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Endowments of prominent universities in the US are now purchasing cryptocurrencies. Some of these universities include Harvard, Yale, the University of Michigan, and Brown University.
Of the four universities, Harvard has the largest university endowment with more than $40 billion in assets. Yale has about $30 billion while the University of Michigan holds around $12.5 billion. Also, Brown has about $4.7 billion.
According to a CoinDesk report, endowments have been investing in crypto for a while now. Citing two anonymous sources who are familiar with the matter, the report said that some endowments have started investing in crypto for more than a year. . One of the anonymous stated:
“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.”
The report said the universities have been acquiring crypto assets directly from exchanges such as Coinbase.
Additionally, Bloomberg referred to institutional investors as the factor behind the recent surge in the price of Bitcoin. MicroStrategy has been acquiring large amounts of BTC and now has approximately 70,784 BTC as its treasury reserve.Also, Marathon Patent Group recently bought 4,813 BTC worth $150 million. Similar to MicroStrategy, the company said that the acquisition is part of its treasury funds.
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