Which renowned American universities, led by Harvard University, are betting on cryptocurrency?

Author: Zen, PANews

In recent years, cryptocurrency has gradually transformed from a niche experiment into an emerging asset class in various institutional portfolios. Particularly in the United States, several prestigious universities' endowment funds have begun to experiment with allocating crypto assets to hedge against inflation or seek long-term appreciation opportunities.

University endowment funds are pools of funds accumulated by academic institutions, typically existing in the form of charitable donations. These funds are used to support teaching and research and can be allocated to various assets for investment.

Recently, Harvard University disclosed that its endowment fund holds over $100 million in Bitcoin positions, sparking widespread attention from academia and the market regarding universities' involvement in crypto assets. This article by PANews will review universities that have publicly disclosed or been reported to participate in the crypto space, detailing their investment methods, disclosure timelines, and scales, to understand the current positions and practices of universities amid the digital asset wave.

Harvard University

Harvard University's endowment fund has consistently ranked at the top of global universities in financial reports and public statistics, managing approximately $50 billion. In terms of crypto asset allocation, Harvard's endowment fund also holds the largest known Bitcoin exposure among U.S. university endowments.

The Harvard Management Company, responsible for managing Harvard University's endowment fund, recently disclosed in its latest 13-F filing submitted to the U.S. Securities and Exchange Commission (SEC) that as of June 30, 2025, it holds approximately 1.9 million shares of BlackRock's iShares Bitcoin Trust (IBIT), valued at nearly $116 million. IBIT has also become the fifth-largest investment target for the fund during the same period, following Microsoft, Amazon, travel technology company Booking Holdings, and Meta, slightly above its investment in Google's parent company Alphabet.

Previously, The Information cited sources claiming that Harvard had invested in the cryptocurrency space as early as 2018, having invested in "at least" one cryptocurrency fund. Additionally, according to CoinDesk reports, Harvard University has been quietly purchasing cryptocurrencies through exchanges like Coinbase since around 2020.

Brown University

Brown University's endowment fund is known for its high investment returns, achieving an annual return rate of 11.3% for the fiscal year 2024, with an average annualized return of 10.8% over the past ten years and 13.1% over the past five years.

Like Harvard and the University of Michigan, Brown University's endowment fund is rumored to have started purchasing Bitcoin on exchanges around 2020. However, it wasn't until May of this year that Brown University publicly disclosed its Bitcoin investment. According to SEC 13-F disclosures, as of March 31, 2025, Brown University held 105,000 shares of BlackRock's IBIT Bitcoin ETF stock, valued at approximately $4.915 million at that time.

Previously, Brown University had no public records of cryptocurrency investments, making this disclosure the latest example among U.S. universities to announce Bitcoin holdings after Emory and the University of Austin.

Emory University

Emory University first disclosed its Bitcoin position in public documents in October 2024, becoming the first university endowment fund in the U.S. to publicly disclose such holdings. According to a document submitted to the SEC on October 25 last year, Emory University held nearly 2.7 million shares of Grayscale's Bitcoin Trust (GBTC), valued at approximately $15.1 million at that time. Following a subsequent rise in Bitcoin prices, this asset may now be worth over $30 million.

Emory Investment Management (EIM) is responsible for the financial oversight of the university's endowment fund, valued at over $11 billion. EIM's Chief Investment Officer Srinivas Pulavarti revealed that Emory University's investment was initially made in trust form, but when the stock converted to an ETF structure, the university was compelled to disclose its holdings. Emory accounting professor Matthew Lyle pointed out that using ETFs issued by reputable companies can reduce security risks compared to directly buying Bitcoin.

University of Austin

The University of Austin (UATX) is an emerging private university with an endowment fund of approximately $200 million since its establishment in 2019.

In February 2025, Cointelegraph reported that the University of Austin plans to establish a Bitcoin investment fund exceeding $5 million, to be included in its endowment fund management. Chad Thevenot, Senior Vice President for Development at the University of Austin, stated that the university will formulate a Bitcoin holding strategy for at least five years, noting that Bitcoin offers long-term value opportunities similar to traditional assets (stocks, real estate). The foundation's Chief Investment Officer Chun Lai told the Financial Times, "When the potential of cryptocurrency becomes apparent, we don't want to be left behind."

