Family Offices Shift Focus: From Crypto to AI Investments

JPMorgan's 2026 Global Family Office Report shows a significant trend among wealthy family offices, with a predominant shift away from cryptocurrency investments towards a focus on artificial intelligence (AI). This article explores the survey findings, the contrasting movements in the market, and the perspectives of institutional investors.

Key Takeaways

Dominant Shift: 89% of family offices surveyed have no exposure to cryptocurrency, opting instead for AI investments.
Investment Trends: AI is prioritized by 65% of family offices, overshadowing digital assets, which are only a focus for 17%.
Institutional Divergence: While family offices are pulling back from crypto, institutional investors are increasingly viewing Bitcoin as undervalued interest in digital assets is rising.
Market Participation: Although many family offices lack crypto engagement, there are notable institutional investments emerging.

JPMorgan Says Family Offices Are Dumping Crypto for AI Bets

The Preference for AI Among Wealthy Investors

JPMorgan conducted its 2026 Global Family Office Report, which surveyed 333 family offices across 30 countries, each averaging a net worth of $1.6 billion. The findings revealed that 89% of these offices do not have any exposure to cryptocurrencies, while 65% have identified artificial intelligence as a primary investment theme.

The migration towards AI investments stands out as the major allocation trend for the year among affluent family investment pools.

Family Offices Crypto - JPMorgan Chart

This observation comes even as some family offices are making crypto investments. For example, Hong Kong's VMS Group invested $10 million in Re7 Capital, Asian family offices collectively raised over $100 million for crypto initiatives, and BitMEX co-founder Arthur Hayes's family office, Maelstrom, initiated a $250 million private equity fund. This fund aims to allocate between $40 million and $75 million for off-chain crypto companies while the broader group surveyed by JPMorgan remains hesitant.

AI: The Leading Investment Theme

The report indicates that artificial intelligence is the leading investment opportunity for family offices, with 65% highlighting it as a current or future focus.

Healthcare innovation is the second most significant theme at 50%, followed by infrastructure at 41%, with cryptocurrency and digital assets lagging behind at just 17%.

The gap between what family offices aspire to invest in and where their allocations currently lie is substantial. Over half of them have no involvement in growth equity or venture capital—the sectors considered crucial for fostering most AI innovation. Additionally, 79% lack allocations in infrastructure, which is vital for scaling AI.

Family Offices Crypto - JPMorgan Table

Kristin Kallergis Rowland, who is the Global Head of Alternative Investments at J.P. Morgan, summarized the evolving landscape by stating that “alternatives are no longer a tactical complement, but a strategic pillar.” Private equity is expected to see the most growth in allocations, with 37% planning to increase their investments, and 2.5 times more family offices are adding private market exposure than cutting it.

Family Offices Crypto - JPMorgan Table

Crypto Investment Remains Minimal Despite Rising Demand

In contrast to the growing interest in AI, family offices have only allocated an average of 0.4% of their portfolios to digital assets, with Bitcoin making up merely 0.2% of that. Remarkably, 72% do not even hold any gold, despite 20% of respondents identifying geopolitical issues as their top risk and nearly 60% citing inflation as a significant concern.

Despite this cautious approach, Muhammed Yesilhark, Chief Investment Officer at NOIA Capital, noted a transition in family offices' engagement, stating they shifted in 2025 from being "crypto experimenters" to "structured allocators," gradually increasing their allocations into digital assets.

A recent study from BNY Mellon, released in October, supports this shift, showing that 74% of ultra-high-net-worth family offices are exploring or investing in cryptocurrency—an increase of 21% compared to the previous year—primarily driven by better custody options and regulated investment vehicles.

Interest from institutional investors continues to grow, too. VMS managing partner Elton Cheung pointed to “clearer legislative and government support from various jurisdictions” as influencing factors behind the firm’s investment strategy in Re7 Capital. Re7's founder, Evgeny Gokhberg, recognized the serious nature of the capital being invested, stating, “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.”

The Solid Commitment of Institutional Investors and Advisors

While many family offices remain cautious, institutional investors paint a different picture. A recent survey by Coinbase and Glassnode, which polled 148 global investors from December 2025 to January 2026, revealed that 70% see Bitcoin as undervalued, even after its decline from over $125,000 to about $90,000 in late 2025.

Almost 62% maintained or increased their positions during the downturn rather than withdrawing. According to David Duong, Coinbase’s Global Head of Research, "crypto markets are entering 2026 in a healthier state, with excess leverage having been flushed from the system in Q4."

Additionally, a Bitwise and VettaFi survey revealed that 32% of financial advisors allocated to cryptocurrency in client accounts in 2025, an increase from 22% the previous year. Registered investment advisors were the most active, with 42% participating, and 74% of clients invested in crypto independently of their advisory relationships.

Outside of the United States, UBS noted that overseas Chinese family offices are planning to increase their crypto holdings to around 5%. In Hong Kong, HashKey Exchange recorded an impressive 85% year-on-year growth in registered users.

Zann Kwan, Chief Investment Officer of Singapore-based Revo Digital Family Office, discussed a generational change, explaining that “last year, they started to dip their toes into Bitcoin ETFs… now they have begun to understand the difference between holding a token directly.”

This evolving landscape reflects a growing awareness and participation in cryptocurrency, with family offices and institutional investors navigating their strategies in a fast-changing financial environment.