Emory University Adds to Holdings

Emory University has been leading the way in bitcoin BTC$101,126.31 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. That stake was worth about $52 billion at the time, though much less now at current 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 the Grayscale trust in October 2024, then valued at just over $15 million.

Emory’s much smaller position in BlackRock’s bitcoin ETF spot was unchanged during the third quarter and valued at about $290,000.

Endowment managers’ interest in hard assets was also reflected in a new move into BlackRock’s iShares Gold Trust (IAU), with nearly a $79 million stake in that fund at the end of the third quarter.

The university’s endowment also modestly increased its stake in crypto exchange Coinbase (COIN). It now holds nearly 4,500 shares worth close to $1.2 million, up slightly from the 4,312 shares it held last year.

Endowments are long-term investment funds typically established to support non-profits such as universities, hospitals or religious institutions. Like pension funds, they tend to favor relatively conservative strategies, which makes their growing interest in bitcoin through regulated ETFs a notable change.

Emory’s broader embrace of bitcoin ETFs could be seen as part of a slow but steady thaw among institutional investors. While still a small piece of its overall portfolio, the size and pace of Emory’s bitcoin allocations signal a growing comfort level with the asset — especially when it’s held in familiar wrappers like ETFs.