to be the main reasons to invest in digital assets?Please select top3.n=347159%Higher returns than other asset classes49%Investment in innovative technology41%Hedge against inflation36%Low correlation with other assets35%Ability to participate in decentralized finance(DeFi)3

27、5%Yield generation(e.g.,staking APY,*stablecoins)26%Arbitrage opportunities26%Transaction benefits8%Lack of other good opportunities across portfolio*APY=annual percentage yield1.Concerns of Lack of internal expertise and knowledge,Environmental,Social,Governance considerations,Limited use cases,and

28、 Transaction Fees also cited as main concerns(less than 10%)Source:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage8Family offices and hedge funds are particularly bullish,with 25%planning to“significantly increase holdings”in2025 vs.12%avg.among other

29、 firm typesMarket outlookAlmost 80%of respondents expect cryptocurrency prices to rise,and nearly 70%see crypto as the biggest opportunity to generate attractive risk-adjusted returns“I expect cryptocurrency prices _ in thenext 12 months.”n=349179%Will trend higher17%Will stay flat and range bound5%

30、Will trend lowerHedge funds are more optimisticthan other firm typesThinking about the next three years,in which asset classes do you see thebiggest opportunities to generate attractive risk-adjusted returns?Please select top 3.n=35268%Cryptocurrencies40%US equities38%Private equity32%Emerging marke

31、t equities28%Real estate16%Commodities16%High yield debt16%Volatility(e.g.,VIX*)15%Gold10%International developedmarket equities9%Emerging market debt7%Foreign exchange7%Corporate bonds5%International developedmarket debt4%Government and agency debt*VIX=CBOE Volatility Index1.Answer choice“I dont kn

32、ow”removed from analysis(N=3)Source:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage9Market outlookRespondents expect increased investor interest and investment post-election,and they expect post-election regulatory clarity to be a major growth catalys

33、tAmong US institutional investors:What do you see as the main impacts of the 2024 US election onthe digital assets industry?N=21560%Increased investorinterest59%Increased investment fromfinancial services firms47%Near-term regulatoryclarity(next 12 months)40%Broadscale adoption ofblockchain technolo

34、gyin the financialservices industry33%Changes to taxtreatment ofdigital assets32%Embrace of publicpermissionless blockchaininfrastructure(e.g.,Ethereum)1%None of theseWhat do you think will be the next catalyst forgrowth of the digital assets industry?Please select the top 3.n=352157%Greater regulat

35、ory clarity56%Greater institutional adoption(e.g.,by advisors,wealth platforms)43%Increased consumer usage of cryptocurrency(e.g.,for payment,lending)34%Better investor knowledge31%Additional ETP approvals(e.g.,SOL,XRP*)30%Creation of diversified crypto index funds27%Additional operational utility o

36、f blockchain(e.g.,decentralized ID and onchain KYC/AML*)20%Decentralized finance*XRP=Ripple,SOL=Solana;KYC=Know Your Customer,AML=Anti-Money Laundering1.Answer choice“Other(please specify)”removed from top 3 reasons analysis(N=5)Source:Coinbase&EY-Parthenon Institutional Investor Digital Assets Surv

37、ey,Jan 2025Table of contentsPage10Market outlookDespite optimism,challenges remain,with top concerns being regulatory uncertainty,volatility,and security of asset custodyAmong current digital assets investors and those planning to invest in 2025:Which of the following do you consider to be the main

38、concerns wheninvesting in digital assets?Please select top 3.n=35252%47%33%31%31%25%20%13%11%11%10%6%6%5%Among 58 institutional investors(not included in this chart)with no crypto investments,nor plans to invest in 2025,the top 3 concerns are:Uncertain regulatory environment(52%)Lack of fundamentals

39、 for valuation(41%)Financial crimes/usage in illicit activity(31%)#1:#2:#3:Uncertain regulatory environmentVolatilitySecurity of asset custodyRisk of market manipulationLack of fundamentals for valuationFinancial crimes/usage in illicit activityLack of centralized authorityLack of trusted firms in t

40、he spaceTax concernsLow liquidityLack of internal expertise and knowledgeEnvironmental,social,governance considerationsLimited use casesTransaction feesSource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage11Market outlookRespondents see crypto custod

41、y rules as the most important area for regulatory clarity,which is being addressed early in President Trumps administrationWhat do you see as the most important areas requiring regulatory clarity in the crypto industry?n=35250%Crypto custody rules49%Treatment of digital assets as a commodity vs.secu

