According to a 2024 study by Bank of New York Mellon, one of Wall Street’s oldest financial institutions, family trustees allocate about 5% of their investment portfolio to cryptocurrencies.

BNY Mellon analysts, together with the Harris Poll, a company that tracks public opinion, conducted a survey of 189 family offices around the world, which manage between $250 million and $5 billion. It turned out that the companies managing family finances have different views on cryptocurrencies. 39% of respondents answered that they are actively investing in digital assets and are ready to increase their investments. 38% of survey participants show no interest in cryptocurrencies, and 30% are in the “golden mean”, looking closely at cryptoassets.

Representatives of 55% of family offices prefer exchange-traded funds (ETFs) linked to cryptocurrencies, 54% are inclined to trade cryptocurrencies directly on exchanges. More than half of family offices (57%) who expressed loyalty to cryptocurrencies want to be aware of new investment trends and opportunities. 30% consider cryptocurrencies to be a good tool for protecting against inflation, another 30% attributed their interest to the influence of younger generations.

The main factors preventing such management companies from investing in cryptocurrencies are hacker attacks and cybercrime (77%), uncertainty with the regulation of cryptocurrencies (74%), and high volatility of coins (67%). 66% of respondents do not consider cryptocurrencies to be an effective means of storing value. Family offices have shown particular interest in artificial intelligence (AI), say BNY Mellon experts. Almost 80% of survey participants are ready to invest in AI over the next five years, as this technology allows for better performance of some operations, provides automation of business processes and increases labor productivity.

BNY Mellon became one of the first American banks to offer clients storage services for bitcoins and ether. In 2023, BNY Mellon Corporation’s head of digital assets, Michael Demissie, suggested that the fall in the cryptocurrency market should not affect institutional investors’ interest in the industry.