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The Stanford Blythe Fund, the university’s student-run investment organization, purchased Bitcoin (BTC) for $45,000 in February after the academic pitched it during a conference.
According to a tweet by Cole Lee, a computer science major and leader of the Stanford Blockchain Club, Blythe Fund has allocated about 7% of its portfolio to Bitcoin since its purchase.
Stanford Fund purchases BTC
The Blythe Fund was established in 1978 by an anonymous donor in honor of legendary banker Charles Blythe, and provides a six-figure portion of Stanford University’s endowment through investments in assets such as stocks and bonds. is managed.
The fund supports education by giving students the opportunity to invest their money and 25% of the investment proceeds go toward financial aid at Stanford University.
When Lee pitched the fund in February, he focused on crypto market cycles, exchange-traded fund (ETF) inflows, and hedging against “financial turmoil and war.” The computer science academic promoted the idea of investing in the iShares Bitcoin ETF (IBIT), issued by BlackRock, the world’s largest asset management company. The result of the pitch was the purchase of BTC and his 7% portfolio allocation to major digital assets.
In particular, IBIT is the largest and best-performing Bitcoin Spot ETF, with over $11 billion in assets under management and $420 million in daily inflows as of March 4th. Ta.
Increase in BTC adoption
Blythe Fund’s purchase of BTC is evidence of the increasing adoption of this relatively new digital asset. The launch of the Spot Bitcoin ETF in the US has reached unprecedented levels of BTC adoption, creating room for billions of dollars of capital to flow in from the traditional financial sector.
Also, high volumes and inflows in ETFs have pushed BTC prices up to levels last seen in November 2021 during the previous bull cycle. The crypto asset broke through the $68,000 level on Tuesday morning and drew a new ATH before a major correction later in the day. CoinMarketCap data shows that as of this writing, BTC was traded at $66,700.
Meanwhile, 10 ETFs recorded the highest trading volume on March 5th, with approximately $10 billion, with only IBIT accounting for the largest trading volume.
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