42、rity46%Tax treatment42%Licensing of digitalasset financial firms(e.g.,special purposebroker dealers)38%Technology standardsand enforcement30%Decentralized protocol legal status and treatment26%Treatment of stablecoinsand tokenized fiat1%None of theseSource:Coinbase&EY-Parthenon Institutional Investo

43、r Digital Assets Survey,Jan 2025Table of contentsPage12ContentsSurvey methodologyKey takeawaysMarket outlookInvestment use casesDeFi,stablecoins and utilityConclusionDemographicsContactsInvestment use casesThree quarters of surveyed investors get exposure to crypto via direct crypto holdings or spot

44、 ETPs;this is expected to increase to 87%in 2025What types of digital asset investments does your firm currently hold/plan to make in 20242025?n=403;n=3521Spot crypto or spot ETP2Investments in digital asset companies(e.g.,equity or investments,funds,or VC)Stablecoins(e.g.,USDC,USDT*)Crypto futures

45、ETPsStaking of digital assetsThematic mutual funds/ETPs focused on exposure to crypto/blockchain companiesCrypto lending and/or borrowingCrypto spot trusts(e.g.,spot bitcoin trusts,multi-token trusts,staking trusts)Other crypto derivatives(futures,options)Perpetual futuresNot invested76%87%51%51%42%

46、43%33%40%25%27%25%25%20%25%20%24%14%17%5%10%14%1%20252024*USDC=USD Coin,USDT=Tether1.Data rebased to include respondents to this question(N=345)and those who indicated they are not invested(N=58);“Other”answers excluded from graph(N=2)2.Spot crypto(e.g.Bitcoin and Ethereum)and“Crypto Spot ETPs”bucke

47、ted into spot cryptoSource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage14 Of those who currently hold spot crypto,55%hold it in ETPs Of those who plan to hold spot crypto,69%plan to hold it in ETPsHedge funds are more likely than other firm types t

48、o hold spot crypto(92%vs.84%)Investment use casesIn 2025,59%of respondents plan to allocate over 5%of their AUM to cryptocurrenciesWhat percentage of assets under management did your firm/does your firm plan to allocateto cryptocurrencies,digital assets,or related crypto funds/products in 20242025?n

49、=345112%8%30%202520241.Answer choice“Not sure/Cannot discuss”is excluded from this chartSource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage15 The percent of respondents allocating over 5%of AUM is set to increase by 4.5%in 2025.Respondents in the U

50、S have higher allocations:64%of US respondents plan to invest over 5%,while 48%EUR/ROW plan to invest over 5%.Investment use cases44%of respondents categorize cryptocurrency as a distinct asset class,acknowledging its role in portfolio diversificationWhich of the following asset classes does your fi

51、rm(or would your firm)assign cryptocurrency in its asset allocation?n=35244%Its own category(i.e.,crypto or digital assets)22%Alternatives15%Innovation/emerging technology8%Integrated into equity andfixed income strategies7%Currencies/foreign exchange5%Real assets/commodities1%Other asset classHedge

52、 funds are less likely to assign crypto to its own asset class(36%vs.44%)and more likely to assign it as a real asset/commodity(10%vs.5%)Family offices are less likely to assign cryptocurrency to innovative/emerging technology(6%vs.16%)and more likely to assign it to alternatives(26%vs.21%)Source:Co

53、inbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage16Investment use cases73%of surveyed investors hold cryptocurrencies beyond BTC and ETH,but most hold only 1-2 others(e.g.,XRP/SOL)Which types of cryptocurrencies is your firm allocated to currently?n=33797

54、%86%73%34%30%25%24%13%12%11%9%6%6%4%2%Hedge funds are most likely to invest in cryptocurrencies beyond BTC/ETH at 81%,compared to 70%among other firm typesOf those who hold cryptocurrencies beyond BTC/ETH,57%hold only one or two additional coinsFirms with$1b in AUM are more likely than others to hol

55、d three or more altcoins(53%vs.41%of others)There are no significant regional differences in overall altcoin ownershipBitcoin(BTC)Ethereum(ETH)Net any altcoin(non-BTC/ETH)Ripple(XRP)Solana(SOL)Dogecoin(DOGE)Binance Coin(BNB)Cardano(ADA)Chainlink(LINK)Avalanche(AVAX)Shiba Inu(SHIB)Tron(TRX)Toncoin(TO

56、N)Lido Staked ETH(STETH)OtherSource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage17Investment use casesInvestors prefer exposure to crypto through registered vehicles;increasing interest in altcoins makes potential new spot ETPs attractiveWhat is yo

