The endowment funds of several Ivy League universities have been purchasing crypto directly from Coinbase Exchange, among other exchanges, for more than a year now. A report unveiled this news on January 26, citing two sources familiar with the matter. The endowment funds of Harvard, Yale, Brown, and the University of Michigan, alongside other colleges, have been on a crypto buying spree after they got interested in the blockchain and decided to invest in the sector through crypto-focused venture capital funds back in 2018.
Reportedly, the sources, who preferred to remain anonymous, disclosed multiple endowment funds are currently allocating a substantial amount of money to crypto. According to one source, most of the endowment funds have been purchasing crypto since last year. However, some dipped their toes in the sector as early as mid-2019.
Out of the institutions mentioned above, Harvard has the largest endowment fund with $29.36 billion in various assets. Yale has more than £22 billion, and Michigan holds £9.18 billion. Brown, on the other hand, has £3.5 billion in assets. However, it remains a mystery as to how much each university’s endowment fund has invested in the crypto market.
Considering BTC’s recent rally, the source believes that the universities have made significant profits from their investments.
BTC’s steady move toward becoming mainstream
According to the second source, who is part of the crypto hedge fund world, more institutions are getting more comfortable with BTC. The source disclosed that the sector has witnessed a big change over the past few months. This is because both defined and public pension plans are gradually moving toward allotting some of their funds in BTC.
Commenting on this news, Ari Paul, the co-founder of BlockTower Capital, and previously an investment manager for the University of Chicago, said many institutions are now comfortable with bitcoin. This is because they understand it and can just buy it directly from regulated entities such as Coinbase, Fidelity, and Anchorage.
This news comes after BTC recently set a new all-time high above £30,773. However, the coin failed to maintain the bullish momentum and slide down to trade at £23,381.5 at the time of writing. BTC has a market cap of more than $435 billion with 18,610,787 coins in circulation.
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