It is stated that some of the largest university donation funds in the USA have quietly purchased Bitcoin and cryptocurrencies through accounts held on Coinbase and other exchanges for the past year.
Universities Buying Bitcoin
Harvard, Yale, Brown, and the University of Michigan as well as several other universities buy crypto directly on exchanges, according to two sources familiar with the situation.
A source who wants anonymity said, “There are quite a few. “Now many donations are split as cryptocurrency,” he says.
Yale and Brown did not respond to requests for comment until the moment of writing. Harvard and University of Michigan foundations declined to comment on the matter. Coinbase also declined to comment.
According to a source, some of these university donation funds may have held accounts with Coinbase for up to 18 months.
Referring to this acquisition, the source said, “It may have been since mid-2019. Most of them have purchased for at least a year. I think they will probably discuss this publicly at some point this year. " He uses his expressions.
University donations are pools of capital accumulated by academic institutions, usually in the form of charitable donations. Supporting teaching and research, these funds can be allocated to various assets for investment purposes.
Harvard's endowment fund is the largest university donor with over $ 40 billion in assets. Yale has a donation fund of over $ 30 billion, Michigan of about $ 12.5 billion, and Brown of over $ 4.7 billion. It is not known how much each fund allocates in crypto, but it probably accounts for a fraction of their total assets.
A Long Road
In 2018, Yale University Chief Investment Officer David Swensen made headlines by supporting two crypto-focused venture funds, one led by Andreessen Horowitz and the other launched by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang.
Many other universities, including Harvard, Stanford, Dartmouth College, MIT, the University of North Carolina, and Michigan, followed Yale to support their crypto initiatives. As featured by Kriptokoin.com earlier, some of these schools seem to have taken the next step by investing directly in crypto assets.