Unchained and University of Austin Launch First Long-Term Bitcoin Endowment Fund
Summary:
Unchained, a Bitcoin financial services firm, and the University of Austin have announced a partnership to create a Bitcoin endowment fund for long-term growth. The goal is to raise $5 million that will stay invested in Bitcoin for at least five years. The initiative aims to integrate Bitcoin into higher education and explore alternative financial strategies. Unchained CEO, Joseph Kelly, personally donated 2 BTC to start the fund. Unchained will also provide a safe custody vault for the fund.
Unchained, a Bitcoin financial services firm, and the University of Austin have teamed up to establish a Bitcoin (BTC) endowment fund aimed at long-term growth. Disclosure of the partnership happened on May 31, revealing the first-ever Bitcoin endowment fund, aiming to raise a total of $5 million that will stay invested in BTC for a minimum of five years. The objective of this initiative is to integrate Bitcoin into tertiary education and examine alternative financial strategies. “The inclusion of bitcoin in its endowment allows UATX to pave the way for other educational institutions to consider alternative and perhaps more robust financial models”, the announcement read. Joseph Kelly, Unchained's CEO, kick-started the fund with a personal 2 BTC donation, valued at roughly $137,000 currently. "The world needs more excellent founders, and we are thrilled to unite our communities to construct something new," Kelly shared on May 31. Unchained will also provide a cooperative custody vault to ensure the fund's safe storage. The initiative aims to stimulate community interaction through shared marketing strategies, events, guest lectures, and debates focusing on Bitcoin's advantages and its potential to transform finance and education. "This project mirrors the fundamental missions of both Unchained and UATX, focusing on the principles of sound money management, resistance to censorship, and challenging the current status quo." Universities' endowments comprise money or other financial assets donated to academic institutions that act as self-funding sources by intentionally not depleting the entire fund balance. UATX is not the only American university investing in cryptocurrencies. In March, Stanford University's Blyth Fund reportedly increased its portfolio exposure to 7% BTC through BlackRock’s spot Bitcoin ETF. Also, Ivy League universities such as Harvard, Yale, and the Massachusetts Institute of Technology (MIT) started exploring crypto investments already in 2018.
Published At
5/31/2024 7:55:52 AM
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