Bitcoin (CRYPTO: $BTC) has been struggling this year but its recent drop, including a brief dip below $60,000, hasn’t really changed how institutional investors feel about it. In fact, according to John D’Agostino, Head of Institutional Strategy at Coinbase Global Inc. (NASDAQ: $COIN), many large investors see this pullback as a good chance to buy more.

In an interview with CNBC, D’Agostino said family offices and sovereign wealth funds are still buying Bitcoin at what they see as an attractive discount. He said these big investors remain very interested and may even like the asset more around $65,000 than they did when it was at its highs. 

Bitcoin recently touched $59,200, down about 50% from its October 2025 peak.

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Even with the recent weakness, institutional confidence seems to be holding up. D’Agostino pointed out that spot ETF exposure is still around $100 billion. And while Bitcoin’s price has been cut in half, retail interest has only fallen by about 15%. That lines up with a Bernstein report describing this as a boring cycle, with Bitcoin’s store-of-value argument still very much in place. 

He also brushed off concerns about leverage, saying large investors generally have enough capital to avoid being forced out of their positions.

Companies are backing up that view too. Strategy (NASDAQ: $MSTR) said it bought another 1,550 BTC recently for $101 million, continuing its aggressive Bitcoin treasury strategy. 

That came even after a small sale in late May that drew a lot of attention. Strategy’s most recent purchase reinforces its position of viewing Bitcoin as a good long-term holding.