Coinbase has reported that the United States’ leading university endowment funds have had some hush-hush Bitcoin exposure. They have been buying Bitcoin from their accounts on several cryptocurrency exchanges, including Coinbase.
Harvard, Yale, Stanford, and the University of Michigan have been buying Bitcoin from their Coinbase accounts.
Leading US Universities Having Bitcoin Exposure
As detailed by CoinDesk, two sources have confirmed that the leading colleges like Yale, Harvard, University of Michigan, and Brown have been buying Bitcoin from the exchanges. The IVY league college endowments also participated in blockchain through some crypto-based funds in 2018, as per the CoinDesk report. Though none of the universities or colleges commented on the news, Coinbase’s annual report had mentions of University endowments, which hints at the increased interest of universities in Bitcoin. As per the report, several university endowments funds may have been more than 18 months old. For the unversed, University endowment acts as a pool of capital accrued by academic institutions that help teach and research. The capital earned mostly through charitable donations can be invested through various assets.
As per the source cited by CoinDesk, “Most have been in at least a year. I would think they will probably discuss it publicly at some point this year. I suspect they would be sitting on some pretty nice chunks of return.”
Leading universities in the United States, including Yale, Stanford, University of Michigan, and Dartmouth college, have backed crypto venture capital firms. Yale University Chief Investment Officer David Swensen backed two VCs in 2018. That time he garnered much attention for backing Coinbase co-founder backed VC.
As the US dollar and other fiat currencies struggle amid rising inflation, every institution and firm are looking for profitable investment alternatives that can hedge against inflation. Bitcoin and other cryptos are currently emerging as the most substantial investment option, attracting not just large corporates but also evading universities and government entities.
Harvard University reportedly has the biggest university endowment and accrues more than $40 billion in assets, while Yale has $30 billion in assets. As the biggest institutional players have jumped in the cryptocurrency bandwagon to garner benefits of Bitcoin, even academic endowments are quietly investing. The clandestine investments from leading university endowments would possibly be more visible in the coming times.
Disclaimer
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