Led by Harvard University, which well-known American universities are betting on cryptocurrency?

Author: Zen, PANews

In recent years, cryptocurrencies have evolved from niche experiments into an emerging asset class for institutional portfolios. In the United States, in particular, endowment funds at several prestigious universities have begun experimenting with crypto assets as a way to hedge against inflation or seek long-term value-added opportunities.

University endowments are pools of funds accumulated by academic institutions, typically in the form of charitable donations. These funds are used to support teaching and research and can be allocated to invest in a variety of assets.

Harvard University recently disclosed that its endowment holds over $100 million in Bitcoin, sparking widespread interest in both academia and the market regarding university involvement in crypto assets. In this article, PANews will review universities that have publicly disclosed or are reported to be involved in crypto, explaining their investment methods, timing, and scale, and examining the differences in university positions and practices in the digital asset movement to date.

Harvard University

Harvard University's endowment consistently ranks first among universities worldwide in financial reports and public statistics, with approximately $50 billion under management. In terms of crypto asset allocation, Harvard's endowment also boasts the largest Bitcoin exposure among known US university endowments.

Harvard Management Company, which manages Harvard University's endowment, disclosed in its latest Form 13-F filing with the U.S. Securities and Exchange Commission (SEC) that it held approximately 1.9 million shares of BlackRock iShares Bitcoin Trust (IBIT), valued at nearly $116 million, as of June 30, 2025. IBIT also became the fund's fifth-largest investment during that period, trailing only Microsoft, Amazon, travel technology company Booking Holdings, and Meta, and slightly surpassing its investment in Google's parent company, Alphabet.

The Information previously cited sources as saying that Harvard had invested in the cryptocurrency sector as early as 2018, having invested in "at least" one cryptocurrency fund. Furthermore, according to CoinDesk, Harvard University has been quietly purchasing cryptocurrencies through exchanges such as Coinbase since around 2020.

Brown University

Brown University's endowment fund is known for its high investment returns. As of fiscal year 2024, the fund's annual return reached 11.3%, with an average annualized return of 10.8% over the past 10 years and 13.1% over the past five years.

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

Brown University previously had no public record of investing in crypto assets, and this disclosure makes it the latest American university to announce its holdings of Bitcoin, following Emory and Austin University.

Emory University

Emory University first disclosed its Bitcoin holdings in public documents in October 2024, becoming the first university endowment in the United States to do so. According to an SEC filing on October 25th of last year, Emory University held nearly 2.7 million shares of the Grayscale Bitcoin Mini Trust (GBTC), with a market value of approximately $15.1 million at the time. Due to the subsequent near-doubling of Bitcoin prices, these holdings are likely now worth over $30 million.

Emory Investment Management (EIM) oversees the university's endowment, valued at over $11 billion. Srinivas Pulavarti, EIM's chief investment officer, revealed that Emory's investments were initially structured as trusts, but when the stock was converted to an ETF structure, the university was forced to disclose its holdings. Matthew Lyle, an associate professor of accounting at Emory, noted that using an ETF issued by a reputable company can reduce security risks compared to buying Bitcoin directly.

University of Austin

The University of Austin (UATX) is a new private university with an endowment of approximately $200 million when it was founded in 2019.

In February 2025, Cointelegraph reported that the University of Austin planned to establish a Bitcoin investment fund of over $5 million to be managed within its endowment. Chad Thevenot, senior vice president of development at the university, stated that the university would develop a Bitcoin holding strategy for at least five years, arguing that Bitcoin offers similar long-term value opportunities as traditional assets (stocks and real estate). Chun Lai, the foundation's chief investment officer, told the Financial Times, "When the potential of cryptocurrencies becomes apparent, we don't want to be left behind."

UATX also partnered with Bitcoin service company Unchained for fundraising , with Unchained CEO Joseph Kelly donating two bitcoins to the university's Bitcoin Fund. UATX Associate Professor Thomas Hogan stated that the university's endowment is dedicated to serving students, and Bitcoin provides a unique opportunity for UATX to fulfill its commitment to cultivating future leaders and innovators.

Stanford University

Stanford University itself does not directly disclose its endowment's Bitcoin holdings, but the Blyth Fund, a student-run fund at the university, seized the opportunity to buy Bitcoin last year. In March 2024, Kole Lee, director of the Stanford Blockchain Club, announced that the Blyth Fund would invest approximately 7% of its portfolio in Bitcoin. The fund achieved Bitcoin exposure by purchasing the BlackRock IBIT ETF, which was purchased at a price of approximately $45,000.

It's important to note that the Blyth Fund is not part of Stanford's official endowment, but rather a portion of Stanford's disposable funds, empowering students to make their own investment decisions. Established in 1978 in honor of legendary banker Charles Blyth, the Blyth Fund manages only a few hundred thousand dollars in assets through investments in stocks, bonds, and other assets, now including Bitcoin.

As of now, Stanford has not disclosed any information about the holding of crypto assets in any formal endowment fund, but the investment actions of the student team indicate that there are investors within Stanford who are optimistic about cryptocurrencies.

Yale University

Yale University has the second-largest endowment in the United States, valued at over $30 billion, but information about its involvement in crypto assets also mainly comes from media reports rather than official disclosures.

In 2018, Bloomberg reported that Yale University participated in the financing of a $400 million fund under the renowned venture capital fund Paradigm and was an investor in the fund. Furthermore, CNBC reported that Yale University's Chief Investment Officer, David Swensen, also invested in Andreessen Horowitz's $300 million cryptocurrency fund on behalf of the university.

In terms of direct investment in crypto assets, according to CoinDesk, Yale, like Harvard, Brown, the University of Michigan and other schools, began to purchase a small amount of Bitcoin as an investment on cryptocurrency exchanges around 2020 (the specific amount was not disclosed).

However, Yale has not publicly confirmed or commented on the aforementioned investment. What is known is that Yale has invested in early cryptocurrency-related venture capital funds, but has not yet disclosed specific data on its Bitcoin holdings or ETFs. Its investment approach is relatively cautious, and public disclosure of information is limited.

Massachusetts Institute of Technology (MIT)

MIT's endowment is also substantial, reaching approximately $24.6 billion in fiscal year 2024, but official public records do not disclose direct holdings of Bitcoin or cryptocurrency ETFs. Historically, MIT has been known for its flexible investment approach. According to The Information, MIT participated in an investment in a blockchain-themed venture capital fund in 2018.

Furthermore, according to public information, MIT has close ties to cryptography and blockchain technology research, with donations to the MIT Media Lab's digital currency research project. However, to date, MIT has not officially disclosed any cryptocurrency holdings in SEC filings or financial reports. This suggests that MIT may have already invested in crypto assets through previous blockchain fund investments, but the specific amounts and timing are unclear, and MIT has not publicly commented.

University of Michigan

The University of Michigan's endowment has been involved in cryptocurrency investments since 2018, when the university invested approximately $3 million in CNK Fund I, a crypto-focused fund managed by Andreessen Horowitz (a16z) in June 2018. A February 2019 board of trustees meeting agenda indicated that the fund was listed as an "approved follow-on investment partner," indicating the potential for additional investment, though the specific amount was not disclosed.

Furthermore, according to CoinDesk, the University of Michigan's endowment also began purchasing small amounts of Bitcoin on exchanges around 2020. Overall, the University of Michigan's endowment has indirectly invested in crypto assets through venture capital, with clear investments in the millions of dollars. The university has not officially commented on this matter.