It doesn't seem like he's invested in any crypto directly. He has investments in some fintech, but as far as I can tell those aren't in any companies where crypto is the main component of their business plan. It's also important to distinguish between his opinions on the potential of distribute ledger technology vs. crypto currencies themselves. You can have the first without the second.

There are also levels of conservatism: Buffet still takes risks. In any given year, there's a possibility that he loses money, even if he's amazing in the long term. This is very far from the extreme end of conservative investing where, for example, someone 2-3 years away from retirement shifts all of their investments into a low-yield guaranteed return investment to ensure that a temporary downturn in the economy doesn't wreck their ability to retire.

Do you think Warren Buffett doesn't understand crypto from the standpoint of finance?

Warren Buffett has, on several occasions, stated that he does not understand cryptocurrencies.

I think he does and I think he's found a way to make money in crypto, even though he previously stated he thinks it will end badly

Or your definition of conservative is different from OP's.

Most people claiming they understand (risk, tradeoffs, market, actual adoption) cryptocurrencies are lying to themselves. It's easier to buy $KWEB than read an article written by Vitalik Buterin.