Harvard University, an Ivy League university that first invested in BlackRock’s Bitcoin ETF (exchange-traded funds), increased its investment by 250% over the course of the third quarterly after it initially bought the fund.
Harvard Management Company is the company that oversees the $57 billion endowment of the University. reported According to a Friday regulatory filing, the company held 6,8 millions shares of the iShares Bitcoin Trust ETF (IBIT), valued at $442.8 Million as of 30 September.
University disclosed in August It held around 1.9 millions shares, worth about $116.6million at the time.
“Super rare” ETF is a good investment for an university
Bloomberg ETF analyst Eric Balchunas said On Friday, it is “super rare/difficult to get an endowment to bite on an ETF.”
“It’s as good a validation as an ETF can get,” But he also noted that Harvard’s IBIT investments was “a mere 1% of total endowment.”
IBIT Harvard spent the most on filing its documents and that was its “biggest position increase in Q3,” Balchunas now ranks it as the sixteenth largest ETF holder.
Balchunas said After Harvard’s initial IBIT buy The endowments “are notably anti-ETF” Then, there is the “hardest institution to hook” ETFs can be a good investment.
Harvard boosts gold tech exposure
Harvard made the remainder of their investments in US major technology companies including Amazon Meta, Microsoft, and Alphabet.
Related: Crypto index ETFs will be the next wave of adoption — WisdomTree exec
Also, the university purchased a position worth $16,8 million in the Buy-Now-Pay-Later program. fintech Klarna purchased $59.1 Million worth of Taiwan Semiconductor Manufacturing Company shares.
Harvard nearly doubled the amount of gold it owned, increasing its stake in that metal. gold-backed ETFSPDR Gold Shares GLD) increased its shareholdings from 333,000 to 661 391 shares, worth $235.1 Million, a significant increase.
SoSoValue shows BitcoinBTCBitcoin’s price fell to below $100,000 during the last trading week.
Bitcoin has fallen to below $95,000 in just 24 hours after hitting a new low of $93,029, briefly erased the gains This year, it has been a successful one.
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Source: cointelegraph.com
