Key Takeaways
- • Spot Bitcoin ETF approvals in January 2024 and Ethereum spot ETF approvals by mid-2024 gave family offices regulated, mainstream crypto exposure, according to the article.
- • Surveys place roughly 20-30% of family offices globally with some crypto investment, with Goldman Sachs reporting 26% invested by 2023 (up from 16% in 2021) and Campden Wealth/RBC finding 18% in mid-2024.
- • Adoption is highest in Asia-Pacific (28% invested per Campden/RBC 2024) and lowest in Europe (14%), with North America at 16%.
- • Smaller family offices (under $1B AUM) are far more active than larger ones: 41% planned to invest or increase crypto exposure versus 19% of offices above $1B (BNY Mellon and FO Professional data).
- • Allocations remain shallow, typically well under 5% of AUM, with UBS reporting about 1-2% on average among invested offices and Campden/RBC finding under 0.5% in North America.
Summary
The article examines how 2024-2025 regulatory and market developments have shifted family office sentiment toward crypto. The U.S. SEC approved the first spot Bitcoin ETFs in January 2024, and by mid-2024 it had also approved Ethereum spot ETFs, which the article characterizes as official acceptance of the two largest cryptocurrencies as investable assets under U.S. securities law. In Europe, the Markets in Crypto-Assets Regulation (MiCA) began phasing in by June 2024, starting with stablecoin oversight, and was expected to be fully in force by December 2024, establishing a licensing and compliance framework across all 27 EU states. Other jurisdictions, including the UK, Hong Kong, Abu Dhabi's ADGM and Dubai's VARA, also advanced crypto frameworks.
The April 20, 2024 Bitcoin halving was another catalyst. The article notes that Bitcoin rallied into the event and that some family offices took it as an entry or re-entry point, while others trimmed positions. Ruffer, a UK investment firm managing family office money, chose not to re-enter after its profitable 2020-21 Bitcoin trade. Performance has been a further driver. The article reports that by mid-May 2025 Bitcoin was up roughly 12% year-to-date, against about 9% for gold and roughly flat to low-single-digit gains for the S&P 500 and NASDAQ. Over one year, Bitcoin nearly doubled and Ether rose about 80%, versus roughly 20% for the NASDAQ 100 and 10% for gold. A 2023 Goldman Sachs analysis cited annualized Bitcoin returns of about 230% over the prior decade. Family offices remain sensitive to drawdowns, however, and the article says many have used structured products such as yield notes or protective puts to limit downside.
Adoption figures vary by survey. Goldman Sachs found 26% of family offices invested in cryptocurrencies by 2023, up from 16% in 2021, and a further 12% described as crypto-curious. Its broader measure including blockchain investments and NFTs reached 32%. The Campden Wealth/RBC 2024 study found 18% of global family offices invested as of mid-2024, with Asia-Pacific at 28%, North America at 16% and Europe at 14%. BNY Mellon's 2024 survey found about 39% of family offices actively investing in or exploring crypto, with a roughly equal share having no interest. The article cites a 2024 Fidelity Digital Assets survey reporting 47% of U.S. family offices holding digital assets directly, and says many early adopters used crypto ETPs or funds, exchanges such as Coinbase, and cold wallets.
Allocation sizes remain small. UBS's 2023 Global Family Office report put crypto at about 1-2% of portfolios on average among invested offices, and Campden/RBC found under 0.5% of average AUM in North America. The article attributes the size effect to smaller, first-generation offices being more willing to experiment, while larger multi-generational offices face formal investment committee hurdles.
The April 20, 2024 Bitcoin halving was another catalyst. The article notes that Bitcoin rallied into the event and that some family offices took it as an entry or re-entry point, while others trimmed positions. Ruffer, a UK investment firm managing family office money, chose not to re-enter after its profitable 2020-21 Bitcoin trade. Performance has been a further driver. The article reports that by mid-May 2025 Bitcoin was up roughly 12% year-to-date, against about 9% for gold and roughly flat to low-single-digit gains for the S&P 500 and NASDAQ. Over one year, Bitcoin nearly doubled and Ether rose about 80%, versus roughly 20% for the NASDAQ 100 and 10% for gold. A 2023 Goldman Sachs analysis cited annualized Bitcoin returns of about 230% over the prior decade. Family offices remain sensitive to drawdowns, however, and the article says many have used structured products such as yield notes or protective puts to limit downside.
Adoption figures vary by survey. Goldman Sachs found 26% of family offices invested in cryptocurrencies by 2023, up from 16% in 2021, and a further 12% described as crypto-curious. Its broader measure including blockchain investments and NFTs reached 32%. The Campden Wealth/RBC 2024 study found 18% of global family offices invested as of mid-2024, with Asia-Pacific at 28%, North America at 16% and Europe at 14%. BNY Mellon's 2024 survey found about 39% of family offices actively investing in or exploring crypto, with a roughly equal share having no interest. The article cites a 2024 Fidelity Digital Assets survey reporting 47% of U.S. family offices holding digital assets directly, and says many early adopters used crypto ETPs or funds, exchanges such as Coinbase, and cold wallets.
Allocation sizes remain small. UBS's 2023 Global Family Office report put crypto at about 1-2% of portfolios on average among invested offices, and Campden/RBC found under 0.5% of average AUM in North America. The article attributes the size effect to smaller, first-generation offices being more willing to experiment, while larger multi-generational offices face formal investment committee hurdles.
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