JPMorgan: 89% of Family Offices Have No Crypto Exposure

Why Do Most Family Offices Stay Out of Crypto?

The vast majority of global family offices continue to avoid cryptocurrency, according to JPMorgan Private Bank’s 2026 Global Family Office Report. The survey found that 89% of respondents have no exposure to crypto or other digital assets, underscoring how limited adoption remains among some of the world’s wealthiest investors.

The reluctance extends beyond digital assets. The report shows that 72% of family offices also hold no gold, despite ongoing . Rather than turning to assets often framed as hedges, family offices appear to be relying on more conventional portfolio structures.

This conservatism stands out against the backdrop of renewed turbulence in crypto markets. later than a sharp tradeoff over the weekend, the survey’s findings suggest that recent price swings reinforce, rather than challenge, long-held doubts among family offices about crypto’s role in wealth preservation.

Investor Takeaway

How Do Family Offices View Crypto Risk?

JPMorgan’s report points to ongoing internal debate around digital assets, both among clients and within the bank itself. While crypto has matured in terms of infrastructure and market access, its volatility and uneven relationship with other asset classes continue to weigh on allocation decisions.

“Despite the headlines and hype around crypto and other digital assets, the vast majority of family offices (89%) remain on the sidelines,” the report said. “This could reflect a debate that we are also having within JPMorgan: What role should cryptocurrency and other digital assets play in a portfolio, and, perhaps more significantly, how much should a portfolio own, given their elevated volatility and inconsistent correlation with other assets?”

That uncertainty appears decisive. Family offices tend to prioritize capital preservation and long-term stability over thematic exposure. Assets that cannot yet show predictable behavior across market cycles face a higher bar for inclusion, regardless of media attention or short-term returns.

The framing as a hedge remains unconvincing to many allocators. Unlike gold or certain alternatives with decades of historical data, crypto still lacks a long enough track record to satisfy investors who operate on multi-generational horizons.

What Are Family Offices Investing In Instead?

While crypto adoption remains limited, family offices are far from inactive. The report shows that, on average, around 75% of assets are allocated to a mix of public equities and alternative investments. U.S. large-cap equities dominate public market exposure, while drawdown funds lead private allocations.

Looking ahead, technology themes appear far more attractive than digital assets tied to tokens or blockchains. About 65% of surveyed family offices said would be a priority area for future investment, far outpacing interest in crypto, which only 17% of respondents said they plan to pursue.

This gap highlights how family offices diverseiate between technology as a driver of corporate earnings and productivity, and crypto as a standalone asset class. AI investments often come through established companies, private equity, or venture vehicles, offering governance structures and cash-flow expectations that align more closely with existing allocation frameworks.

By contrast, crypto exposure often requires comfort with new market venues, custody arrangements, and regulatory uncertainty. For many family offices, those factors remain obstacles rather than opportunities.

Investor Takeaway

What the Survey Reveals About Wealth Strategy

JPMorgan Private Bank based its findings on interviews with 333 family offices across 30 countries, with participants reporting an average net worth of $1.6 billion. The breadth of the sample suggests that caution toward crypto is not confined to a specific region or investment style.

“This report is more than a survey, it’s the result of our collaboration with some of the world’s most sophisticated family offices,” said Natacha Minnit, Global Co-Head of the Family Office Practice at JPMorgan Private Bank.

Taken together, the data points to a consistent pattern: family offices remain selective, sluggish-moving, and skeptical when it comes to assets that lack clear risk profiles. Even as improves, adoption among ultra-wealthy investors remains measured.