A growing number of financial advisors are increasing their exposure to digital assets, but restrictive firm policies and a lack of education continue to limit broader adoption.
New research from 21Shares and FUSE Research Network finds that while some advisors are actively using digital assets and expect to raise allocations over the next two years, others remain firmly opposed to incorporating them into client portfolios.
“What we’re seeing from financial advisors isn’t a lack of curiosity; it’s a need for education, particularly around how digital assets fit within a fiduciary framework and approved portfolio construction,” said Mickey Janvier, Head of US at 21shares. “At the same time, firm-level policies continue to act as a real gatekeeper, often determining whether an advisor can move from interest to implementation.”
Janvier added that there’s a growing cohort of advisors, especially those running larger, more sophisticated practices, who are participating in the asset class, asking the right questions, and looking for practical ways to incorporate digital assets responsibly into client portfolios.
Half of the advisors surveyed said they do not use digital assets at all. Among that group, only 2% said they are certain they will adopt them within two years, suggesting resistance remains entrenched among a large segment of the industry.
Age appears to be a significant factor. Sixty percent of advisors who do not use digital assets are older than 60, while only 34% are 45 or younger.
Firm compliance rules also continue to shape adoption. Overall, 46% of respondents said they operate under restrictive policies related to digital assets. Another 30% said their firms have no formal policy, while 24% reported having flexible guidelines that allow advisors to use their own judgment.
Independent RIAs reported the fewest restrictions, with just 14% citing limiting policies. By contrast, 48% of wirehouse advisors, 46% of independent broker-dealer advisors, and 55% of regional broker-dealer advisors said they face restrictive rules.
Among advisors already using digital assets, allocations remain relatively modest but are expected to rise. Current users reported average target allocations of 3.8%, with expectations that those positions could increase to 6.4% over the next two years.
The role of digital assets in portfolios may also become more central. Today, 76% of advisors who use them said they limit exposure to select client accounts, while 24% consider them a core allocation. Within two years, however, 65% said they expect digital assets to become a core part of portfolio construction.
When it comes to implementation, advisors are favoring products that fit easily into traditional investment frameworks. Spot bitcoin ETFs were the most popular vehicle, preferred by 35% of respondents, followed by broader digital asset ETFs at 32%.
Education remains a universal concern. Eighty-four percent of advisors said they believe available educational resources are insufficient, regardless of whether they currently use digital assets. The most requested topics included basic blockchain concepts and approved materials that can be shared with clients.
In a companion asset-allocation framework, 21Shares argued that small allocations to bitcoin and other digital assets may improve portfolio efficiency. Backtesting from April 2023 through April 2026 found that adding digital assets to a traditional 60/40 portfolio increased annual returns by 58 to 159 basis points, while adding only modest volatility.
The report suggests that digital asset adoption is becoming less a question of advisor interest and more a function of firm governance and access to credible education. Where those barriers are lower, advisors appear increasingly willing to expand their use of the asset class.
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