Dartmouth College’s endowment, valued at $9 billion and among the largest in the US, saw the value of its cryptocurrency-related investments decline by over $2 million in the span of three months.
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AAPLDartmouth College’s crypto ETF portfolio
A Thursday filing with the US Securities and Exchange Commission revealed that Dartmouth held $12.4 million worth of three major crypto exchange-traded funds (ETFs) as of June 30: the Bitwise Solana staking ETF, the Grayscale Ethereum staking ETF, and BlackRock’s iShares Bitcoin ETF.
Dartmouth maintained the same number of shares of each ETF compared to the previous quarter. However, the overall value of these holdings dropped by 15% since March 31, when the endowment reported $14.6 million tied to these assets.
The decline in portfolio value mirrored broader market trends in digital assets during this period. The price of Bitcoin fell 7.7% to $62,915, Solana decreased by 9.6% to $75.11, and Ether dropped 10.8% to $1,875 over the quarter.
| Asset | Price as of Mar 31 | Price as of Jun 30 | % Change |
|---|---|---|---|
| Bitcoin (BTC) | Not stated | $62,915 | -7.7% |
| Solana (SOL) | Not stated | $75.11 | -9.6% |
| Ether (ETH) | Not stated | $1,875 | -10.8% |
University endowments and digital assets
Dartmouth confirmed that it began adding crypto exposure to its endowment portfolio in 2025, becoming one of the first US universities to diversify into digital assets. The move marked a significant step for institutional adoption of cryptocurrency within the Ivy League.
Harvard University, which oversees a $57 billion endowment, had not released its second-quarter 2026 investment details by Friday. For the first quarter, Harvard reported selling all of its $87 million position in BlackRock’s iShares Ethereum ETF.
Dartmouth’s investment in ETF products provides institutional exposure to the leading digital asset cryptocurrencies through regulated vehicles offered by traditional fund managers such as BlackRock and Grayscale.
These ETF holdings allow large endowments to gain crypto market exposure without the complexities of direct asset custody. This approach reflects a growing trend among major educational institutions to cautiously enter the digital asset market via established financial instruments.
Dartmouth’s endowment held $12.4 million of three leading crypto ETFs as of June 30, reflecting a 15% drop from three months earlier as digital asset prices declined over the quarter.
BlackRock is the world’s largest asset management company, offering a wide range of investment products, including ETFs that track various assets such as stocks, bonds, and cryptocurrencies.
Bitwise and Grayscale are specialized digital asset managers that have focused on launching cryptocurrency-oriented funds catered to institutional investors seeking regulated market exposure.
Mini dictionary: Exchange-traded fund (ETF), a type of investment fund traded on stock exchanges, often tracking a particular index, commodity, or a basket of assets such as cryptocurrencies.
The valuation swings in these funds underscore the sensitivity of endowment crypto portfolios to broader market trends, highlighting both the potential opportunities and risks facing institutional investors in the sector.
