Institutional adoption of Bitcoin, which has been increasing for years, has increased even more following the approval of spot Bitcoin ETFs.
Supported by increased adoption post-ETFs, BTC has experienced a massive rally and is poised to break its ATH of $69,000.
While all investors were focused on $69,000 in BTC, a Bitcoin purchase announcement came from Stanford University.
Accordingly, the Blyth Fund, which manages a portion of Stanford University's donations, allocated 7% of its portfolio to Bitcoin.
Computer Science Specialist and leader of the Stanford Blockchain Club, Kole Lee, who shared from his account
Stating that they made the Bitcoin purchase through BlackRock's IBIT ETF, Kole Lee added that Bitcoin was purchased for $ 45,000.
“Stanford University bought Bitcoin for 45 thousand dollars.
BTC was purchased through BlackRock's IBIT ETF in February.
Blyth Fund, the student-run fund that manages part of the Stanford Endowment, made the acquisition.
Bitcoin makes up ~7% of the Blyth Fund's portfolio.
Blyth Funds are separately managed funds that are part of an expandable fund pool and give students discretion in investment decisions.
So I think the Blackrock ETF is a great opportunity for the Blyth fund to buy Bitcoin.”
Bitcoin, which exceeded $ 68,000 last night, continues to be traded at $ 66,540 at the time of writing.
Stanford Endowment has bought Bitcoin at 45k.
In February, pitched IBIT to Blyth Fund, the student-run fund which manages a portion of Stanford's Endowment.
Bitcoin is now ~7% of the portfolio.
Here's the pitch that convinced them to buy: pic.twitter.com/nE7PuNF7Nw
— Kole Lee (@kolelee_) March 4, 2024
*This is not investment advice.
