Fortune 500 companies and global asset managers continued to expand blockchain activity and allocations during the first half of 2025, according to Coinbase’s latest State of Crypto report.
Six in ten Fortune 500 executives say their firms run on-chain initiatives, and the average number of projects per company jumped to 9.7 from 5.8 year on year, a 67% rise.
Furthermore, almost 20% of respondents now classify blockchain programs as a core element of their future strategy, up 47% from 2024.
Use cases continue to broaden beyond finance and technology into retail, healthcare, auto, and food sectors as firms trial payment rails, supply-chain tracking, and identity credentials.
Executives also point to new revenue streams, as 38% believe on-chain tooling can generate incremental sales, while 37% report active ideation pipelines for additional deployments.Â
Boardroom interest aligns with resource commitments. Nearly half of Fortune 500 respondents say capital expenditures on blockchain increased over the past year.Â
Deal flow reflects the shift, as 46 distinct Web3 projects announced by Fortune 100 companies across the last three quarters, tying historical highs despite broader macro uncertainty.
ETF demand anchors allocations
Institutional investors have matched corporate momentum with direct market exposure. The ten largest spot Bitcoin (BTC) exchange-traded funds (ETFs) absorbed $50 billion in cumulative inflows, twice the first-year haul of the best-selling traditional ETFs.Â
Ethereum (ETH) funds added $3.5 billion during their first quarter on the market, outpacing historical peers on both assets under management and the number of institutional holders.Â
Survey data in the report shows that 83% of institutional investors plan to raise their crypto positions this year. In comparison, 59% intend to allocate more than 5% of their assets under management to the sector.Â
Diversification is also broadening, with 73% already holding tokens beyond BTC and ETH, and 76% expect to invest in tokenized real-world assets by 2026.Â
Asset managers cite product availability and liquidity depth as catalysts. Bitcoin ETFs settled into regular daily turnover that rivals long-established equity funds, easing execution for pension plans and insurers that must trade at scale.Â
Meanwhile, the growth of treasury-backed stablecoins and a $21 billion tokenized bond market provide fixed-income desks with additional instruments that align with existing mandates.Â
Convergence of corporate usage and capital flows
The parallel rise in enterprise blockchain deployment and portfolio allocation suggests a feedback loop in which corporate projects generate on-chain volume and data, thereby improving market transparency.Â
At the same time, institutional inflows deepen liquidity and encourage vendors to build compliant infrastructure.Â
Coinbase’s research positions regulatory clarity as the hinge connecting the two trends. Nine in ten Fortune 500 executives and three in five investors rank clear federal rules as the primary driver for further commitments.
For now, executives continue to budget for on-chain pilots and asset managers funnel new funds into crypto-linked vehicles, marking a period in which operational adoption and balance sheet exposure advance in tandem.
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