CoinShares survey uncovers “invisible” crypto holdings for many UK advisers
More than half of UK financial advisers can’t see the bulk of their clients’ cryptocurrency investments because of firm-level rules, a new CoinShares survey reveals — highlighting a growing blind spot as digital assets become a mainstream part of portfolios.
Key findings
- Survey size: 261 wealth management professionals across Europe.
- UK blind spot: 52% of UK advisers said most of their clients’ crypto exposure is effectively “invisible” to them.
- Europe average: the figure drops to 25% across other surveyed markets (France, Germany, Italy, Switzerland).
- Firm constraints: 61% of respondents work at firms that either restrict digital assets or lack a clear internal policy for handling them.
CoinShares co-founder and CEO Jean-Marie Mognetti warned the problem is driven by internal firm rules — not investor demand or adviser knowledge. He said clients have already allocated capital to crypto, but advisers are often prevented from discussing or overseeing those holdings by company policy. That creates what Mognetti calls a “wrong-way risk,” where advisers must manage client wealth without access to a complete picture of assets:
“The capital has already been allocated. The people entrusted with managing it simply cannot see it, and in most cases not because clients are unwilling to engage, but because firm policy prevents them from doing so. This is not a knowledge problem. It is not a demand problem. It is a firm-policy problem becoming a wrong-way risk.”
Why it matters
Without visibility into clients’ crypto positions, advisers can’t fully allocate investments, assess risk, or build trust — potentially exposing clients and firms to unmanaged exposures and regulatory or fiduciary issues. The finding arrives as crypto ownership and regulatory engagement in the UK increase: the Financial Conduct Authority reported about 8% of UK adults owned crypto as of its December report, and it has floated proposals allowing authorized investment funds to allocate up to 10% of assets to crypto exchange-traded notes.
Broader industry context
Industry leaders say the next phase of crypto adoption will be driven more by payments infrastructure than speculation. Ripple executives have likened the evolution of crypto payments to the early days of e-commerce, arguing that scalable blockchains, stablecoins, regulated fiat on-ramps and simple wallets can make crypto payments everyday tools. Ripple CEO Brad Garlinghouse has also said stablecoins are drawing growing interest from corporate finance and treasury teams exploring blockchain-based payments and treasury management.
Regulatory scrutiny beyond Europe
Regulators are also sharpening focus on how crypto moves through markets. In India, the Financial Intelligence Unit has asked at least three major exchanges to hand over records of over-the-counter (OTC) crypto transactions exceeding $10,000. The request covers data exchanges must preserve from January 2026 onward, and targets private OTC trades that can obscure beneficial ownership when intermediaries or closely held entities stand between exchanges and the original source of funds.
Bottom line
CoinShares’ survey flags an important operational and governance gap in wealth management: as crypto exposure grows among retail and institutional clients, firms that limit adviser visibility risk mismanaging portfolios and increasing compliance and fiduciary risk. The solution, Mognetti and others suggest, lies in clearer firm policies, better integration of crypto reporting, and regulatory frameworks that enable advisers to see — and therefore manage — the full picture of client assets.
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