Family offices expanded their exposure to cryptocurrencies over the past year, with a notable number making their first investments in the asset class. However, industry participants caution that heightened price swings, particularly after the market pullback in the fourth quarter, could weigh on confidence as 2026 approaches.
According to Muhammed Yesilhark, chief investment officer at NOIA Capital, 2025 marked a shift in how family offices approached digital assets. Rather than treating crypto as a speculative experiment, many moved toward more formal, risk-aware allocations, typically committing small but steadily increasing portions of capital as custody, infrastructure, and governance frameworks improved.
Despite this progress, allocations remain concentrated. Bitcoin and ether continue to dominate portfolios, reflecting the fact that many family offices still lack specialist expertise across the broader crypto universe.
Survey data supports this growing interest. A BNY Mellon study of ultra-high-net-worth families published in October found that 74 percent of family offices are either invested in or actively assessing cryptocurrencies, representing a 21 percent increase year on year.
Chris Rhine, who oversees liquid active strategies at Galaxy Digital, noted a clear rise in first-time crypto allocations during the year. He added that many family offices approached the sector with a more disciplined mindset, undertaking detailed, fundamentals-driven analysis before committing capital.
