Some 64% of Millennial crypto owners plan to increase their digital asset holdings over the next 12 months, according to Charles Schwab's 2026 Modern Wealth Survey, placing crypto ahead of every traditional asset class on that generation's buying list.

The survey, released around October 7, polled 2,000 Americans aged 21 to 75 between August 24 and September 17, 2026. Among Millennials who already hold crypto, nearly two-thirds said they intend to add to their positions over the coming year.

How crypto ranked against traditional assets

The results break the Millennial preference order down across five asset classes:

• Crypto: 64% of current Millennial owners plan to buy more
• ETFs: 56%, the second-most cited destination
• Stocks: 52%
• Bonds: 42%
• Mutual funds: 41%, the lowest-ranked category

Crypto's first-place finish among investors with access to brokerage staples suggests the preference is not driven by a lack of alternatives. It outranked ETFs, stocks, bonds and mutual funds as the intended destination for new money.

Who actually owns crypto today?

Current ownership data shows a pronounced generational split. A third of Millennials, 33%, hold crypto today. Gen Z trails at 22%, while Baby Boomers sit at just 8%.

The Gen Z gap complicates a simple narrative that each successive cohort will be more crypto-heavy than the last. Gen Z ownership sits 11 percentage points below Millennials, a spread worth tracking as younger respondents age into investable income.

One additional finding stands out. Among Americans familiar with crypto, more than 40% expressed interest in owning Bitcoin or Ethereum directly. That means holding the actual coins rather than buying a fund or product that tracks their price — a structural distinction with implications for exchanges, custodians and spot ETF issuers alike.

Does this signal a shift away from wrappers?

Schwab has flagged rising crypto interest before. The firm's previous research pointed to younger investors seeking exposure through ETFs. The new direct-ownership data suggests a meaningful share of that audience may now want to skip the wrapper entirely.

If more than 40% of crypto-aware Americans follow through on direct Bitcoin or Ethereum purchases, the demand pattern would favor venues and custody providers over product issuers. Comfort levels, the survey implies, are rising.

What the numbers do and do not say

The 64% figure measures stated intentions, not executed transactions. Surveys of planned purchases routinely overstate actual flows, and the poll's crypto-intent question went only to Millennials who already own the asset — a group that has, by definition, already decided crypto deserves a portfolio allocation.

The sample frame also matters for interpretation. The 2,000 respondents span ages 21 to 75, so generational subgroups are smaller than the headline sample, and the margin around each cohort figure is correspondingly wider.

Even with those caveats, the ordering is the finding. When investors who already hold crypto, ETFs and equities were asked where to add money next, digital assets came first — ahead of instruments the American wealth management industry has spent five decades promoting.

Brokerages building retail crypto access will likely watch whether the 22% Gen Z ownership figure converges toward the Millennial benchmark, or whether the direct-ownership interest registered among the 40%-plus of crypto-aware Americans translates into self-custody and exchange flows over the next survey cycle.