Emory University, an esteemed research institution located in Atlanta, recently disclosed its holdings in the Grayscale Bitcoin Mini Trust, amounting to a value of $15.1 million. This unexpected move by a higher education institution was made public through a filing with the U.S. Securities and Exchange Commission on October 25.
As per the filing, Emory University possesses approximately 2.7 million shares of the Grayscale Bitcoin Mini Trust. This investment demonstrates a significant commitment to cryptocurrency from an academic institution, setting it apart from its peers in the higher education sector.
The Grayscale Bitcoin Mini Trust, which received approval in July, functions as a subsidiary of the larger Grayscale Bitcoin Trust. It provides passive exposure to Bitcoin’s price movements at a lower share price.
In addition to its holdings in the Grayscale Bitcoin Mini Trust, Emory University also reported ownership of 4,312 shares in Coinbase, valued at $768,269. Coinbase, a cryptocurrency exchange, had a stock value of $205.05 at the time of the filing.
Emory’s investment choices distinguish it from other educational institutions. While pension funds in Wisconsin and Jersey City have previously reported holdings in crypto-based exchange-traded products, Emory University stands out as one of the few higher education institutions to disclose ownership of such assets.
This move by a prestigious university, founded in 1836, may indicate a growing acceptance of cryptocurrency-related investments within the academic sector.
The university’s revelation comes during a period when Bitcoin is facing challenges in maintaining its upward momentum. Various factors impact the overall market whenever Bitcoin exhibits positive signs.
At the time of reporting, Bitcoin had experienced a decline of over 2%. The global crypto market cap also witnessed a decrease of nearly 2%, amounting to $2.27 trillion.
Notable institutions like Harvard University, Yale University, and Stanford University have been reported to invest in cryptocurrency funds or Bitcoin trusts. MIT (Massachusetts Institute of Technology) has actively engaged in the cryptocurrency space through investments, research contributions, and fostering blockchain innovation.
Furthermore, the University of Michigan invested in Andreessen Horowitz’s crypto fund in 2018. Andreessen Horowitz has substantial investments in cryptocurrency, including Bitcoin, indicating that Bitcoin exposure may have been a part of the university’s portfolio.
In related news, victims of the $235 million hack on WazirX, a cryptocurrency exchange, plan to file a class-action lawsuit against the company.