University Donation Funds Involved in Encryption Assets: Current Status and Trend Analysis

In recent years, cryptocurrencies have gradually evolved from niche experiments into an emerging asset class within institutional portfolios. Particularly in the United States, several prestigious universities' endowment funds have begun to experiment with incorporating encryption assets into their asset allocation to hedge against inflation or seek long-term appreciation opportunities.

University endowment funds are pools of capital accumulated by academic institutions, typically composed of charitable donations. These funds are used to support teaching and research and can be invested in various asset classes.

Recently, a well-known university disclosed that its endowment fund holds a significant position in Bitcoin, triggering widespread attention from both academia and the market regarding universities' involvement in encryption assets. This article will organize the universities that have publicly disclosed or been reported to participate in the encryption field, explaining their investment methods, disclosure times, and scales, in order to understand the differences in positions and practices of universities amid the wave of digital assets.

Harvard University

Harvard University's endowment fund has consistently ranked at the top of global university endowments in financial reports and public statistics, managing approximately $50 billion. In terms of allocation to encryption assets, the Harvard endowment also possesses the largest known exposure to Bitcoin among U.S. university endowments.

The management company responsible for managing Harvard University's endowment fund disclosed in its latest filing submitted to regulators that as of June 30, 2025, it holds approximately 1.9 million shares of a certain Bitcoin trust, valued at nearly $116 million. This trust has also become the fifth largest investment target of the fund during the same period, only behind Microsoft, Amazon, travel technology company Booking Holdings, and Meta, slightly above its investment in Google's parent company Alphabet.

Previously, some media outlets cited sources claiming that Harvard had invested in the cryptocurrency sector as early as 2018, investing in "at least" one encryption fund. Additionally, it has been reported that Harvard University has been quietly purchasing encryption through certain exchanges since around 2020.

Brown University

Brown University's endowment is known for its high investment returns, achieving an annual return rate of 11.3% for the fiscal year 2024, with an average annualized return of 10.8% over the past 10 years and 13.1% over the past 5 years.

Like some other universities, Brown University's endowment fund was reported to have started purchasing Bitcoin on exchanges around 2020. However, it wasn't until May 2025 that Brown University publicly disclosed its Bitcoin investments for the first time. According to regulatory filings, Brown University held 105,000 shares of a certain Bitcoin ETF as of March 31, 2025, with a market value of approximately $4.915 million at that time.

Previously, Brown University had no publicly available records of encryption asset investments, and this disclosure makes it the latest example among U.S. universities to announce holdings of Bitcoin, following certain other institutions.

Emory University

Emory University disclosed its Bitcoin position for the first time in public documents in October 2024, becoming the first university endowment fund in the United States to make such a holding public. According to a filing submitted to regulators on October 25 of last year, Emory University held nearly 2.7 million shares of a Bitcoin mini trust fund, with a market value of approximately $15.1 million at that time. Due to the subsequent rise in Bitcoin prices nearing double, this portion of assets may now be valued at over $30 million.

Emory Investment Management (EIM) is responsible for the financial oversight of the university's endowment fund, valued at over $11 billion. The Chief Investment Officer of EIM revealed that Emory University's investments were initially made in a trust format, but when stocks were converted into an ETF structure, the university was forced to disclose its holdings. An associate professor of accounting at Emory pointed out that using ETFs issued by well-known companies can reduce security risks compared to directly buying Bitcoin.

University of Austin

The University of Austin is an emerging private university, with a donation fund of approximately 200 million dollars since its establishment in 2019.

In February 2025, reports indicated that the University of Austin plans to establish a Bitcoin investment fund exceeding $5 million, to be included in its endowment fund management. The university's senior vice president for development stated that the University of Austin will formulate a Bitcoin holding strategy for at least five years and believes that Bitcoin offers similar long-term value opportunities as traditional assets (stocks, real estate). The foundation's chief investment officer remarked: "When the potential of encryption currencies becomes apparent, we do not want to be left behind."

In addition, the school has partnered with a Bitcoin service company for fundraising, and the CEO of that company donated 2 Bitcoins to the school's Bitcoin fund. An associate professor at the University of Austin stated that the purpose of the university's endowment fund is to serve students, and Bitcoin provides a unique opportunity for the school to fulfill its commitment to cultivating future leaders and innovators.

Stanford University

Stanford University itself has not directly disclosed its Bitcoin holdings in its endowment fund, but a student-operated fund called Blyth seized the opportunity to buy Bitcoin last year. In March 2024, the head of the Stanford Blockchain Club announced that the Blyth fund had invested approximately 7% of its portfolio in Bitcoin. The fund gained exposure to Bitcoin by purchasing an ETF, with the Bitcoin price at the time of purchase being around $45,000.

It should be noted that the Blyth Fund is not part of the official endowment fund of Stanford, but rather a part of the discretionary fund pool of Stanford, granting students the autonomy to make investment decisions. The Blyth Fund was established in 1978 to honor the legendary banker Charles Blyth, and it currently manages assets worth hundreds of thousands of dollars through investments in stocks, bonds, and other assets, now including BTC.

As of now, Stanford officials have not publicly disclosed any information about formal donation funds holding encryption assets, but the investment actions of student teams indicate that there are investors within Stanford who hold an optimistic view of cryptocurrency.

Yale University

Yale University has the second largest endowment fund in the United States, valued at over $30 billion, but its involvement in encryption assets is also primarily based on media reports rather than official disclosures.

In 2018, media reports indicated that Yale participated in the financing of a well-known venture capital fund with a scale of 400 million USD, being one of the investors in that fund. Additionally, there were reports that Yale's Chief Investment Officer also represented the university in investing in a cryptocurrency fund under a venture capital company with a scale of 300 million USD.

In terms of direct investment in encryption assets, it has been reported that Yale, like some other universities, began purchasing a small amount of Bitcoin as an investment through cryptocurrency exchanges around 2020 (the specific amount has not been disclosed).

However, Yale has not publicly confirmed or commented on the above investments. What is known is that Yale has been involved in early-stage encryption-related venture capital funds, but has not disclosed specific data on its holdings of Bitcoin or ETFs. Its investment attitude is relatively cautious, and there is limited publicly available information.

Massachusetts Institute of Technology

The Massachusetts Institute of Technology's endowment fund is similarly large, about $24.6 billion for the fiscal year 2024, but official public information has not disclosed any news of directly holding Bitcoin or encryption currency ETFs. Historically, MIT has been known for its flexible investment style, and it was reported that MIT also participated in investments in blockchain-themed venture capital funds as early as 2018.

In addition, according to public information, MIT has a close relationship with research in encryption and blockchain technology, for example, the digital currency research project at the MIT Media Lab has received donations. However, as of now, MIT has not disclosed any cryptocurrency positions in regulatory filings or financial reports. This means that MIT may have ventured into encrypted assets through previous investments in blockchain funds, but the specific amounts and timing are not transparent, and MIT has not provided any public comment on the matter.

University of Michigan

The University of Michigan's endowment fund has been involved in cryptocurrency investments since 2018, with the university investing approximately $3 million in a fund focused on encryption managed by a venture capital firm in June 2018. According to an agenda from a board of trustees meeting in February 2019, the fund has been listed as an "approved follow-on investment partner," indicating a potential intention for additional investment, although the specific amount for any follow-on investment has not been disclosed.

In addition, it is reported that the University of Michigan's endowment fund began purchasing small amounts of Bitcoin on exchanges around 2020. Overall, the University of Michigan's endowment fund has indirectly invested in encryption assets through venture capital, with a clear investment scale in this field at the level of several million dollars, while the university has not made any formal public comments on this matter.