The University of Austin will set up a bitcoin investment fund to detect the long -term capacity of digital assets within its settlement strategy.
According to a financial time ReportAustin’s 142 -year -old university is collecting $ 5 million bitcoin funds as part of its $ 200 million settlement, making it the first American university to launch a dedicated bitcoin fund.
A settlement is a pool of donated funds that a university invests to generate returns over time. Additional revenue is commonly used to support operating costs, scholarships and research in other use cases.
Austin’s Bitcoin Fund University will be structured as a long -term investment, the university plans to keep bitcoins for at least five years. Chad Thewon, senior vice president of advancement at the university, emphasized that the institute sees bitcoin as a “long -term value”, like “stock or real estate”.
Initially Announced In May, Fund first came to light when Austin University participated with Bitcoin Financial Services firm. As part of collaboration, unwanted funds are handling the custody of bitcoin holdings.
While the University of Austin is the first to launch a dedicated bitcoin fund, it is not the only university to take a dip in Crypto.
In October, the first American college was formed to get in touch with Bitcoin in Georgia. As reported earlier by Crypto.news, the university revealed an investment of $ 15.1 million in Grancale’s Bitcoin Mini Trust in filing with US Securities and Exchange Commission.
Earlier, Belith Fund of Stanford University revealed to allocate Bitcoin 7% of its portfolio. In particular, in March, after a proposal by Stanford’s Blockchain Club, the End-based student-managed fund invested at the Ishras Bitcoin ETF of Blackrock. Fund bought bitcoin $ 45,000 per coin
