The Stanford Blyth Fund, a student-run investment entity at the university, purchased Bitcoin (BTC) for $45,000 in February after an academic presented the asset at a meeting.
According to a Tweeter According to Kole Lee, an IT specialist and leader of the Stanford Blockchain Club, the Blyth Fund allocated approximately 7% of its portfolio to Bitcoin following the purchase.
Stanford Endowment buys BTC
The Blyth Fund, established in 1978 by an anonymous donor in honor of legendary banker Charles Blyth, manages a six-figure share of Stanford University's endowment through investments in assets such as stocks and bonds .
The fund supports education by giving students the opportunity to invest their money and funneling 25% of investment returns to Stanford University financial aid.
During Lee's presentation to the fund in February, he focused on crypto market cycles, exchange-traded fund (ETF) inflows, and hedging against “currency chaos and war.” The IT specialist pushed the idea of investing in the iShares Bitcoin ETF (IBIT) issued by BlackRock, the world's largest asset manager. The result of the pitch was a purchase of BTC and a 7% portfolio allocation to the leading digital asset.
Notably, IBIT is the largest and best performing product of the ten spot Bitcoin ETFs, with over $11 billion in assets under management and a daily inflow of $420 million as of March 4.
Growing adoption of BTC
The Blyth Fund's purchase of BTC is evidence of the growing adoption of this relatively new digital asset. The launch of spot Bitcoin ETFs in the United States pushed BTC adoption to unprecedented levels, giving way to the influx of billions of dollars of capital from the traditional financial sector.
Large ETF volumes and inflows have also pushed the BTC price to levels last seen in November 2021, during the last bull cycle. The crypto asset surpassed the $68,000 level on Tuesday morning and painted a new ATH later in the day before a massive correction. Data from CoinMarketCap watch BTC changed hands at $66,700 at the time of writing.
Meanwhile, the ten ETFs saw their largest trading volume on March 5, recording around $10 billion, with IBIT alone responsible for the largest portion.
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