Emory University, based in Atlanta, Georgia, has become the latest institution to report holding a position in a Bitcoin spot exchange-traded fund (ETF). The university disclosed it holds $15.1 million worth of spot Bitcoin ETFs in a filing with the U.S. Securities and Exchange Commission (SEC).

Specifically, Emory revealed it added shares of the Grayscale Bitcoin Mini Trust to its portfolio. The university also holds 4,312 shares of Coinbase, the largest U.S.-based crypto exchange, valued at approximately $922,639 at the time of the university’s 13F filing.

First Endowment to Report Spot BTC ETF

According to Eric Balchunas, a senior ETFs analyst for Bloomberg, Emory University has become the first endowment to add a Bitcoin ETF to its portfolio. This development means that spot Bitcoin ETF assets are now represented by every institution type in SEC’s 13F filings.

Beyond endowments, the market has attracted banks, insurance companies, financial advisors, pension funds, and holding companies. Balchunas also noted that trusts, family offices, venture capital firms, and brokerages have all acquired spot Bitcoin ETFs.

This level of adoption is unprecedented for an asset category that’s less than a year old. The SEC approved spot Bitcoin ETFs in January 2024, allowing global giants such as BlackRock and Fidelity to issue these exchange-traded funds.

An endowment is an investment portfolio aimed at charitable use by non-profit institutions, including universities, churches, and hospitals. While Emory University is the first endowment to purchase a Bitcoin ETF, pension funds have also been represented, including the State of Wisconsin.

The State of Wisconsin Investment Board revealed a $170 million spot Bitcoin ETF position in May. In August, it disclosed an additional 447,000 shares of BlackRock’s IBIT.

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