Blyth Fund, a student-run investment fund and Stanford University student organization, bought bitcoin (BTC) at $45,000 in February.
Stanford’s Blyth Fund Invests in Bitcoin
While Blyth Fund allocates its portfolio to investing in various assets, including stocks and bonds, this marked the first time it invested in bitcoin. Blyth manages around $200,000 in its portfolio and offers students the opportunity to learn “hands-on” about investment.
The decision to invest in BTC followed Kole Lee’s persuasive pitch in February. Lee is the head of Stanford’s Blockchain Club, the University’s official student group for “everything blockchain, cryptoeconomics, and cryptocurrency.”
Lee shared a video of his pitch in a tweet on March 4. The video shows that he introduced bitcoin to the audience and discussed the asset’s benefits, amongst other things.
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
In his pitch, he presented the case for investing in BlackRock’s spot Bitcoin exchange-traded fund (ETF), dubbed the “iShares Bitcoin Trust” (IBIT), to Blyth. Lee’s persuasive arguments focused on the potential of Bitcoin ETF inflows, its cyclical nature, and its value as a hedge against economic and geopolitical instability.
Blyth Allocates 7% of Its Portfolio to Bitcoin
With this investment, Lee noted that bitcoin is now approximately 7% of Blyth’s portfolio. This means that the fund has dedicated 7% of its portfolio to the digital asset.
Meanwhile, the latest development comes as bitcoin has continued to rally alongside the broader cryptocurrency market over the past month.
On Tuesday, bitcoin surged 8% to hit $68,804, getting close to its all-time high (ATH) of approximately $69,000, achieved on November 10, 2021. However, the token soon fell shortly to around $67,000.
At the time of wiring, BTC was trading at $66,486, representing a 1.53% surge on the day. With its current price, the leading cryptocurrency has surged 18% in the past week and $55.3% since February.
This means that Blyth’s bitcoin investment has now appreciated, considering it bought the digital asset for around $45,000 per coin last month.