57、ur firms preferred means of exposure to cryptocurrency?n=35260%Through a registered vehicle where crypto is the underlying asset29%Hold individualcryptocurrencieson an exchangeor in a wallet11%No preferenceHow likely would your firm be to invest in each of the following products?(Assuming they becam

58、e legally approved in your jurisdictions)n=352LikelyNeutralUnlikely8%24%68%New spot ETPs with diversified,multi-token index strategies(e.g.,staking,leverage)n=35210%22%68%New spot ETPs forsingle assets(e.g.,Solana,XRP,or other)n=35214%24%62%Perpetual futures viaUS-based exchanges(US respondents only

59、)n=215Source:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage18Investment use casesInstitutions seeking leverage would prefer to gain it via market-cap-weighted index funds traded on margin(56%)and crypto options(55%)Which would be your institutions pr

60、eferred way(s)to gain leverage in crypto?Select the top 3.n=33356%Diversified,market-cap-weighted indexfund traded on margin 55%Crypto options46%Spot crypto traded on margin43%Government-regulated futures(e.g.,CFTC,EMIR,FSA*)36%Swaps(e.g.,differentcryptocurrencies or yield flows)18%Perpetual futures

61、*CFTC=Commodity Futures Trading Commission,EMIR=European Market Infrastructure Regulation,FSA=Financial Services AgencySource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage19Investment use casesNearly 50%of asset managers are considering launching cr

62、ypto funds in the next 2 years,focusingon bitcoin and ethereum ETPsAmong asset managers:is your organization consideringlaunching any crypto funds in the next two years?n=10649%Yes31%No20%UnsureAmong asset managers who answered yes:Which crypto funds areyou interested in launching?n=5260%Bitcoin ETP

63、56%Ethereum ETP37%Private cryptofunds(e.g.,not1940 Act/ETF)21%Other single tokenspot ETPs(e.g.SOL,XRP)17%Other cryptostrategy ETPs(e.g.,staking,multi-token)Source:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage20Investment use casesMore than half of r

64、espondents are interested in investing in tokenized assets,driven largely by the desire for portfolio diversificationHow interested is your firm in investing in tokenized assets(e.g.,tokenized bonds,equities,funds)?1(By firm type)n=2671 Very interestedWant to learn moreNot at all interested8%35%57%T

65、otaln=2674%27%69%Hedge Fundn=527%35%58%Asset Managern=8611%44%45%Asset Ownern=5324%32%44%Family Officen=254%37%59%Othern=51Why is your firm interested in investing in tokenized assets?Please select top 3.n=24565%Portfolio diversification48%Fractionalization/lower investment minimums42%Faster trading

66、/near instant settlement(T+0)42%Enhanced portfolio construction36%Access to new asset types34%Greater liquidity32%Reduction in fees/lower transaction costs1.This data is among 3/4 respondents who consider themselves at least somewhat knowledgeable about RWAsSource:Coinbase&EY-Parthenon Institutional

67、 Investor Digital Assets Survey,Jan 2025Table of contentsPage21Investment use casesAmong those who are interested in tokenized assets:72%plan to invest by 2026,with alternative funds and commodities as the most popular asset classesAmong those who are interested/want to learn more about tokenized as

68、sets:In which tokenized asset classes or security types would your firm beinterested in investing?Select top 3.n=245147%Alternative funds(e.g.,private equity,private credit,realestate)44%Commodities(e.g.,gold,oil)42%Equities38%Public funds(e.g.,mutual funds,ETPs,UCITs*)36%Real estate28%Bonds25%Gover

69、nment bonds(e.g.,US Treasuries)24%Money market funds16%CashAsset owners are more interested in tokenized public funds(49%vs.35%avg.)Hedge funds are less interested in tokenized alternative funds(40%vs.49%avg.)Of respondents already invested in tokenized assets,58%invest in tokenized commoditiesAmong

70、 those who are interested/want to learn more about tokenized assets:How soon would your firm want to begin investing in tokenized assets?n=245111%We are alreadyinvested intokenized assets28%This year(2025)33%Next Year(2026)20%In 23 years(20272028)1%In 4 or moreyears(2029+)7%Unsure waitingfor regulat

71、ory clarityInterest and adoption in tokenized assets is roughly equal across regions*UCITs=undertakings for collective investment in transferable securities1.Only asked of the of respondents who are interested/want to learn more about tokenized assetsSource:Coinbase&EY-Parthenon Institutional Invest

