Emory University has revealed it holds a massive stake in the Grayscale Bitcoin Mini Trust. The revelation makes the Atlanta-based private research institution the first among higher educational institutions to indicate an interest in Bitcoin investment.
According to an October 25 filing to the US Securities and Exchange Commission by Emory University, the institution holds up to 2.7 million shares worth at least $15.1 million. Crypto enthusiasts reacting to the development called it an “impressive” move for an institution that is way smaller than Harvard to join the cryptocurrency bandwagon. In addition to this investment, the institution of higher learning stated it also held 4,312 shares of Coinbase as of September 30, worth over $768,269. Coinbase is the custodian for Grayscale’s Bitcoin assets.
By investing in the Grayscale Bitcoin Mini Trust, Emory University is now among an emerging group of institutions that have joined the trend where pension funds from Jersey City and Wisconsin invest in crypto-based exchange-traded funds (ETFs). Launched in July, the Grayscale Bitcoin Mini Trust is a spin-off of the Grayscale Bitcoin Trust (GBTC) designed to enable investors to leverage Bitcoin prices. Commenting on the X platform, GreenBean said, “Crazy the money floating around the universities having a spare 15 Milly.”
Increased Institutional Interest in Cryptocurrency
The revelation by Emory University of its Bitcoin investment comes at a time when institutions generally increase interest in cryptocurrency investments. Nonetheless, there hasn’t been any indication now that higher learning institutions are interested in cryptocurrency adoption. Moreover, the timing of their investment aligns with the ongoing trend within the Bitcoin ETF market. The spot Bitcoin Exchange-traded funds market has recently achieved a substantial inflow, with the cumulative inflows surpassing $188 million across several funds. The leading fund has been BlackRock’s iShares Bitcoin Trust (IBIT), which has over $165.5 million, and Bitwise Bitcoin Strategy ETF (BITB), which has received over $29.6 million in inflows.
Grayscale’s Bitcoin Trust (GBTC), on the other hand, has, during the same period, recorded an outflow exceeding $7.1 million, with the Bitcoin Mini Trust not recording any flows at the moment. The move by Emory University comes hot on the heels of the July launch, where at least $18 million was raised on the first day and over $191 million on the day following the launch. Emory University has decided to tread because other universities have yet to clarify intentions, if any.
Universities and Crypto funds
Leading institutions of higher learning, Yale, Stanford, and Harvard, may have made small commitments to crypto funding, but none of them has made a direct crypto investment. On the other hand, others, like the University of Michigan and Massachusetts Institute of Technology (MIT), are engaged in research and investment in technology funds. Beyond issues with Bitcoin investment, the pair have previously made contributions to research surrounding blockchain innovation.
While there may not be any records to back the claims, there are reports that Harvard University, Yale University, and Stanford University may also have investments in cryptocurrency funds or Bitcoin trusts. Reports also state that the University of Michigan held sizeable investments in Andreessen Horowitz’s crypto fund in 2018. Andreessen Horowitz is a renowned cryptocurrency investor, meaning that the university could have a Bitcoin investment in its portfolio.
Conclusion
Founded in 1836, Emory University has led the way for educational institutions by reporting their Bitcoin investments, which could indicate that more varied institutions are adopting crypto-related investment activities. Surprisingly, this revelation is critical when BTC seemingly struggles to hold on to its upward momentum. Bitcoin has recently experienced a 2% downtime, with the global cryptocurrency market cap going down 2% over the weekend to close at $2.27 billion.
