Emory University tiptoed into Bitcoin during the third trimester.
The Georgia-based private research university said it held more than 1 million shares of the Grayscale Bitcoin Mini Trust as of Sept. 30, according to a 13F filing Thursday. This stake was worth about $52 billion at the time, although it is significantly lower today than today’s prices. The school held just under 500,000 shares of the fund at the end of the second quarter.
The university first disclosed a position in Grayscale’s trust in October 2024, then valued at just over $15 million.
Emory’s much smaller position in BlackRock’s bitcoin spot ETF remained unchanged in the third quarter and valued at around $290,000.
Endowment managers’ interest in sustainable assets was also reflected in a new acquisition in BlackRock’s iShares Gold Trust (IAU), with a nearly $79 million stake in that fund at the end of the third quarter.
The university’s endowment also slightly increased its stake in crypto exchange Coinbase (COIN). She now owns nearly 4,500 shares worth nearly $1.2 million, up slightly from the 4,312 shares she has held since last year.
Endowments are long-term investment funds typically created to support nonprofit organizations such as universities, hospitals, or religious institutions. Like pension funds, they tend to favor relatively conservative strategies, making their growing interest in bitcoin via regulated ETFs a notable change.
Emory’s broader adoption of Bitcoin ETFs could be seen as part of a slow but steady thaw among institutional investors. While still a small portion of its overall portfolio, the size and pace of Emory’s bitcoin allocations signal a growing comfort level with the asset, particularly when held in familiar packaging like ETFs.
