Unchained, a Bitcoin financial services firm, has joined forces with the University of Austin (UATX) to establish a groundbreaking endowment fund that will hold Bitcoin for the long term. The aim is to raise $5 million, which will be invested in BTC for a minimum of five years. This partnership seeks to incorporate Bitcoin into higher education and explore alternative financial strategies, setting an example for other academic institutions to follow suit. Joseph Kelly, CEO of Unchained, kickstarted the fund with a personal donation of 2 BTC, equivalent to approximately $137,000. Unchained will also provide a secure custody vault for storing the endowment fund. The initiative plans to engage the community through various activities such as joint marketing campaigns, events, guest lectures, and debates to educate the public on the benefits of Bitcoin and its potential to transform finance and education. It is worth noting that UATX is not the only American university venturing into cryptocurrency investments. Stanford University’s Blyth Fund increased its exposure to Bitcoin, allocating 7% of its portfolio to BTC through BlackRock’s spot Bitcoin ETF. Prestigious institutions like Harvard, Yale, and MIT have also explored crypto investments as early as 2018.
Texas university collaborates with Bitcoin company to establish $5M endowment fund