University Donation Funds Entering the Crypto Assets Market: Trends and Case Analysis

In recent years, Crypto Assets have gradually evolved from niche experiments into an emerging asset class in various institutional investment portfolios. Especially in the United States, several well-known universities' endowments have begun to experiment with incorporating Crypto Assets into their asset allocation strategies to hedge against inflation or seek long-term appreciation opportunities.

University endowment funds are pools of capital 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, a well-known university disclosed that its endowment fund holds over one hundred million dollars in Bitcoin positions, sparking widespread attention in academia and the market regarding universities' participation in Crypto Assets. This article will review the universities that have publicly disclosed or have been exposed to participation in the crypto field, detailing their investment methods, disclosure times, and scales, and understanding the differences in positions and practices of universities in the wave of digital assets so far.

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 the allocation of Crypto Assets, Harvard's endowment fund also has the largest known Bitcoin exposure among U.S. university endowment funds.

The management company responsible for overseeing Harvard University's endowment fund 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 a certain Bitcoin trust (IBIT), valued at nearly $116 million. IBIT has also become the fund's fifth largest investment during the same period, following Microsoft, Amazon, travel technology company Booking Holdings, and Meta, slightly ahead of its investment in Google's parent company Alphabet.

Previously, media reports cited sources claiming that Harvard had invested in the Crypto Assets field as early as 2018, having invested in "at least" one Crypto Assets fund. Furthermore, it was reported that Harvard University has been quietly purchasing Crypto Assets through certain exchanges since around 2020.

Brown University

Brown University's endowment is known for its high investment returns, with an annual return rate of 11.3% as of the 2024 fiscal year, an average annualized return of 10.8% over the past 10 years, and 13.1% over the past 5 years.

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

Previously, Brown University had no public records of Crypto Assets investments. This disclosure makes it the latest example among U.S. universities to announce holding Bitcoin, following Emory and the University of Austin.

Emory University

Emory University disclosed its Bitcoin position for the first time in public documents in October 2024, becoming the first university endowment fund in the United States to publicly report such a holding. According to a filing submitted to the SEC on October 25 of last year, Emory University held nearly 2.7 million shares of a certain Bitcoin mini trust fund, which had a market value of approximately $15.1 million at the time. Due to the subsequent rise in Bitcoin prices, this portion of assets may now be worth over $30 million.

Emory Investment Management (EIM) is responsible for the financial oversight of the university's endowment fund, which is valued at over $11 billion. EIM's Chief Investment Officer Srinivas Pulavarti revealed that Emory University's investments were initially made in trust form, but when the stocks were converted to an ETF structure, the university was forced to disclose its holdings. Emory's Associate Professor of Accounting Matthew Lyle pointed out that using ETFs issued by well-known companies can reduce security risks compared to directly buying Bitcoin.

University of Austin

The University of Austin is an emerging private university, with a donation fund of approximately $200 million since its establishment in 2019.

In February 2025, reports stated 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, the 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 and mentioned that Bitcoin provides similar long-term value opportunities as traditional assets (stocks, real estate). The foundation's Chief Investment Officer Chun Lai told a media outlet: "When the potential of Crypto Assets emerges, we don’t want to be left behind."

In addition, UATX has partnered with a Bitcoin service company for fundraising, whose CEO donated 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 nurturing future leaders and innovators.

Stanford University

Stanford University itself has not directly disclosed its Bitcoin holdings in the endowment fund, but a student-run Blyth fund at the school seized the opportunity to buy Bitcoin last year. In March 2024, Kole Lee, the head of the Stanford Blockchain Club, announced that the Blyth fund had invested about 7% of its portfolio in Bitcoin. The fund achieved Bitcoin exposure by purchasing a certain ETF, with the Bitcoin price at the time of purchase being around $45,000.

It should be noted that the Blyth Fund does not belong to Stanford's official endowment fund, but is part of Stanford's discretionary fund pool, granting students the autonomy in investment decisions. The Blyth Fund was established in 1978 to honor the legendary banker Charles Blyth, and currently manages assets worth several hundred thousand dollars through investments in stocks, bonds, and other assets, now including BTC.

As of now, Stanford officials have not disclosed any official information regarding the donation fund's holdings of Crypto Assets, but the investment actions of the student team indicate that there are investors within Stanford who hold an optimistic view towards cryptocurrency.

Yale University

Yale University has the second largest endowment fund in the United States, valued at over $30 billion, but its involvement in Crypto Assets mainly comes from media reports rather than official disclosures.

In 2018, media reports indicated that Yale participated in the financing of a well-known venture capital fund with a scale of $400 million, being one of the investors in the fund. Additionally, there were reports that Yale University's Chief Investment Officer David Swensen also represented the school in investing in another company's crypto assets fund with a scale of $300 million.

In terms of direct investment in Crypto Assets, it has been reported that Yale, like Harvard, Brown, and the University of Michigan, began investing by purchasing a small amount of Bitcoin through cryptocurrency exchanges around 2020 (the specific amount has not been 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 Crypto Assets-related venture capital funds, but has not publicly disclosed specific data on its holdings of Bitcoin or ETFs. Its investment attitude is relatively cautious, and there is limited publicly available information.

Massachusetts Institute of Technology

The donation fund of the Massachusetts Institute of Technology is similarly large, approximately $24.6 billion for the fiscal year 2024, but official public records do not disclose any direct holdings of Bitcoin or Crypto Assets ETFs. Historically, MIT has been known for its flexible investment style, and according to certain media reports, MIT also participated in investments in blockchain-themed venture capital funds as early as 2018.

In addition, according to public information, MIT has a close relationship with research in encryption and blockchain technology, for example, the digital currency research project of the MIT Media Lab has received donations. However, as of now, MIT has not disclosed any Crypto Assets positions in SEC filings or financial reports. This means that MIT may have entered the Crypto Assets space through previous investments in blockchain funds, but the specific amounts and timing are not transparent, and MIT has not provided any public comments.

University of Michigan

The University of Michigan's endowment fund has been involved in Crypto Assets investment since 2018, with the school investing approximately $3 million in a fund focused on encryption managed by a certain company in June 2018. According to an agenda from a Board of Regents meeting in February 2019, the fund has been listed as "approved follow-on investment partner," indicating a possible intention for additional investment, but no specific additional amount has been disclosed.

In addition, according to reports from certain media, the University of Michigan's endowment fund began purchasing a small amount of Bitcoin on exchanges around 2020. Overall, the University of Michigan's endowment fund has indirectly invested in Crypto Assets through venture capital, with the scale of investment in this field clearly amounting to several million dollars, although the school has not made any formal public comments on this.