US university makes crypto history with $15m investment
Emory becomes first university to invest in Bitcoin ETFs, showcasing a bold financial strategy
A US university has become the first to hold Bitcoin exchange-traded funds (ETFs), with a total of about $15 million.
The move by Emory University was announced through a US Securities and Exchange Commission (SEC) filing on Friday.
Matthew Sigel, the digital assets research head at VanEck, explained in an X post that Emory is the “First university to publicly report it owns Bitcoin ETF.”
🚨 First University to Publicly Report it Owns Bitcoin ETF 🚨
— matthew sigel, recovering CFA (@matthew_sigel) October 25, 2024
Emory University Files 13F, Owns $15M of $BTC (Grayscale Bitcoin Mini Trust) as of September 30
Bitcoin ETFs are asset pools of Bitcoins that brokerages offer on conventional exchanges. They allow investors to be exposed to cryptos without directly owning these assets.
Following this logic, the Grayscale Bitcoin Mini Trust—which is a replica of the Grayscale Bitcoin Trust (GBTC)—allows investors to be indirectly exposed to Bitcoin prices.
Released in July, the Mini Trust is still relatively new and allows both retail and institutional investors to put their money into the pioneering crypto with apportioned ownership and a minimal price.
However, the university also has other holdings aside from its stakes in the Grayscale Bitcoin Mini Trust. Emory University reportedly possesses 4,312 Coinbase shares—worth roughly $768,269—as of September 30, as noted by CoinMarketCap.
Emory University's notable investment serves as a case of an academic institution's commitment to crypto exposure. Ultimately, this sets the institution apart from its higher education peers.
A similar Bitcoin ETF case involving an educational institution was reported earlier this year—though it specifically involved a student-run fund.
In March, Stanford University's student-run Blyth Fund—which was established in 1978—reportedly allocated 7% for Bitcoin ETF investments. This was put forward by computer science major Kole Lee, who leads the the Stanford Blockchain Club.
Stanford Endowment has bought Bitcoin at 45k.
— Kole Lee (@kolelee_) March 4, 2024
In February, pitched IBIT to Blyth Fund, the student-run fund which manages a portion of Stanford's Endowment.
Bitcoin is now ~7% of the portfolio.
Here's the pitch that convinced them to buy: pic.twitter.com/nE7PuNF7Nw
Earlier this year, Lee told Cointelegraph that the Blyth Fund is “committed to their members investing within their skill sets and passions,” adding that they are “separately managed funds that are part of the expandable fund pool and give discretion in investing decisions to students.”
With this, Lee thought that “[Blackrock's IBIT] ETF was a wonderful opportunity for Blyth to buy Bitcoin.”
