Atlanta-based Emory University, a private research university, has disclosed interests in Grayscale Bitcoin Mini Trust totaling $15.1 million.
An Oct. 25 filing with the U.S. Securities and Exchange Commission disclosed this unprecedented action for a university.
More than 2.7 million shares of Grayscale Bitcoin Mini Trust are owned by Emory University, according to the SEC filing.
It was estimated that the holdings were worth around $15.1 million. An academic institution’s significant commitment to bitcoin exposure is demonstrated by this investment. Additionally, this action distinguishes it from its contemporaries in higher education.
An offshoot of the bigger Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, was approved in July. The purpose of the mini trust is to offer passive exposure to changes in the price of Bitcoin at a discounted share price.
Along with its Bitcoin Bitcoinbtc0.87% Bitcoin trust holdings, Emory disclosed that it owned $4,312 worth of Coinbase shares. At the time of writing, the stock of the cryptocurrency exchange, COIN, was worth $205.05.
Emory University is unique
Emory’s investment decisions represent a unique strategy among academic establishments. Pension funds in Jersey City and Wisconsin have already disclosed interests in exchange-traded securities based on cryptocurrency.
Nonetheless, Emory is unique in that it is among the few universities that declare that it possesses such assets.
This action by a prominent university that was established in 1836 may indicate that cryptocurrency-related investments are becoming more institutionally accepted in the academic sector.
The university’s disclosure coincides with Bitcoin’s inability to maintain its upward trend. The market as a whole is impacted by a number of things whenever Bitcoin displays a bullish sign.
At the time of writing, Bitcoin had dropped more than 2%. At $2.27 trillion, the global cryptocurrency market capitalization has likewise decreased by over 2%.
Cryptocurrency and colleges
Several prominent universities have reportedly made investments in cryptocurrency funds or Bitcoin trusts, including Stanford University, Yale University, and Harvard University.
In addition to making investments, MIT (Massachusetts Institute of Technology) has been actively participating in the cryptocurrency space by supporting blockchain innovation and offering research.
Additionally, in 2018, the University of Michigan made an investment in Andrés Horowitz’s cryptocurrency fund. Given Andreessen Horowitz’s significant cryptocurrency holdings, including Bitcoin, it is probable that that portfolio included exposure to the cryptocurrency.
