America is getting their first Bitcoin fund at an academic institution. But, is it just the start?
What’s happening:
- The University of Austin has officially announced they will create a new fund for the sole purpose of investing in Bitcoin
By the numbers:
- The University of Austin will initially commit $5M USD to purchasing Bitcoin through a newly created Bitcoin fund, which they have publicly stated they will hold for 5 years at a minimum
- Currently, the University of Austin has $200M USD in assets in their endowment
Why it matters:
- This is the first time ever in American history that a university has started a new fund for the sole purpose of investing into Bitcoin
Going deeper:
- Bitcoin custodial company Unchained will partner with the University of Austin to collaborate on structuring the new fund and securely storing the Bitcoin that is purchased
The intrigue:
- Emory University previously became the first academic institution in America to allocate to Bitcoin when they purchased ownership in Grayscale’s Mini Bitcoin Trust
