Emory University, a private research institute in Atlanta, reported holdings worth $15.1 million in Grayscale Bitcoin Mini Trust.
The unusual move for a higher education institution was revealed in an Oct. 25 filing with the U.S. Securities and Exchange Commission.
Emory University owns nearly 2.7 million shares of the Grayscale Bitcoin Mini Trust, according to the SEC filing.
The provisional value of the assets was approximately $15.1 million. This investment represents a major commitment to cryptocurrency exposure by an academic institution. This development also sets it apart from its higher education peers.
The Grayscale Bitcoin Mini Trust, approved in July, functions as an offshoot of the larger Grayscale Bitcoin Trust. The mini-trust is designed to provide passive exposure to the price movements of Bitcoin at a lower trading price.
In addition to his Bitcoin (BTC) trust holdings, Emory reported holding 4,312 shares of Coinbase, valued at $768,269. Shares of the cryptocurrency exchange, COIN, were valued at $205.05 at press time.
Emory University stands out
Emory’s investment choices mark a distinctive approach among educational institutions. Previously, pension funds in Wisconsin and Jersey City reported having crypto-based exchange-traded products.
However, Emory stands out as one of the few higher education institutions to report having such assets.
This move by a prestigious university founded in 1836 could signal growing institutional acceptance of cryptocurrency-related investments in the academic sector.
The university’s revelation comes at a time when Bitcoin is struggling to maintain its bullish momentum. Every time Bitcoin shows a bullish sign, various factors affect the entire market.
Bitcoin was down more than 2% at press time. The global crypto market cap is also down almost 2% and stands at $2.27 trillion.
Colleges and Crypto Funds
Harvard University, Yale University and Stanford University are among the prominent institutions reportedly investing in cryptocurrency funds or Bitcoin trusts.
MIT (Massachusetts Institute of Technology) has also been actively involved in the cryptocurrency space, not only through its investments but also by contributing to research and fostering blockchain innovation.
And the University of Michigan invested in Andreessen Horowitz’s crypto fund in 2018. Andreessen Horowitz has substantial investments in cryptocurrency, including Bitcoin, so it’s likely that exposure to Bitcoin was part of this wallet.
