Something big is happening in the Indian crypto market, and it’s not coming from retail traders looking for short-term moves. In 2025, institutional crypto investments in India are growing rapidly.
On major Indian exchanges, including CoinDCX, CoinSwitch, ZebPay and Mudrex, institutional participation has increased by 30-50% year-over-year, now accounting for a significant portion of total trading volume.
This growth has also outpaced global exchange trends, with Binance reporting just a 14% increase in global institutional users over the same period.
Here’s what you need to know.
Who actually buys crypto in India?
These “institutions” are not SEBI-regulated funds, which remain cautious due to regulatory uncertainty. Instead, the activity is driven by HNIs, ultra-HNIs, family offices and corporates.
Among exchanges, CoinSwitch saw the biggest rise, with institutional participation up 93.23% from 2024. CoinDCX said almost half of its trading volume now comes from its VIP Prime users, a group of more than 3,500 investors trading ₹50 lakh or more per month.
Mudrex said almost a third of its volumes now come from institutional business, with growth of 25-30% year-on-year.
Crypto Exposure Remains Limited
Despite the increase in participation, Indian institutions are limiting their exposure to crypto. Most only dedicate 2-5% of their entire portfolio to it, reflecting a conservative, risk-managed approach.
“This contrast highlights the room for growth in India” said Sumit Gupta, co-founder and CEO of CoinDCX. “With clearer regulations and a more balanced fiscal framework, national institutional allocations are well placed to approach global standards”
Globally, around 55% of hedge funds already hold cryptocurrencies, with average allocations closer to 7%showing how early India is still in its institutional adoption cycle.
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What Indian institutions are buying
The purchasing model is clear. Institutions stick to blue-chip, high-liquidity assets – primarily Bitcoin, Ethereum, Solana, and XRP. On Mudrex, BTC, ETH, and SOL alone account for nearly 70% of institutional activity.
Ashish Singhal, CEO of CoinSwitch, said these preferences reflect a disciplined institutional approach, with portfolios anchored in proven assets while remaining flexible as the market continues to mature.
Siddharth Bharwani, JMD and CFO, Jetking Infotrain Limited, said that more than 40 Indian companies are ready to adopt Bitcoin, indicating growing interest.
This trend has sparked debate within the crypto community, with many questioning institutional buying on Indian exchanges and saying they may be moving too soon.
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FAQs
HNIs, family offices and corporations are increasing their exposure to crypto as infrastructure improves, despite regulatory and tax uncertainty.
Bitcoin, Ethereum, Solana and XRP dominate, with institutions favoring established assets with high liquidity.
India is still ahead; Globally, more than half of hedge funds hold cryptocurrencies with higher average allocations than in India.
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