Dartmouth College Endowment Fund's crypto asset holdings shrink
The Dartmouth College Endowment Fund, one of the largest endowments in the United States, with a valuation of US$9 billion, has lost its cryptocurrency-related investments in three months. The value fell by more than US$2 million.
Dartmouth College's Crypto ETF Portfolio
A filing with the U.S. Securities and Exchange Commission shows that as of June 30, Dartmouth College held US$12.4 million in the three major crypto exchange-traded funds (ETFs), namely: Bitwise Solana Pledge ETF, Grayscale Ethereum Pledge ETF, and BlackRock's iShares Bitcoin ETF.
The number of shares per ETF held by Dartmouth College remained unchanged compared to the previous quarter. However, the total value of these assets has dropped 15% since March 31. At the time, the endowment reported a value of $14.6 million associated with the assets.
The decline in portfolio value reflects the overall trend of the digital asset market during the same period. During the quarter, Bitcoin fell 7.7% to $62,915;Solana fell 9.6% to $75.11; and Ethereum fell 10.8% to $1,875.
Overview of changes in asset prices
Assets| Prices on March 31| June 30 prices| Percentage change
Bitcoin (BTC)| undisclosed| US$62,915| -7.7%
Solana(SOL) |undisclosed| $75.11|-9.6%
Ethereum (ETH)| undisclosed| US$1,875|-10.8%
University Endowments and Digital Assets
Dartmouth College confirmed that it will begin to include crypto assets in its endowment fund portfolio in 2025, becoming one of the first American universities to embark on diversified investment in digital assets. This move marks an important step in the institutionalization of cryptocurrencies by Ivy League schools.
Harvard University, which manages a $57 billion endowment fund, had not released details of its investments for the second quarter of 2026 as of last Friday. In the first quarter, Harvard reported that it had cleared all of its $87 million position in the BlackRock iShares Ethereum ETF.
Dartmouth College's investment in ETF products allows it to gain institutional exposure to mainstream digital asset cryptocurrencies through regulated tools provided by traditional fund management companies such as BlackRock and Gray.
These ETF positions allow large endowments to gain exposure to the crypto market without directly hosting assets. This strategy reflects the growing trend of major educational institutions cautiously entering the digital asset market through sophisticated financial instruments.
As of June 30, the Dartmouth College Endowment Fund held $12.4 million in the three leading crypto ETFs, a 15% decrease from three months ago, mainly due to the decline in digital asset prices during the quarter.
Background Information
BlackRock is the world's largest asset manager, offering a wide range of investment products, including ETFs that track various assets such as stocks, bonds and cryptocurrencies.
Bitwise and Gray are professional digital asset management companies focused on launching cryptocurrency funds for institutional investors seeking regulated market exposure.
Mini Dictionary: An exchange-traded fund (ETF) is an investment fund traded on a stock exchange that usually tracks a specific index, commodity, or basket of assets (such as cryptocurrency).
Volatility in the valuation of these funds highlights the sensitivity of the endowment fund's crypto portfolio to overall market trends and reflects the potential opportunities and risks faced by institutional investors in this area.

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