Stanford University’s student-run Blyth Fund allocated around 7% in Bitcoin via Bitcoin spot ETF products.
Blyth Fund is a student-run fund & it manages a portion of Stanford University’s endowment.
On 5 March 2024, Kole Lee, a leader at the Stanford Blockchain Club, announced that Blyth Fund allocated its 7% of funds to Bitcoin when the trade price of Bitcoin was $45k.
Stanford Endowment has bought Bitcoin at 45k.
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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
Lee pitched BlackRock’s IBIT exchange-traded fund (ETF) to the Blyth Fund. He dragged attention toward him mainly by considering three main factors which were ETF inflows, crypto market cycles and a hedge against “monetary chaos and war”.
In an interview with Cointelegraph, Lee talked about the Blyth Fund and said it gives discretion in investing decisions to students so he thought that the ETF was a wonderful opportunity for Blyth to buy Bitcoin.
Furthermore, he speculated that excitement & uncertainty will occur simultaneously when the trade price of Bitcoin will hit $69k.
Bitcoin spot ETF & benefits
Since 10 Jan 2024, more than half a dozen Bitcoin spot ETF products have been available on the stock exchanges in the US. Retail as well as institutional players are buying these ETFs.
After the approval of Bitcoin spot ETF, many people recognised Bitcoin as a legal asset in the US Jurisdiction and now they are buying from stock exchanges as well as directly buying Bitcoin from the crypto exchanges.
So here we can say that Bitcoin spot ETF products not only helped the institutional players to invest in Bitcoin in big amounts but also helped Bitcoin gain legal status.
Bitcoin price action
The current trade price of Bitcoin is $67k & this trade price is 3% high over the last 24 hours.
Already we reported that there are huge chances of an increment in the trade price of Bitcoin, instead downfall despite the sufficient fear among the retail investors because buy support is very strong.
Read also: Bitcoin is very close to the $69,000 level. Is a crash imminent?
Stanford University’s fund manager allocates 7% portfolio in Bitcoin (BTC)
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