October 27, 2022 • 16 min read Since 2018, Fidelity Crypto LCSM has conducted an annual study to better understand institutional investors’ perceptions of and approaches to digital assets. In this preliminary report, we highlight key data from the Fidelity Crypto LCSM 2022 Institutional Investor Digital Assets Study, including trends in overall adoption across the U.S., Europe, and Asia, and how various institutional investor segments are thinking about the role of digital assets in investment portfolios. Despite market headwinds, adoption of digital assets among institutional investors surveyed increased in both the U.S. (42%) and Europe (67%), a respective 9-point and 11-point change year-over-year. Though they reported a small decline in adoption, Asian institutional investors remain the most accepting of digital assets among the regions with nearly 7 in 10 (69%) reporting an allocation to digital assets. Digital asset markets are incredibly dynamic and 2022 has been no exception. This study reflects the sentiments and behaviors of respondents in the first half of the year, but we recognize that the market developments of the second half and the macro environment look different. As a result, in the coming months, a follow-up to this key findings report will provide additional analysis on how the events of the latter half of the year may have shifted some perceptions — along with more institutional investor insights into broader use of blockchain technology, like tokenization and DeFi. Download a Full Summary of Key Findings Here Share: Download Article The research survey for this study was led by Fidelity Consulting and Strategic Insights with Fidelity Crypto LCSM and The Fidelity Center for Applied TechnologySM. Conducted by Coalition Greenwich, the research followed a similar methodology to the previous three years, comprised of a detailed survey to better understand the overall attitudes and behaviors of institutional investors as it relates to digital assets. Field work was conducted between January 2, 2022, and June 24, 2022, with a total of 1,052 blind interviews of professionals from a variety of firms, completed via a mix of online surveys and one-to-one phone sessions. As in previous years, the survey spanned a variety of high-net-worth individuals and institutional investor segments, including financial advisors, family offices, crypto hedge and venture funds, traditional hedge funds, endowments and foundations, as well as pension funds and defined benefit plans. The information herein was prepared by Fidelity Digital Asset Services, LLC and Fidelity Crypto LC, Ltd. It is for informational purposes only and is not intended to constitute a recommendation, investment advice of any kind, or an offer or the solicitation of an offer to buy or sell securities or other assets. Please perform your own research and consult a qualified advisor to see if digital assets are an appropriate investment option. Custody and trading of digital assets are provided by Fidelity Digital Asset Services, LLC, a New York State-chartered, limited liability trust company (NMLS ID 1773897) or Fidelity Crypto LC, Ltd. Fidelity Crypto LC, Ltd. is registered with the U.K. Financial Conduct Authority for certain cryptoasset activities under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The Financial Ombudsman Service and the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Fidelity Crypto LC, Ltd. This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Persons accessing this information are required to inform themselves about and observe such restrictions. 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. Fidelity Digital Asset Services, LLC and Fidelity Crypto LC, 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 Crypto LC and the Fidelity Crypto LC logo are service marks of FMR LLC. © 2022 FMR LLC. All rights reserved. 1052955.1.0