The University of Austin will set up a Bitcoin Investment Fund to explore the long -term potential of digital assets within its gift strategy.
According to a financial time reportThe 142-year-old University of Austin collects a Bitcoin fund of $ 5 million as part of the donation of $ 200 million, making it the first American university donation that launches a dedicated Bitcoin fund.
A donation is a pool of donated funds that invests a university to generate returns over time. The extra income is usually used to support operational costs, trade fairs and research, among other things.
The Bitcoin Fund of the University of Austin will be structured as an investment in the long term, with the University planning to hold Bitcoin for at least five years. Chad Thevenot, senior vice president for progress at the university, emphasized that the institution sees Bitcoin as ‘long -term value’, just like ‘shares or real estate’.
Initial announced The fund was first unveiled in May when the University of Austin collaborated with Bitcoin Financial Services Firm Unchained. As part of the collaboration, Unchained is to deal with custody of the Bitcoin holdings of the fund.
Although the University of Austin is the first to launch a dedicated Bitcoin fund, this is not the only university that immerses in crypto.
In October, Emory University in Georgia became the first endowment of the US College to be given exposure to Bitcoin. As previously reported by crypto.news, the university revealed an investment of $ 15.1 million in Grayscale’s Bitcoin Mini Trust in an application at the US Securities and Exchange Commission.
Before that, the Blyth Fund of Stanford University revealed that 7% of its portfolio was assigned to Bitcoin. Especially in March, the Fund -run fund investigated by the endowment in BlackRock’s Ishares Bitcoin ETF invested after a proposal from Stanford’s Blockchain Club. The fund bought Bitcoin for $ 45,000 per coin
