Emory University is first endowment to hold Bitcoin ETF

Atlanta, Georgia-based Emory University is the latest institution to report a position in a Bitcoin spot exchange-traded fund

The university announced in its application to the US Securities and Exchange Commission that it owns a spot Bitcoin (BTC) ETF worth $15.1 million.

In particular, Emory announced that it added shares of Grayscale Bitcoin Mini Trust to its portfolio. The university also owns 4,312 shares of Coinbase, the largest U.S.-based crypto exchange, valued at approximately $922,639 at the time of the university’s 13F filing.

First donation to report spot BTC ETF

Emory University has become the first institution to add a Bitcoin ETF to its portfolio, according to Bloomberg senior ETF analyst Eric Balchunas. This development means that spot Bitcoin ETF holdings are now represented by every institution type in the SEC’s 13F filings.

Beyond donations, the market has also attracted banks, insurance companies, financial advisors, pension funds and holding companies. Balchunas also noted that trusts, family offices, venture capital firms and brokerage firms are all purchasing spot Bitcoin ETFs.

This level of adoption is unprecedented for an asset category that is less than a year old, the ETF expert noted in a post on X. The SEC approved spot Bitcoin ETFs in January 2024, allowing global giants such as BlackRock and Fidelity to issue these exchange-traded funds.

“It’s an absolutely insane feat for a category less than a year old, like winning all four tennis grand slams on the 16th,” Balchunas said.

An endowment is a portfolio of investments intended for charitable use by nonprofit organizations, including universities, churches, and hospitals. While Emory University is the first endowment to purchase a Bitcoin ETF, pension funds are also represented, including the State of Wisconsin.

The Wisconsin State Board of Investment announced a $170 million spot Bitcoin ETF position in May. An additional 447 thousand shares of BlackRock’s IBIT shares were announced in August.