- Stanford’s Blyth Fund allocates 7% to Bitcoin, marking its first cryptocurrency investment.
- BlackRock’s iShares Bitcoin ETF holdings exceed 200,000 Bitcoins, valued at around $14.76 billion.
Stanford University’s student-managed investment fund, the Blyth Fund, has dedicated more than 5% of its investment mix to Bitcoin. This investment was made possible by purchasing shares in BlackRock’s iShares Bitcoin ETF (IBIT), signifying a notable first venture into the realm of digital currencies for the fund.
Stanford Endowment has bought Bitcoin at 45k.
In February, pitched IBIT to Blyth Fund, the student-run fund which manages a portion of Stanford's Endowment.
Bitcoin is now ~7% of the portfolio.
Here's the pitch that convinced them to buy: pic.twitter.com/nE7PuNF7Nw
— Kole Lee (@kolelee_) March 4, 2024
Stanford’s Blyth Fund Embraces BTC
The decision to venture into Bitcoin investments was spearheaded by Cole Lee, a prominent figure in Stanford’s blockchain ecosystem and the leader of the university’s blockchain club. Lee’s proposal, set forth in February, found fertile ground in the Blyth Fund’s culture of innovation and risk-taking.
Founded in 1978 in tribute to the legendary banker Charles Blythe, the fund has been at the forefront of exploring diversified investment avenues, managing a portfolio worth up to $1 million from Stanford’s Expendable Funds Pool.
Lee’s advocacy for Bitcoin investment hinges on several key factors, including the positive trend in ETF inflows, the cyclical nature of the crypto market, and a strategic hedge against global financial instability and geopolitical tensions.
The Blyth Fund’s unique structure, which supports independent management of separate funds by student teams, provided the perfect environment for this pioneering move.
Highlighting the opportunity presented by the iShares Bitcoin ETF, Lee articulated his vision for Blyth’s inaugural cryptocurrency investment. His optimism is not unfounded; the recent surge in ETF approvals has catalyzed a broader institutional interest in Bitcoin.
Lee forecasts a notable influx of traditional financial institutions into the Bitcoin sphere by the end of 2026, a prediction buoyed by the precedent set by Tesla and El Salvador’s Bitcoin acquisitions in 2021.
Previously, in a remarkable milestone for cryptocurrency adoption, BlackRock’s Bitcoin ETF, IBIT, shattered U.S. records by amassing over $10 billion in assets under management, as previously reported by ETHNews.
BlackRock’s Bitcoin ETF Holdings Surge
In a remarkable testament to Bitcoin’s burgeoning institutional appeal, a recent tweet from Wu Blockchain, a crypto journalist based in China, revealed that BlackRock has officially updated its Bitcoin ETF holdings.
BlackRock officially updated its spot Bitcoin ETF Bitcoin holdings data. As of March 11, IBIT Bitcoin holdings exceeded 200,000, reaching 203,754.8, with a market value of approximately US$14.76 billion. Previously, MicroStrategy disclosed yesterday that it had purchased another…
— Wu Blockchain (@WuBlockchain) March 12, 2024
As of March 11, the iShares Bitcoin ETF’s Bitcoin holdings surpassed the 200,000 mark, reaching 203,754.8, valued at approximately $14.76 billion. This update coincided with MicroStrategy’s disclosure of an additional 12,000 BTC purchase, bringing its total holdings to 205,000 Bitcoins.
These developments signal a robust confidence in Bitcoin’s value proposition among leading investment entities.
Lee’s bullish outlook on Bitcoin extends to its market potential, projecting a price range of $110,000 to $130,000 in the upcoming bull cycle. This projection represents a significant upside, with potential gains ranging from 140% to 180% from current levels.
The expected breakthrough above the $69,000 threshold could trigger a cascade of short position liquidations, propelling the cryptocurrency to unprecedented heights.
At the time of writing, the price of BTC has slightly risen 0.35% in the last 24 hours, reaching a price of $71,894.94. This represents an increase of 7.85% over the past 7 days.