Emory University Expands Bitcoin Holdings, Adds Gold ETF to Endowment Portfolio

Emory University continued to increase its exposure to bitcoin during the third quarter, signaling growing institutional comfort with digital assets.

The Georgia-based private research university reported holding over 1 million shares of the Grayscale Bitcoin Mini Trust as of September 30, according to a 13F filing on Thursday. That stake was valued at nearly $52 million at the time, up significantly from just under 500,000 shares held at the end of Q2.

Emory first disclosed a position in Grayscale’s trust in October 2024, then valued at just over $15 million. The university’s smaller holding in BlackRock’s spot bitcoin ETF remained unchanged during the quarter, valued at approximately $290,000.

The endowment managers also demonstrated a broader interest in hard assets by opening a new position in BlackRock’s iShares Gold Trust (IAU), totaling nearly $79 million by the end of the third quarter.

In addition, Emory modestly increased its stake in crypto exchange Coinbase (COIN), now holding nearly 4,500 shares worth about $1.2 million, up from 4,312 shares held since last year.

University endowments are long-term investment vehicles designed to support nonprofits such as colleges, hospitals, and religious institutions. Traditionally favoring conservative strategies, their growing allocations to bitcoin through regulated ETFs mark a notable shift in investment approach.

Emory’s gradual embrace of bitcoin ETFs reflects a broader trend among institutional investors cautiously warming to digital assets. While still a small component of the overall portfolio, the scale and pace of Emory’s allocations suggest rising confidence in bitcoin, particularly when held within familiar, regulated investment vehicles.