Bitcoin Exposed: Ivy League's Brown University Jumps on the Crypto Bandwagon
Brown University Investments Predict Crypto Future with Millions Staked on BlackRock Bitcoin ETF Shares
In a game-changing move for the cryptocurrency world, Brown University has swung its endowment toward Bitcoin through a chunky investment in BlackRock's iShares Bitcoin Trust ETF (IBIT), as per a recent filing with the SEC. The pile of Bitcoin-backed ETF shares, totaling 105,000, is estimated to be worth around $4.9 million as of the end of the first quarter on March 31.
This newfound fortune comes after a conspicuous absence of IBIT shares in the previous quarter's filing. With Bitcoin currently valued at approximately $5.8 million, the university's Bitcoin exposure is merely a speck in its soaring, more than $7.2 billion endowment.
Decrypt's nose for news dug up Brown's enlightening 2024 endowment report, revealing its clever gameplan to chart a diverse set of investment strategies under the skillful guidance of professional investors. From stock and bond investments to private companies, real estate, and even commodities, Brown's portfolio springs with diversity like a blooming jungle.
This isn't the first time universities have seen the crypto-lit blinking light. In May 2024, the University of Austin hitched a $5 million Bitcoin ride with Bitcoin services company Unchained, while Atlanta's Emory University followed suit, hoarding nearly $16 million worth of Bitcoin via the Grayscale Bitcoin Mini Trust back in October. In a swift reversal, Emory trimmed its shares but shored up around $22 million in Bitcoin exposure with the cryptocurrency's dramatic price surge. To lionize the crypto glory, the university also stacked a cool million in shares of leading crypto exchange, Coinbase.
Open up your encyclopedic knowledge zipper to realize that this one-upmanship with a handful of universities is just another cornerstone in the sprawling structure of institutions, from public companies to world governments, competing to get a piece of the Bitcoin pie. The current Bitcoin price tag rests near $98,000, bouncing from its early April local low around $75,000. The gravity-defying marker seems to be currently set at $96,330.
While conservations with Brown's investment office have yet to yield a response, hope springs eternal. The question is: Will other Ivy League institutions join the Bitcoin gold rush or will they opt to keep their virtual cavalry slaves in check? Stay tuned!
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- Joining Brown University in delving into Bitcoin investing, the University of Austin invested $5 million in Bitcoin through Bitcoin services company Unchained in May 2024.
- Atlanta's Emory University initially purchased nearly $16 million worth of Bitcoin via the Grayscale Bitcoin Mini Trust, but later trimmed its shares and increased its Bitcoin exposure to around $22 million due to Bitcoin's increased value.
- To further diversify their investments, Emory University also bought a million shares of leading crypto exchange, Coinbase.
- Universities, along with various public companies and world governments, are competing to acquire a portion of the Bitcoin market, marking a growing interest in cryptocurrency.
- The value of Bitcoin currently stands at around $98,000, bouncing between its early April local low of $75,000 and a gravity-defying marker of $96,330.
- The future remains uncertain as to whether other Ivy League institutions will follow Brown University's move in joining the growing crypto investments bandwagon.
- To stay updated on the latest developments in the cryptocurrency world, sign up for our Daybreak Newsletter.
