According to CoindeskLarge university foundations have been tacitly buying crypto assets since 2018
Coindesk Sources indicated that some of the largest university endowment funds have gradually accumulated crypto through exchanges like Coinbase. The Crypto Media Outlet stated that the Harvard, Yale and Brown endowment funds have accounts with Coinbase and other exchanges that facilitate crypto acquisition. Coindesk cited two “reliable” sources involved in the matter
University Endowment Funds are a collection of assets held by universities to support their educational mission over the long term. They usually consist of money or other assets donated to these institutions.
Harvard, Yale, and Brown foundations aren’t the only ones awarded in crypto. Several other colleges and universities, including the University of Michigan, are directly invested in cryptocurrencies. The sources claimed that some Ivy League foundations got involved in blockchain technology through crypto-oriented ventures in 2018.
“There are quite a few. Many foundations are currently dedicating a little to crypto“Reported the anonymous source.
Around the same time, Bloomberg reported that Yale was offering cryptocurrencies. CNBC also reported that Yales Chief Investment Officer David Swensen was helping two crypto-dedicated companies. The first was led by Andreessen Horowitz, the other by Coinbase’s board member Fred Ehrsam and Paradigm partner Matt Huang.
According to CoindeskOther universities like Dartmouth College, Stanford, the University of North Carolina, and MIT followed suit to support crypto venture capitals. Some of these names are now directly immersed in the cryptocurrency space.
It’s worth noting that the universities’ foundations were mentioned generally in the Coinbase 2020 annual report, but no specific names were given. A source reported that Harvard, Yale, and Brown had accounts with the fast-growing crypto exchange Coinbase for about a year and a half
“It could be since mid-2019. Most were in at least a year. I would think they’ll probably discuss it publicly at some point this year. I suspect they’d sit on some pretty pieces of the return. ”
Harvard has the largest basket of foundations among the universities in question. The assets in his foundation basket are worth more than $ 40 billion. Yale is in second place behind Harvard with around 10 billion US dollars. The University of Michigan and Brown follow with around $ 12.5 billion and $ 4.7 billion, respectively.
The exact proportion of the university’s foundation funds invested in crypto is not yet clear.