72、or Digital Assets Survey,Jan 2025Table of contentsPage22ContentsSurvey methodologyKey takeawaysMarket outlookInvestment use casesDeFi,stablecoins and utilityConclusionDemographicsContactsDeFi,stablecoins and utilityWhen it comes to tokenizing their own assets,40%of asset managers are interested;driv

73、en by instant settlement,liquidity,and the ability to offer fractional ownershipHow interested is your firm intokenizing its own assets?n=8644%Want to learnmore40%Very interested16%Not at all interestedWhat excites you/your firmmost about tokenizing its assets?n=72154%Instant settlement51%Increased

74、liquidity42%Ability to offer fractional ownership of funds/assets33%Access to new investors and new capital31%Cost savings/lower admin fees31%Immutability and transparency of data31%Operational efficiencies21%Gaining ownership visibility7%Gaining pricing visibilityWhich asset classes or security typ

75、es wouldyour firm be interested in tokenizing?n=72161%Alternative funds(private equity,private credit,real estate)44%Public funds(e.g.,mutualfunds,ETPs,UCITs)43%Real estate42%Money market funds36%Equities28%Bonds18%Cash1.Only asked of those who responded“Very Interested”or“Want to learn more”on asse

76、t tokenizationSource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage24DeFi,stablecoins and utilityThe number of surveyed investors that engage with DeFi is set to triple over the next 2 years,from24%to 75%Does your firm currently engage with DeFi prot

77、ocols directly?(e.g.,using a blockchain-based application to conduct lending,trading,or yield farming without an intermediary)?n=34451%No,but we plan to within the next 2years24%No,and we have no plans to within the next 2 years24%Yes,we engage with DeFi protocolsRespondents in the US are more likel

78、y to begin engaging with DeFi protocols over the next 2 years(56%vs.46%in EUR/ROW)Among those currently engaged with DeFi or planning to:What use cases is your firm most interested in?Please select top 3.n=260140%38%34%32%28%27%25%24%2%Derivatives(e.g.,perpetuals)StakingLendingAccess to altcoinsCros

79、s-bordersettlementsYield farmingAutomatedmulti-application strategiesBorrowingNone1.Only asked of those who responded Yes,we engage with Defi protocols or who plan to within the next 2 yearsSource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage25DeFi,

80、stablecoins and utilityAmong those with no plans to utilize DeFi,the top barriers are regulatory(57%)and compliance(55%)concerns,alongside a lack of internal knowledge(51%)Among those with no plans toengage with DeFi products:What are your firmsprimary concerns when considering whether to engage wit

81、h DeFi protocols?n=8457%Regulatory issues55%Compliance risks51%Lack of internal knowledgeand understanding44%Security concerns33%Lack of internal infrastructure7%Tax concernsSource:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage26DeFi,stablecoins and

82、utility84%of respondents either use or express interest in stablecoins for generating yield,transactional convenience,and FX,among other usesDoes your firm currently use and/or hold stablecoins?If not,does your firm have interest in stablecoins?n=3371Yes,we currently use/hold stablecoinsNo,but we ar

83、e interested in stablecoinsNo,and we are not interested in stablecoins16%38%45%Totaln=33722%35%43%Asset Managern=10616%55%29%Asset Ownern=1008%22%70%Hedge Fundn=7714%41%45%Othern=69Hedge funds(70%)are nearly twice as likely as other firms(37%)to use stablecoinsUS and European institutional investors

84、 have relatively equal levels of stablecoin adoption,but ROW investors lag(45%vs.28%)Among those who use/are interested in stablecoins:How interestedis your firm in using stablecoins for the following use cases?n=28473%Yield/return on holding(APY)71%Transactional convenience when trading other digit

85、al assets69%Foreign exchange(FX)68%Internal cash management/money movement68%Store of value63%External payments/B2B payments62%Trading out of risk on assets in crypto ecosystem61%Securities settlement1.Answer choice“I dont know”excludedSource:Coinbase&EY-Parthenon Institutional Investor Digital Asse

86、ts Survey,Jan 2025Table of contentsPage27ContentsSurvey methodologyKey takeawaysMarket outlookInvestment use casesDeFi,stablecoins and utilityConclusionDemographicsContactsConclusionThis past year was transformational for digital assets,and our expectation is that 2025 will bring more focus on the s

87、pace than ever.In just a handful of months,weve transitioned from a less-than-friendly regulatory environment to an executive order proclaiming the United States will be the crypto capital of the world.Combined with clarity in the EU provided by the Markets in Crypto-Assets Regulation(MiCA),investor

88、s see this translating to growth across the entire digital assets and blockchain ecosystem.Three key themes to watch in 20251.Broader institutional participationInvestors are starting to embrace broader participation in crypto markets,including DeFi use cases such as staking,lending,and derivatives.

