Brown University, one of the oldest institutions of higher education in the U.S., has purchased Bitcoin, according to a new 13F filing.
The filing shows that it owned 105,000 shares (nearly $5 million) of BlackRock's iShares Bitcoin Trust ETF (IBIT) as of March 31.
Notably, Brown University becomes the third US university to purchase Bitcoin after Atlanta-based Emory University and The University of Austin (UATX). Notably, it is the first Ivy League institution to jump on the Bitcoin bandwagon. It was recently ranked among the top 10 colleges in the US.
The Rhode Island-based research university boasts an endowment of a whopping $7.2 billion. In 2024, its returns were 11.3% ($728 million). The endowment is diversified across private equity, fixed income, real estate, and short-term investments.
Brown University's decision to buy Bitcoin via IBIT shows that the leading cryptocurrency is gaining significant traction in terms of institutional adoption.
In the meantime, IBIT has now recorded a total of 13 days of consecutive inflows. As reported by U.Today, it brought in nearly $1 billion in a single day on Apr. 28.
According to data provided by SoSoValue, IBIT's new assets currently stand at $58.7 billion.
As reported by U.Today, Bitwise CEO Hunter Horsley recently opined that Bitcoin's recent rally was primarily driven by institutional buyers.
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