Harvard and Yale's Funds are Buying Crypto
According to reports, numerous endowments from the US universities are buying cryptocurrencies on exchanges. Brown University, Harvard, Yale, and the University of Michigan are among them.
Leading Schools Buy Bitcoin
University endowments traditionally donate money or other financial assets such as digital currencies to academic institutions. Crypto assets have been performing great since autumn, and university funds have a certain legal structure that perpetuates a pool of investments for a specific reason.
Bloomberg published a report stated that Coinbase mentioned a couple of funds that have been investing in virtual currencies in January:
“Harvard and Yale are among schools whose endowments have begun buying cryptocurrency directly on exchanges, according to a report.” - Bloomberg Markets.
The anonymous source commented about the time details of investments:
“It could be since mid-2019. Most have been in at least a year. I would think they will probably discuss it publicly at some point this year. I suspect they would be sitting on some pretty nice chunks of return.”
Harvard’s endowment is the largest university fund whose assets estimated over $40 billion, Yale has over $30 billion, Michigan holds $12.5 billion, and Brown - $4.7 billion. However, there are no details about how many crypto assets the universities hold.
Additionally, Bloomberg signified institutional investment making a vast impact on Bitcoin price in the last half a year, naming big investors such as Paul Tudor Jones and Guggenheim Partners LLC who no doubt raised interest in crypto.
Institutional Investors and Now Universities
Business Intelligence Company MicroStrategy doesn’t stop buying Bitcoins. CEO Michael Saylor announced a new $10 million purchase on January 22:
“MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins”.
He also mentioned the Nasdaq listed Marathon Patent Group acquired $150 million worth of Bitcoin:
“Another public company adopts Bitcoin as a treasury reserve asset.”
A leader of the cryptocurrency investing Grayscale announced yesterday that they are back on track ready to buy crypto, also adding their assets are back up to $26.6 billion:
“01/25/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $26.6 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC”
Despite losing around 13% and moving towards the $30K zone, Bitcoin fundamentals are gaining power faster than ever. Are we going to see a new correlation of $25K soon? Even if the answer is positive, we are ready as never before.