89、While 24%of institutional investors currently engage in DeFi,this figure is set to triple to 74%in two years,according to survey respondents.There is also a growing appetite to invest in a broader set of assets beyond BTC and ETH with an increase in interest in other assets including XRP and SOL as

90、spot investments or as part of potential new ETPofferings.2.Increased adoption ofstablecoins and tokenized assetsThere is an expected increase in the use of stablecoins as use cases continue to evolve.Nearly half of surveyed investors stated an interest in using stablecoins to generate yield,take ad

91、vantage of transactional convenience or facilitate foreign exchange.Far from speculative,investors see stablecoins as the vehicle to deliver on digital assets promise to reduce transaction cost and provide instant settlement.Further,tokenization will provide investors greater access,with lower minim

92、um capital commitments,to alternative investment vehicles including private equity,private credit and realestate.3.Regulatory clarity will bring new investments Institutional investors see regulation as both their biggest risk and biggest opportunity in 2025.As such,more guidance around custody,tax

93、treatment,usage of stablecoins,and permissibility of activities should spur new market participants and increased activity.So,much of the coming year will be a waiting game to see how new rules manifest across the globe.Overall,we expect the positive tone and action from both the new US administrati

94、on and regulatory bodies globally to accelerate an already expanding interest in digital assets.With a solid foundation to build on,investors continue to push into new territory,creating wealth for clients and cultivating ecosystems for the growth of digital assets.Table of contentsPage29ContentsSur

95、vey methodologyKey takeawaysMarket outlookInvestment use casesDeFi,stablecoins and utilityConclusionDemographicsContactsDemographicsEY-Parthenon practice surveyed 352 global decision-makers from different institutional investor segments Firmtype30%Asset manager22%Hedge fund20%Private bankand VC fund

96、18%Asset owner110%Family officeRegion61%USAsia or Asia-Pacific4%Canada or Mexico3%Africa&Middle-East3%2%LatAm28%EuropeAUM52%$1b$50b14%$1T11%$501b$1T18%$51b$500bPosition/Title38%SVP/VP/President16%Partner/Principal15%Portfoliomanager12%ChiefinvestmentofficerFund manager7%Investment researcher4%Chief

97、investment strategist4%3%Other1%Head trader1.Asset Owners include:Pensions,endowments,foundations,IGAs,sovereign wealth funds,and family offices2.Initial set of qualification questions,N=403Source:Coinbase&EY-Parthenon Institutional Investor Digital Assets Survey,Jan 2025Table of contentsPage31Conte

98、ntsSurvey methodologyKey takeawaysMarket outlookInvestment use casesDeFi,stablecoins and utilityConclusionDemographicsContactsContactsKey Contacts andAuthorsBrett TejpualHead of CoinbaseILauren AbendscheinHead of CoinbaseInstitutional SContributors Mat Duff,Jillian Spina,and Gregg SchoenbergPrashant

99、 KherDigital Assets Strategy&Transactions LeaderEY-ParthenonErnst&Young LLPScott MickeyDirectorEY-ParthenonErnst&Young LLP Contributors Tavishi Malaviya,Francisco Crimella,Alex NewmanTable of contentsPage33EY|Building a better working worldEY is building a better working world by creating new value

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104、em to reimagine their eco-systems,reshape their portfolios and reinvent themselves for a better future.With global connectivity and scale,EY-Parthenon teams focus on Strategy Realized helping CEOs design and deliver strategies to better manage challenges while maximizing opportunities as they look t

105、o transform their businesses.From idea to implementation,EY-Parthenon teams help organizations to build a better working world by fostering long-term value.EY-Parthenon is a brand under which a number of EY member firms across the globe provide strategy consulting services.For more information,pleas

106、e visit LLP is a client-serving member firm ofErnst&Young Global Limited operating in the US.2025 Ernst&Young LLP.All Rights Reserved.CSG No.2502-12081ED NoneThis material has been prepared for general informational purposes only and is not intended to be relied upon as accounting,tax,legal or other

107、 professional advice.Please refer to your advisors for specific CoinbaseCrypto creates economic freedom by ensuring that people can participate fairly in the economy,and Coinbase is on a mission to increase economic freedom for more than 1 billion people.Were updating the century-old financial syste

108、m by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets,including trading,staking,safekeeping,spending,and fast,free global transfers.We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online.And together with the crypto community,we advocate for responsible rules to make the benefits of crypto available around the Table of contentsPage34