In recent years, cryptocurrencies have evolved from experimental projects within geek circles to an emerging asset class in the global capital markets. With the launch of the U.S. spot Bitcoin ETF and a clearer regulatory environment, many Ivy League and well-known universities' endowment funds have begun to explore incorporating digital assets into their asset allocation systems, aiming to diversify risks, hedge against inflation, or capture long-term returns.
For instance, Harvard University recently disclosed that its endowment fund holds over $116 million in Bitcoin ETF positions. Among the eight Ivy League schools, at least four have publicly invested in the cryptocurrency space, while the remaining four have yet to disclose any public investment records.
This article will outline the specific compliant vehicles through which U.S. universities are entering the market, the scale of their holdings, and their investment pace, exploring the differences in each university's strategic approach and actions in the wave of digital assets.
Harvard University
Harvard University's endowment fund recently revealed in its public report for the second quarter of 2025 that it holds approximately $117 million in the BlackRock Bitcoin ETF (iShares Bitcoin Trust, IBIT), making it the fund's fifth-largest single holding, with the top four holdings being Microsoft, Amazon, Booking, and Meta.
University endowment funds are long-term financial reserves for schools, primarily sourced from alumni and social donations, providing ongoing support for scholarships, research, infrastructure, and more through diversified investments. Since its launch in 2024, IBIT has surpassed $80 billion in assets, attracting over 1,300 institutional investors.
Strategically, Harvard chose to invest through an ETF rather than directly holding Bitcoin, primarily to reduce storage and security risks while ensuring liquidity and transparency. Notably, Harvard has also increased its holdings in gold ETFs, indicating a balanced approach to emerging assets while considering traditional safe-haven tools to mitigate potential volatility risks.
In fact, this is not Harvard University's first foray into the cryptocurrency space. As early as 2018, Harvard participated in the funding of blockchain investment firm Paradigm, becoming one of its investors. In 2019, Harvard also participated in the token issuance (ICO) of blockchain startup Blockstack. According to documents disclosed by the U.S. Securities and Exchange Commission (SEC) at the time, Harvard Management Company purchased approximately 9.58 million STX tokens at a price of $0.0132 per token, with a total investment of about $12.65 million.
Yale University
As the manager of the second-largest university endowment fund in the U.S., Yale University has adopted a cautious yet forward-looking strategy in its approach to crypto assets.
In 2018, Yale also participated in the funding of the crypto venture capital fund Paradigm, co-founded by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang, which raised $400 million at the time. Additionally, Yale's endowment fund invested in the cryptocurrency fund under Andreessen Horowitz (a16z), which has a scale of $300 million.
In terms of direct investment, Yale began purchasing a small amount of Bitcoin through cryptocurrency exchanges around 2020. However, Yale has not publicly disclosed the specific holdings in these exchanges.
Brown University
Brown University's endowment fund 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. According to SEC-disclosed documents, as of the end of June this year, Brown University held approximately 212,500 shares of the BlackRock iShares Bitcoin Trust (IBIT), valued at about $13 million.
Currently, Brown University has not publicly disclosed other investment details in the Bitcoin space.
University of Pennsylvania
The University of Pennsylvania's investment in the crypto space is primarily reflected in its Wharton School's support for education and research in digital currencies and blockchain technology. In May 2021, the school received an anonymous $5 million Bitcoin donation, the largest cryptocurrency donation in its history. This donation supports the Stevens Center for Innovation in Finance at the Wharton School, which is dedicated to advancing education and research in the fintech field.
Additionally, the Wharton School has launched an online certificate course in "Blockchain and Digital Asset Economics," allowing students to pay tuition with cryptocurrencies like Bitcoin and Ethereum, making it one of the first business schools in the U.S. to accept cryptocurrency payments.
Stanford University
Stanford University is not part of the Ivy League; however, a student-managed investment fund, the Charles R. Blyth Fund, has also ventured into crypto investments.
Last February, computer science student Kole Lee proposed allocating about 7% of the fund's assets to Bitcoin and investing through IBIT. The proposal was approved, and the fund purchased Bitcoin at a price of $45,000 per coin.
This fund is not part of Stanford University's official endowment fund but is part of the school's discretionary funds, granting students autonomy in investment decisions.
Additionally, a venture capital fund founded by Stanford alumni, Blockchain Builders, successfully raised $28 million in May this year, focusing on supporting crypto startups. The fund has invested over $16 million in several startups connected to Stanford University, including AI company 0G, supercomputer company Nexus Labs, and open-access AI cloud service provider Hyperbolic. These investments are primarily concentrated in seed rounds and early stages, with some projects preparing for TGE.
Summary
In recent years, U.S. universities have diversified their investments in the cryptocurrency space. Institutions like Harvard, Yale, and Brown have positioned themselves in digital assets through Bitcoin ETFs or crypto funds, achieving risk diversification and long-term returns; while the University of Pennsylvania and Stanford explore blockchain applications in education, research, and student funds. Overall, universities are actively promoting academic and practical development in the crypto field while engaging in compliant investments.
Related: Harvard University Endowment Fund Invests $116 Million in BlackRock Bitcoin (BTC) ETF
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