While headlines scream about Bitcoin ETFs, tokenized assets, and the next crypto cycle, the world’s richest family offices are sending a far more cautious signal—at least on paper.
According to JPMorgan’s 2026 Global Family Office Report, which surveyed 333 family offices across 30 countries with an average net worth of $1.6 billion, a staggering 89% report zero exposure to crypto. At the same time, 65% rank artificial intelligence as their top investment theme, making AI the dominant allocation narrative among the planet’s largest private capital pools.
For ultra-wealthy families, AI—not crypto—is the defining investment story of the year.
Yet beneath that conservative headline, a quieter, more complex reality is unfolding.
AI Dominates the Wishlist—But Capital Isn’t Fully There Yet
Artificial intelligence sits firmly at the top of the family office agenda. JPMorgan’s data shows:
65% prioritize AI as a current or future investment theme
50% are focused on healthcare innovation
41% favor infrastructure
Only 17% cite crypto and digital assets as a priority
The enthusiasm for AI is undeniable—but execution tells a different story.
More than half of family offices hold no exposure to growth equity or venture capital, the very channels where AI innovation is expected to flourish. Even more striking, 79% have no allocation to infrastructure, despite data centers, energy grids, and compute capacity being the backbone of large-scale AI deployment.
As Kristin Kallergis Rowland, Global Head of Alternative Investments at J.P. Morgan, puts it:
“Alternatives are no longer a tactical complement, but a strategic pillar.”
That shift is most visible in private equity, where 37% of family offices plan to increase allocations globally, with 2.5 times more offices adding exposure than reducing it.
AI may be the vision—but private markets are the vehicle.
Crypto Looks Ignored—Until You Look Closer
On the surface, crypto appears sidelined. Family offices globally hold an average of just 0.4% of portfolios in digital assets, with Bitcoin accounting for only 0.2%. Even traditional hedges are scarce—72% hold no gold, despite:
One in five citing geopolitics as their top risk
Nearly 60% flagging inflation as a major concern
But that caution masks a growing undercurrent.
In parallel with JPMorgan’s findings:
Hong Kong’s VMS Group committed $10 million to Re7 Capital
Asian family offices raised over $100 million for crypto-focused vehicles
Maelstrom, the family office of BitMEX co-founder Arthur Hayes, launched a $250 million private equity fund, targeting $40–75 million per acquisition across off-chain crypto companies
These moves aren’t speculative punts—they’re structured, reputation-aware bets.
As Re7 Capital founder Evgeny Gokhberg explains:
“Typically, people think about asymmetry in crypto as ‘lose it all or make a 100x.’ That’s rarely a fit for a serious allocator with a reputation to lose.”
From Experimentation to Structure
Industry insiders say family offices are evolving—not retreating.
Muhammed Yesilhark, CIO at NOIA Capital, notes that in 2025 family offices shifted “from crypto experimenters to structured allocators,” committing modest but growing portions of capital to digital assets.
That view is backed by a BNY Mellon study, which found 74% of ultra-high-net-worth offices were investing in or exploring crypto as of October—up 21 percentage points year-on-year. The drivers? Better custody, clearer regulation, and institutional-grade investment vehicles.
VMS managing partner Elton Cheung pointed to “clearer legislative and government support from various jurisdictions” as the catalyst for his firm’s crypto exposure.
Crypto isn’t being rejected—it’s being redesigned.
Institutions and Advisors Tell a Very Different Story
While family offices hesitate, institutions are leaning in.
A Coinbase–Glassnode survey of 148 global investors found:
70% view Bitcoin as undervalued, even after its drop from $125,000 to ~$90,000
62% maintained or increased positions during the selloff
According to David Duong, Coinbase’s Global Head of Research:
“Crypto markets are entering 2026 in a healthier state, with excess leverage flushed from the system in Q4.”
Financial advisors are following suit. A Bitwise–VettaFi survey revealed:
32% of advisors allocated to crypto in 2025, up from 22%
Registered investment advisors led at 42%
74% of clients already hold crypto outside advisory relationships
Globally, the momentum is even clearer. UBS reported overseas Chinese family offices plan to raise crypto allocations to around 5%, while Hong Kong’s HashKey Exchange saw an 85% year-on-year jump in registered users.
The Generational Shift Is Already Underway
The final catalyst may not be macro or regulatory—it may be generational.
Zann Kwan, CIO of Singapore-based Revo Digital Family Office, captures the transition clearly:
“Last year, they started to dip their feet into Bitcoin ETFs… now they have begun to learn the difference of holding a token directly.”
That learning curve often marks the moment where curiosity becomes conviction.
The Bottom Line
Family offices may publicly proclaim “AI first”, but crypto isn’t being dismissed—it’s being approached quietly, selectively, and on institutional terms.
AI is the headline.
Crypto is the footnote—one that’s getting longer, more deliberate, and harder to ignore.
And in markets shaped by patient capital, the quietest moves often matter the most.