Research Study

2023 Institutional Investor
Digital Assets Study

An annual update on investors’ perceptions of digital assets

by Fidelity Digital Assets

Executive Summary

Since 2019, Fidelity Digital AssetsSM has conducted an annual study to uncover global institutional investors’ evolving perceptions of and approach to digital assets. This report, the Fidelity Digital AssetsSM 2023 Institutional Investor Digital Assets Study, highlights insights such as adoption rates across the U.S., Europe, and Asia and how investors view the role of digital assets in their portfolios.  

The digital asset market is incredibly dynamic, and 2023 was no exception. The industry overcame several challenges throughout the year, ranging from widespread volatility to negative media coverage in response to bad actors. However, the market still demonstrated year-to-year growth despite these hurdles. Key findings include: 

  • Over 50% of surveyed investors agreed the asset class is here for the long term
  • More than one-quarter feel their perception of digital assets changed positively over the past year
  • 65% of investors plan to buy or invest in digital assets in the future

Download the report now to learn how investors’ relationship with digital assets evolved throughout the past year—and how the introduction of spot bitcoin ETPs and a new all-time high may position the market for an even stronger future.


The blind survey was executed in association with Fidelity Consulting Strategic Insights on behalf of Fidelity Digital AssetsSM and the Fidelity Center for Applied TechnologySM between May 30, 2023 and October 6, 2023. The survey included 1,042 institutional investors in the U.S. (406), Europe (370) and Asia (266), including financial advisors, family offices, crypto hedge and venture funds, traditional hedge funds, high-net-worth investors, pensions and defined benefit plans, and endowments and foundations.

The information herein was prepared by Fidelity Digital Asset Services, LLC (“FDAS LLC”) and Fidelity Digital Assets, Ltd (“FDA LTD”). It is for informational purposes only and is not intended to constitute a recommendation, investment advice of any kind, or an offer to buy or sell any asset. Perform your own research and consult a qualified advisor to see if digital assets are an appropriate investment option.

Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high-risk tolerance. Investors in digital assets could lose the entire value of their investment.

Custody and trading of digital assets are provided by Fidelity Digital Asset Services, LLC, which is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business (NMLS ID 1773897). FDA LTD relies on FDAS LLC for these services. FDA LTD is registered with the Financial Conduct Authority under the U.K.’s Money Laundering Regulations. The Financial Ombudsman Service and the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by FDA LTD.

To the extent this communication constitutes a financial promotion in the U.K., it is issued only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); (ii) high net worth companies and certain other entities falling within Article 49 of the FPO; and (iii) any other persons to whom it may lawfully be communicated.

This information is not intended for distribution to, or use by, anyone in any jurisdiction where such distribution would be contrary to local law or regulation. Persons accessing this information are required to inform themselves about and observe such restrictions.

FDAS LLC and FDA LTD do not provide tax, legal, investment, or accounting advice. This material is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. Tax laws and regulations are complex and subject to change. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

Fidelity Digital Assets and the Fidelity Digital Assets logo are service marks of FMR LLC.

© 2024 FMR LLC. All rights reserved.