Additionally, UATX has partnered with Bitcoin service company Unchained to raise funds, with Unchained CEO Joseph Kelly donating 2 Bitcoins to the university's Bitcoin fund. UATX associate professor Thomas Hogan stated that the purpose of the university's endowment fund is to serve students, and Bitcoin provides a unique opportunity for UATX to fulfill its commitment to cultivating future leaders and innovators.

Stanford University

Stanford University has not directly disclosed its endowment fund's Bitcoin holdings, but a student-operated fund called the Blyth Fund seized the opportunity to buy Bitcoin last year. In March 2024, Stanford Blockchain Club leader Kole Lee announced that the Blyth Fund allocated approximately 7% of its portfolio to Bitcoin. The fund achieved Bitcoin exposure by purchasing BlackRock's IBIT ETF, with Bitcoin prices around $45,000 at the time of purchase.

It should be noted that the Blyth Fund is not part of Stanford's official endowment fund but is a portion of Stanford's discretionary fund pool, granting students autonomy in investment decisions. Established in 1978 in memory of legendary banker Charles Blyth, the Blyth Fund manages several hundred thousand dollars in assets through investments in stocks, bonds, and other assets, now including BTC.

As of now, Stanford has not publicly disclosed any information regarding its official endowment fund holding crypto assets, but the investment actions of the student team indicate that there are optimistic investors regarding cryptocurrency within Stanford.

Yale University

Yale University has the second-largest endowment fund in the U.S., valued at over $30 billion, but information regarding its involvement in crypto assets primarily comes from media reports rather than official disclosures.

In 2018, Bloomberg reported that Yale participated in the financing of a $400 million fund under the well-known venture capital firm Paradigm, being one of the investors in that fund. Additionally, CNBC reported that Yale's Chief Investment Officer David Swensen also invested on behalf of the university in a $300 million cryptocurrency fund under Andreessen Horowitz.

Regarding direct investments in crypto assets, CoinDesk reported that Yale, like Harvard, Brown, and the University of Michigan, began purchasing small amounts of Bitcoin through cryptocurrency exchanges around 2020 (specific amounts were not disclosed).

However, Yale has not publicly confirmed or commented on the aforementioned investments. What is known is that Yale has been involved in early-stage venture capital funds related to cryptocurrency, but has not publicly disclosed specific data on holding Bitcoin or ETFs, maintaining a relatively cautious investment attitude with limited public information.

Massachusetts Institute of Technology (MIT)

The Massachusetts Institute of Technology's endowment fund is also substantial, approximately $24.6 billion for the fiscal year 2024, but official public documents have not disclosed any direct holdings of Bitcoin or cryptocurrency ETFs. Historically, MIT has been known for its flexible investment style, and according to reports from The Information, MIT participated in investments in blockchain-themed venture capital funds as early as 2018.

Additionally, according to public information, MIT has close ties to research in cryptography and blockchain technology, such as the digital currency research project at the MIT Media Lab, which has received donations. However, as of now, MIT has not disclosed any cryptocurrency positions in SEC filings or financial reports. This means that MIT may have engaged in crypto assets through previous blockchain fund investments, but the specific amounts and timing remain opaque, and MIT has not provided public comments.

University of Michigan

The University of Michigan's endowment fund has been associated with cryptocurrency investments since 2018, when the university invested approximately $3 million in a crypto-focused fund, CNK Fund I, managed by Andreessen Horowitz (a16z) in June 2018. According to an agenda from a board meeting in February 2019, this fund was listed as an "approved follow-up investment partner," indicating a potential intention for additional investments, although specific amounts were not disclosed.

Additionally, according to CoinDesk reports, the University of Michigan's endowment fund also began purchasing small amounts of Bitcoin through exchanges around 2020. Overall, the University of Michigan's endowment fund has indirectly allocated funds to crypto assets through venture capital, with a clear investment scale in the millions of dollars, but the university has not made any formal public comments on this.

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