Dartmouth College Reports 15% Decline in Crypto ETF Holdings

Dartmouth College Reports 15% Decline in Crypto ETF Holdings

Dartmouth College’s recent filing revealed a significant decrease in its crypto exchange-traded fund (ETF) holdings, reporting a 15% drop in value to approximately $12.4 million during the second quarter. This decline occurred despite the Ivy League institution’s endowment, valued at around $9 billion, maintaining the same number of shares across its investments.

Details of the Decline

The reported decrease of about $2.2 million in Dartmouth’s crypto ETF holdings is attributed solely to the declining market values of the underlying funds, as the number of shares remained unchanged from the previous quarter. The endowment’s positions include investments in major funds such as BlackRock’s iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF.

Current Crypto Valuations

As of June 30, the ETF holdings represented about 0.14% of Dartmouth’s estimated endowment, a slight drop from $14.6 million at the end of March. Throughout the second quarter, prices for cryptocurrencies like Bitcoin, Ether, and Solana have fallen below their levels as of March 31. Specific decreases include Bitcoin, which traded at around $62,976, a decline of roughly 7.7%, while Ether and Solana also saw losses of about 10.7% and 9.5% respectively.

Understanding ETF Holdings vs. Direct Ownership

Dartmouth’s investments in these ETFs provide exposure to Bitcoin, Ether, and Solana without direct token ownership. The SEC filing represents positions held at quarter’s end and does not reflect any direct portfolio changes, short positions, or private investments.

Comparison with Other Universities

In contrast, Harvard Management Company has actively altered its crypto ETF strategy by selling off its BlackRock iShares Ethereum Trust holdings earlier this year. As the market shifts, it will be interesting to see how institutions like Dartmouth and Harvard adjust their positions moving forward.

With the continued volatility in the cryptocurrency market, Dartmouth’s endowment strategy highlights the challenges faced by institutional investors when navigating these assets.