長期以來對比特幣的警惕，美國大學正在進行安靜但決定性的轉變。

布朗大學是常春藤聯盟的支柱，剛剛宣布直接接觸貝萊德的IBIT ETF。

American universities, long wary of Bitcoin, are making a quiet but decisive shift. Brown University, a pillar of the Ivy League, has just declared direct exposure to BlackRock’s IBIT ETF. A first, revealed in an official SEC filing, that could redefine endowment fund allocation standards.

長期以來對比特幣保持警惕的美國大學正在安靜但決定性的轉變。布朗大學是常春藤聯盟的支柱，剛剛宣布直接接觸貝萊德的IBIT ETF。首先在SEC官方文件中揭示的，可以重新定義捐贈基金分配標準。

Why does this move come now ? What amounts are involved and what does this strong signal sent by an academic institution at the heart of a reshaping crypto market reveal ?

為什麼這一舉動現在來了？涉及多少數量，該學術機構在重塑加密市場的核心揭示的強烈信號揭示了什麼？

A first crypto exposure for Brown : facts and figures

棕色的第一個加密貨幣：事實和數字

Brown University holds 105,000 shares of BlackRock’s Bitcoin IBIT ETF BlockRock. This is the unprecedented information disclosed by the latest regulatory report 13F-HR filed with the SEC and dated March 31, 2025.

布朗大學持有貝萊德比特幣IBIT ETF Blockrock的105,000股。這是由向SEC提交的最新監管報告13F，日期為2025年3月31日的前所未有的信息。

Such a position, absent from previous quarterly reports, represents an initial value of 4.9 million dollars, currently valued at about 5.8 million dollars, thanks to the recent price rise around 96,000 dollars.

此前，由於最近的價格上漲了96,000美元，這種職位上沒有以前的季度報告中沒有490萬美元的初始價值，目前價值約580萬美元。

This move marks the university’s very first foray into cryptocurrencies through a regulated investment product, managed by one of the world’s largest asset managers.

此舉標誌著該大學通過受監管的投資產品的首次涉足加密貨幣，由全球最大的資產經理之一管理。

Indeed, the decision fits into a clear and complex investment strategy, as stated in the university’s 2024 endowment report :

確實，該決定符合明確而復雜的投資策略，如大學的2024年捐贈報告中所述：

« Today, a team of professionals leads a diversified strategy that requires a high level of expertise and investment skill. »

«今天，一組專業人士領導了一項多元化的策略，需要高水平的專業知識和投資技能。 »»

Brown’s endowment fund, valued at 7.2 billion dollars, remains mainly focused on traditional assets. Moreover, the integration of the IBIT ETF fits within this diversification dynamic, with limited but symbolic exposure to Bitcoin. To date, Brown’s portfolio includes :

布朗的捐贈基金價值72億美元，主要集中在傳統資產上。此外，IBIT ETF的整合擬合在這種多樣化的動態中，並且對比特幣的象徵性暴露有限。迄今為止，布朗的投資組合包括：

* 76 % in public equities

*公共股票中的76％

* 15 % in private equity

* 15％的私募股權

* 6 % in hedge funds

* 6％的樹籬資金

* 3 % in real estate

* 3％的房地產

This crypto allocation, which represents barely 0.08 % of the overall portfolio, remains marginal in relative value but significant in terms of the signal it sends to the market. It reflects a strategic openness to asset classes previously absent from traditional academic portfolios.

這種加密分配僅佔整體投資組合的0.08％，相對價值仍然很小，但就其發送給市場的信號而言是顯著的。它反映了以前缺乏傳統學術投資組合中資產類別的戰略開放性。

From campuses to crypto : the university ecosystem turns to Bitcoin

從校園到加密：大學生態系統轉向比特幣

Brown University is not an isolated exception. Several American institutions have taken a turn toward cryptocurrencies in recent months, often in very different configurations.

布朗大學不是一個孤立的例外。最近幾個月，幾個美國機構轉向加密貨幣，通常採用截然不同的配置。

The University of Austin (UATX) thus chose, as early as May 2024, a Bitcoin-dedicated endowment of 5 million dollars, in partnership with the company Unchained. A direct approach, outside ETF channels, which contrasts with Brown’s.

因此，奧斯汀大學（UATX）最早於2024年5月選擇了比特幣專用的500萬美元的捐贈，並與該公司Unchained合作。直接方法，外部ETF通道，與布朗的通道形成鮮明對比。

Others, like Emory University in Atlanta, have opted for more traditional exposure vehicles. Emory University held nearly 16 million dollars in Bitcoin through the Grayscale Bitcoin Mini Trust in October 2024. Despite a reduction in shares in their latest report, the total valuation is now estimated at 22 million dollars, driven by the rise in the Bitcoin price. The university also holds over one million dollars in Coinbase shares, illustrating an expanded commitment to the crypto ecosystem.

其他人，例如亞特蘭大的埃默里大學（Emory University），選擇了更多傳統的曝光車輛。埃默里大學（Emory University）在2024年10月通過灰比特幣迷你信託基金（Grayscale Bitcoin Mini Trust）持有近1600萬美元的比特幣。儘管其最新報告的股票減少了，但由於比特幣價格上漲，現在總估值為2200萬美元。該大學還持有超過一百萬美元的Coinbase股票，這說明了對加密生態系統的承諾擴大。

These initiatives attest to a clear evolution in the perception of Bitcoin within the academic sphere. What was still a marginal bet tends to become a deliberate investment strategy, cautious but more assertive. Unlike Brown, which favors an ETF managed by an institutional player, others opt for direct exposure or more volatile vehicles, highlighting notable differences in risk appetite and investment philosophies specific to each institution.

這些舉措證明了在學術領域對比特幣的看法的明顯演變。仍然是一個邊緣賭注往往會成為一項故意的投資策略，謹慎但更加自信。與布朗有利於機構參與者管理的ETF的布朗不同，其他人則選擇直接曝光或更多的揮發性車輛，強調了風險食慾和特定於每個機構的投資理念的顯著差異。

In the medium term, this diversification of approaches could accelerate the normalization of crypto exposure in university institutional portfolios. The growing involvement of universities in Bitcoin, whether through ETFs or direct holdings, fosters a legitimization dynamic. While Brown’s initiative remains modest, it adds to a cluster of indicators suggesting that American higher education no longer just observes the crypto universe: it is entering it, slowly but surely, choosing its tools methodically.

在中期，這種方法的多樣化可以加速加密型在大學機構投資組合中的標準化。無論是通過ETF還是直接持有，大學參與比特幣的參與都促進了合法化的動態。儘管布朗的主動性仍然適度，但它增加了一系列指標，表明美國高等教育不再僅僅觀察到加密貨幣宇宙：它正在緩慢而肯定地進入它，可以有條不紊地選擇其工具。