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Bitcoin Firm Unchained and University of Austin Establish Bitcoin Endowment Fund

Unchained, a Bitcoin financial services company headquartered in Austin, Texas, has partnered with the University of Austin (UATX) to introduce an innovative long-term endowment fund.

This pioneering initiative aims to secure $5 million in funding, designated for investment in Bitcoin over a minimum period of five years, as outlined in a statement from Unchained.

Being the inaugural long-term endowment fund operated in Bitcoin, the collaboration between Unchained and UATX aims to incorporate cryptocurrency into higher education and investigate unconventional financial strategies.

The announcement highlights, “By integrating bitcoin into its endowment, UATX is establishing a precedent for other academic institutions to consider alternative and potentially more resilient financial approaches.”

Unchained CEO Donates 2 BTC

To inaugurate the fund, Joseph Kelly, CEO of Unchained, initiated with a personal donation of 2 BTC, valued at approximately $137,000 based on current prices.

In a post on X on May 31, Kelly expressed, “The world needs more great founders, and we are thrilled to unite our communities to create something innovative.”

Additionally, Unchained will furnish a secure collaborative custody vault to safeguard the endowment fund, ensuring the preservation and trustworthiness of the Bitcoin assets.

Beyond monetary contributions, the partnership endeavors to encourage community involvement through diverse avenues.

This will include joint marketing initiatives, events, guest lectures, and debates designed to educate the public about the advantages of Bitcoin and its potential to transform both finance and education.

The initiative resonates with the fundamental missions of both Unchained and UATX, underscoring principles such as sound monetary policies, resistance to censorship, and challenging conventional norms.

Although UATX spearheads the Bitcoin endowment fund, it isn’t the inaugural American university to delve into the realm of cryptocurrencies.

Stanford University’s Blyth Fund notably bolstered its Bitcoin exposure in March, allocating 7% of its portfolio to the digital asset via BlackRock’s spot Bitcoin ETF.

Moreover, Ivy League establishments like Harvard, Yale, and the Massachusetts Institute of Technology (MIT) have been exploring crypto investments since as early as 2018, indicating a burgeoning interest in the potential of digital assets within esteemed academic circles.

Major Hedge Funds Embrace Bitcoin ETFs

During the first quarter, a significant portion of the top 25 hedge funds in the United States, precisely 13, entered the market by investing in spot Bitcoin ETFs.

Point72, a renowned hedge fund managing $34 billion in assets, disclosed its investment in the Fidelity Wise Origin Bitcoin Fund (FBTC), holding $77.5 million worth of FBTC by the quarter’s end.

Other prominent hedge funds, such as Elliott Capital led by Paul Singer and Millennium Management owned by Izzy Englander, have also publicly shared their investments in these novel funds.

As of March 31, Millennium Management stands as the largest institutional holder of these funds, with approximately $2 billion invested.

Noteworthy investors among the list also include Fortress Investment Group and Schonfeld Strategic Advisors.

While these hedge funds’ acquisition of spot ETFs may indicate a long-term bet on Bitcoin’s potential price appreciation, it’s essential to recognize that these vehicles can serve other strategic purposes as well.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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