As a firm, Morningstar has come to no definitive conclusions on the long-term investment merits of cryptocurrency and its proper role in the portfolio or the appropriate treatment from a portfolio analytics perspective. We continue to monitor investor interest in the digital asset space and are evaluating how investors might successfully employ cryptocurrencies in their portfolios. As examples, we currently carry over 120 crypto/digital asset exchange feeds in our exchange data platform. We also recently published an article that featured some pros and cons for investors considering a place for cryptocurrencies in their portfolios. The article is available here: https://www.morningstar.com/articles/1019862/does-your-portfolio-need-bitcoin

As a part of its Emerging Technology Research practice, PitchBook provides full-time analyst coverage of the fintech space, which includes partial coverage of digital assets. We categorize the digital assets space into four main buckets: cryptocurrencies, cryptocurrency storage and payments, digital securities and services and network and exchanges. Moving forward, the team is exploring data collection efforts across new decentralized finance (DeFi) projects and is slated to initiate DeFi research in late Q2 2021.