Tangem, the Swiss hardware wallet maker and leader in active self-custody solutions, today published From Storage to Participation: The Rise of Active Self-Custody, an independent research report commissioned by Tangem and developed by Protocol Theory, an independent global consumer research and strategic insight firm. Drawing on data from over 3,172 U.S.-based crypto users, the report examines how market participants engage with active self-custody products.
According to the report, cold wallet users are not just passive long-term holders; they are among the most active participants in the market. Cold wallet users are 1.83x more likely to be active traders than passive holders. Only 9% of cold wallet users are passive holders, compared to 25% of centralized exchange users. Short-term traders are the most likely cohort to use a cold wallet (46%), versus just 11% of passive owners. Cold wallet users are also 20 percentage points more likely to hold stablecoins than CEX users (48% vs. 28%), and 12 percentage points more likely to hold altcoins and other non-core assets, reflecting a more diversified, active approach to asset management.
“Self-custody is no longer just about protection — users want to actively manage, grow, and spend their assets without giving up control,” said Darya Karpukova, CCO of Tangem. “Active Self-Custody bridges security and everyday utility, and this report confirms what our own data has been telling us for some time.”
Active Self-Custody describes a mode of participation in which users engage across three core functions — Store, Grow, and Spend — while maintaining direct control over their assets. The report argues that self-custody is evolving from a passive protection tool into the control layer of the crypto ecosystem: the foundation through which assets are secured, deployed in DeFi, and spent, all without surrendering ownership to a third party.
Tangem says it is also seeing this pattern reflected in its own business performance. In 2025, the company reported $61.3 million in revenue, up 102% year-over-year, and a 50% increase in monthly active users driven by in-app utility, suggesting that demand for more active forms of self-custody is growing.
Despite these patterns among existing users, the report also finds that a substantial gap remains at the broader market level.
“What the data shows is a persistent gap between how self-custody is perceived by non-users and how it is used in practice,” said Jonathan Inglis, Founder & CEO of Protocol Theory. “Cold wallets are still widely associated with passive storage, even as their role increasingly extends across storing, growing, and spending. That gap in understanding is limiting perceived relevance and slowing broader adoption.”
More broadly, the report highlights a central paradox: self-custody is widely valued, yet poorly understood. The data suggest that demand isn’t the barrier; education and experience are, pointing to significant room for growth in adoption as the tools become more intuitive.
- 66% of users consider self-custody important, and 46% fear major exchange breaches, yet 88% still store assets on centralized exchanges, and only 33% use a cold wallet
- The top barriers to cold wallet adoption are perceived lack of need (32%) and the belief that cold wallets are only relevant for large holdings or long-term storage, ahead of cost (17%) and complexity (19%)
- Cold wallet adoption rises by 53 percentage points between users with no wallet knowledge and those with expert knowledge, indicating that familiarity is a major driver of adoption
- Familiarity with cold wallets (67%) trails centralized exchanges (97%) and hot wallets (86%) by a wide margin
From Storage to Participation: The Rise of Active Self-Custody is available now at tangem.com/en/active-self-custody/. The report draws on a segmentation-led study of 1,503 U.S. crypto users aged 18 and over, conducted by Protocol Theory on behalf of Tangem, alongside a large-scale survey of 2,044 U.S. crypto users aged 18 to 64 conducted independently by Protocol Theory. All research was designed, conducted, and analyzed by Protocol Theory using ISO 20252-certified, human-verified panels in accordance with the ESOMAR International Code on Market and Social Research.
About Tangem
Founded in Switzerland in 2017, Tangem makes self-custody simple and secure. The company offers hardware wallets in the form of NFC-enabled cards and rings, with the choice of its innovative seedless security or a traditional seed phrase backup. Paired with a user-friendly app, these wallets provide seamless access to a wide ecosystem of crypto services, making secure self-custody straightforward for everyone. www.tangem.com
About Protocol Theory
Protocol Theory is a global consumer research and strategic insight company focused on the future of money, technology, and digital markets. Through its proprietary Growth Science™ discipline, it equips organizations with the evidence needed to understand adoption, anticipate what’s next, and make confident decisions across brand, product, experience, and strategy. www.protocoltheory.com
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