Emory University, a private research institution in Atlanta, recently revealed that it holds a substantial stake in the Grayscale Bitcoin Mini Trust. In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on October 25, the university is said to possess close to 2.7 million shares with an estimated value of around $15.1 million.
In an SEC filing today, Emory University reported owning $15,082,241 of Grayscale Bitcoin Mini Trust (2,678,906 shares) as of September 30.
As far as I know, this is the first U.S. university to report owning BTC.
Filing:https://t.co/aeWv2fHmf6
— MacroScope (@MacroScope17) October 25, 2024
The Grayscale Bitcoin Mini Trust, which is a replica of the Grayscale Bitcoin Trust (GBTC) offers investors indirect exposure to the price of Bitcoin. Launched in July, the Mini Trust opens the door for institutional and retail investors to invest in Bitcoin at a low price with fractional ownership. The trust seeks to track the price of Bitcoin to provide more specific investment in the cryptocurrency market.
In addition to its exposure to the Grayscale Bitcoin Mini Trust, Emory University’s SEC filing also revealed that the university has exposure to Coinbase, one of the largest cryptocurrency exchanges. As of September 30, the institution is in possession of 4,312 shares in Coinbase, which translates to about $768,269. Coinbase holds the Bitcoin on behalf of Grayscale, which provides some assurance to Emory’s investment in cryptocurrencies.
Institutional interest in cryptocurrency on the rise
Emory’s investment in crypto assets is in line with a general increase in institutional interest in digital assets, although such investment is still rare in the higher education sector. This reportedly becomes the first time a university admits and reports owning BTC, with crypto enthusiasts thinking this is “impressive” for a university that is five times smaller than Havard.
“Crazy the money floating around university’s having a spare 15 milly” wrote one GreenBean responding to a post on X platform.
Emory University’s investment timing is consistent with the overall trends in the spot Bitcoin ETF market. On October 24, the Bitcoin ETFs achieved a significant inflow, with the cumulative sums rising to $188 million across several funds. Among these, BlackRock’s iShares Bitcoin Trust (IBIT) was the most popular, recording $165.5m, while Bitwise’s Bitcoin Strategy ETF (BITB) accumulated $29.6m.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) recorded an outflow of $7.1 million, while the Bitcoin Mini Trust recorded no flow at all. Emory’s move comes after the Grayscale’s Bitcoin Mining Trust was launched in July where it raised $18 million on the first day and $191 million on the second day.
This decision places Emory ahead of most universities who are still reluctant to invest in the cryptocurrency space. While some, including Harvard, Yale, and Stanford, have made only small commitments to cryptocurrency funds, none has invested directly in Bitcoin trusts or cryptocurrency-related equities. Universities like MIT and the University of Michigan have entered the space through research initiatives and investment in technology funds.
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