Brown University has invested nearly $5 million in Bitcoin through BlackRock’s IBIT ETF, owning 105,000 shares as per a recent SEC filing. This comes as a small part of their larger $7.2 billion endowment. The move aligns Brown with other universities like UATX and Emory, which are also exploring Bitcoin investments as crypto prices rise.
Brown University has made a significant move into the crypto market, revealing nearly $5 million worth of Bitcoin exposure through shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT). The information comes from a recent filing with the SEC, showing the Ivy League school owns 105,000 shares of the ETF as of March 31, valued at around $4.9 million at that time.
Strikingly, these shares were absent from the university’s previous quarterly filing, indicating a recent foray into cryptocurrency investment. As of now, the valuation of those IBIT shares has risen to approximately $5.8 million. Although quite a sizable investment, it represents only a small fraction of Brown’s overall endowment, which has grown to exceed $7.2 billion by the end of its fiscal year in 2024.
According to Brown’s latest endowment report, the institution is adapting to the complexity of modern financial markets while managing its growing portfolio. “A team of professional investors pursue diverse investment strategies that require high levels of expertise and investment acumen,” notes the report, highlighting the university’s evolving approach towards investing.
Brown University’s investment strategy encompasses a variety of assets, including stocks, bonds, private companies, real estate, and now, cryptocurrencies. This places Brown within a broader trend among universities exploring Bitcoin exposure as part of their financial strategies.
In the same vein, the University of Austin (UATX) recently partnered with Bitcoin services company Unchained to establish a $5 million Bitcoin endowment in May 2024. Furthermore, Emory University in Atlanta reported nearly $16 million in Bitcoin exposure via the Grayscale Bitcoin Mini Trust last October, although their latest filings note some reduction in shares but maintained a significant position with prices rising in the crypto market.
As more institutions venture into cryptocurrencies, from public companies to governments, Brown joins a growing list of players investing in the world’s largest digital asset by market capitalisation. Bitcoin’s price hit nearly $98,000 on Friday, bouncing back from a low of about $75,000 back in April. Currently, Bitcoin is valued at $96,330.
Decrypt attempted to get in touch with Brown University’s investment office to gain further insights, yet no representative could be reached for comment prior to the publication of this article.
