Bitcoin has found a new buyer: Harvard University.
What’s happening:
- Harvard Management Company has publicly disclosed an ownership stake in BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) through new filings made with the United States Securities and Exchange Commission
By the numbers:
- Harvard Management Company invested $116M USD into BlackRock’s iShares Bitcoin Trust
- The new investment in Bitcoin is larger than Harvard Management Company’s holdings of the SPDR Gold Trust (NYSE: GLD)
Why it matters:
- This is the first time the Harvard endowment has ever purchased a spot Bitcoin ETF
Going deeper:
- Harvard University now joins Brown University, Emory University and the University of Austin as some of the first academic institutions to invest into spot Bitcoin ETFs
The intrigue:
- Harvard Management Company has been investing in the digital asset space for years, previously being a notable investor in multiple venture capital funds focused on crypto startups
