长期以来对比特币的警惕，美国大学正在进行安静但决定性的转变。

布朗大学是常春藤联盟的支柱，刚刚宣布直接接触贝莱德的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.

长期以来对比特币保持警惕的美国大学正在安静但决定性的转变。布朗大学是常春藤联盟的支柱，刚刚宣布直接接触贝莱德的IBIT ETF。首先在SEC官方文件中揭示的，可以重新定义捐赠基金分配标准。

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 ?

为什么这一举动现在来了？涉及多少数量，该学术机构在重塑加密市场的核心揭示的强烈信号揭示了什么？

A first crypto exposure for Brown : facts and figures

棕色的第一个加密货币：事实和数字

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.

布朗大学持有贝莱德比特币IBIT ETF Blockrock的105,000股。这是由向SEC提交的最新监管报告13F，日期为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，由于最近的价格上涨了96,000美元，这种职位上没有以前的季度报告中没有490万美元的初始价值，目前价值约580万美元。

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.

此举标志着该大学通过受监管的投资产品的首次涉足加密货币，由全球最大的资产经理之一管理。

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

确实，该决定符合明确而复杂的投资策略，如大学的2024年捐赠报告中所述：

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

«今天，一组专业人士领导了一项多元化的策略，需要高水平的专业知识和投资技能。 »»

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 :

布朗的捐赠基金价值72亿美元，主要集中在传统资产上。此外，IBIT ETF的整合拟合在这种多样化的动态中，并且对比特币的象征性暴露有限。迄今为止，布朗的投资组合包括：

* 76 % in public equities

*公共股票中的76％

* 15 % in private equity

* 15％的私募股权

* 6 % in hedge funds

* 6％的树篱资金

* 3 % in real estate

* 3％的房地产

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.

这种加密分配仅占整体投资组合的0.08％，相对价值仍然很小，但就其发送给市场的信号而言是显着的。它反映了以前缺乏传统学术投资组合中资产类别的战略开放性。

From campuses to crypto : the university ecosystem turns to Bitcoin

从校园到加密：大学生态系统转向比特币

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

布朗大学不是一个孤立的例外。最近几个月，几个美国机构转向加密货币，通常采用截然不同的配置。

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，奥斯汀大学（UATX）最早于2024年5月选择了比特币专用的500万美元的捐赠，并与该公司Unchained合作。直接方法，外部ETF通道，与布朗的通道形成鲜明对比。

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，例如亚特兰大的埃默里大学（Emory University），选择了更多传统的曝光车辆。埃默里大学（Emory University）在2024年10月通过灰比特币迷你信托基金（Grayscale Bitcoin Mini Trust）持有近1600万美元的比特币。尽管其最新报告的股票减少了，但由于比特币价格上涨，现在总估值为2200万美元。该大学还持有超过一百万美元的Coinbase股票，这说明了对加密生态系统的承诺扩大。

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.

这些举措证明了在学术领域对比特币的看法的明显演变。仍然是一个边缘赌注往往会成为一项故意的投资策略，谨慎但更加自信。与布朗有利于机构参与者管理的ETF的布朗不同，其他人则选择直接曝光或更多的挥发性车辆，强调了风险食欲和特定于每个机构的投资理念的显着差异。

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，这种方法的多样化可以加速加密型在大学机构投资组合中的标准化。无论是通过ETF还是直接持有，大学参与比特币的参与都促进了合法化的动态。尽管布朗的主动性仍然适度，但它增加了一系列指标，表明美国高等教育不再仅仅观察到加密货币宇宙：它正在缓慢而肯定地进入它，可以有条不紊地选择其工具。