The sentiment surrounding digital assets has once again changed among major investors, according to Ron Biscardi, CEO of iConnections, which hosts one of the largest capital introduction conferences globally.
With over 25 years in alternative investments, Biscardi has a unique perspective. His platform oversees more than $55 trillion in assets and records thousands of annual meetings between fund managers and institutional investors, illustrating how swiftly the mood can shift.
After a challenging period following the 2022 crash triggered by the FTX collapse, interest began to stabilize at last year’s conference. “By 2025, we started observing funds eager to re-enter the market and invest,” he noted. Optimism regarding a more favorable regulatory environment in Washington contributed, although advancements have been gradual.
Shifts in Perception
This year’s event saw over 75 digital asset funds participate, resulting in around 750 meetings between fund managers and allocators—a figure similar to 2022’s peak interest before the FTX collapse. Nearly 25% of limited partners on the iConnections platform now express interest in digital asset strategies, highlighting that crypto has transitioned from a niche investment to a recognized segment in alternatives.
Family offices represent the majority of this interest, aligning with their history of supporting innovative and emerging asset classes. While some family offices remain cautious, traditional wealth managers face increasing pressure to offer digital assets to affluent clients, especially in crypto-rich regions like Dubai, Switzerland, and Singapore.
This enthusiasm persists despite the ongoing “crypto winter,” with Bitcoin down nearly 25% since the year’s start and its market cap having lost over a trillion dollars since its peak last October. Stocks of notable crypto firms like Coinbase and MicroStrategy have also seen significant dips this year, trailing behind other tech stocks.
Cautious Optimism
However, Biscardi believes that digital asset managers are “very close to gaining institutional credibility.” He stated that Bitcoin has already achieved this, while altcoins are nearing that threshold. “The final piece is establishing a regulatory framework to ensure safe transactions,” he added.
For chief investment officers, addressing regulatory issues is paramount. “Regulatory hurdles are the primary concern,” Biscardi emphasized. Major allocators operate as fiduciaries; thus, they are reluctant to invest until they can assure their boards of responsible and secure practices.
