Bitwise Memo Uncovers Key Insight From 40 Financial Advisors

Bitwise CIO Matt Hougan says financial advisors remain interested in crypto but now care more about stablecoins and tokenization than Bitcoin. He drew the conclusion after speaking with more than 40 advisors in a single day of sales calls.

Data from analytics firm Artemis points the same way. Stablecoin mentions in SEC filings and investor presentations peaked at roughly 1,000 in the first quarter of 2026, the firm reports.

Stablecoin mentions in SEC filings and investor presentations peaked in Q1 ’26, at 1k.

Stablecoins and Tokenization Take Center Stage

Hougan described the conversations in a memo published on June 10. Reportedly, he met eight advisory teams on Monday, his busiest single day since joining Bitwise eight years ago.

Engaging those advisors on Bitcoin proved difficult, he admitted, even at prices near $60,000 that he considers attractive for long-term investors.

Instead, conversations kept returning to payments, capital markets, and tokenized assets.

Hougan tied the shift to two forces:

• The fiat debasement trade has faded, with gold trading about 20% below its all-time high by his account,
• Stablecoin talk from SEC Chair Paul Atkins and BlackRock CEO Larry Fink has become constant on financial television.

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“If you think financial advisors are the marginal net buyer of crypto in the next cycle, the first place money would flow might be into stablecoin- and tokenization-linked investments,” Hougan wrote in the memo.

He expects that flow to favor tokenization rails such as Ethereum (ETH) and Solana (SOL), plus stablecoin-linked equities Circle (CRCL) and Coinbase (COIN).

The pattern would echo earlier cycles, he argued, including the spot ETF progress that pulled crypto out of its 2022 collapse.

Peak Attention or a New Adoption Phase

Artemis adds a measurable signal to the anecdotes, showing stablecoin references in corporate disclosures hit their highest recorded level in Q1 2026.

Stablecoin mentions in SEC filings and investor presentations peaked in Q1 '26, at 1k. pic.twitter.com/PG5kgwV5C8

— Artemis (@artemis) June 8, 2026

Regulation helps explain the timing. On February 19, SEC staff said broker-dealers may apply a 2% capital haircut to payment stablecoins, treating them as near-cash.

That guidance builds on the GENIUS Act, the 2025 law that created a federal category for payment stablecoins.

Usage data tells a similar story. A Fireblocks report based on a March 2025 survey of 295 finance executives found 49% of institutions already use stablecoins for payments.

The combination cuts two ways:

• Advisor curiosity suggests fresh capital could flow into stablecoin and tokenization plays first.
• Peaking mentions, however, may indicate the theme is already crowded in corporate communications, with stocks, gold, and Treasuries moving on-chain in practice rather than in pitch decks.

Tokenized real-world assets similarly defied last year’s downturn.

Hougan frames advisors, a group managing more than $175 trillion by Investment Adviser Association figures, as the new investor class that could end the 2026 downturn.

Therefore, their engagement matters more than usual after his earlier crypto winter call proved prescient.

The first-quarter mention peak marking saturation or the start of an implementation phase may become clearer as second-quarter filings arrive.

In the meantime, advisor demand gives the market a concrete adoption signal to track.