Harvard invest $116M for BlackRock Bitcoin ETF
Harvard Management Company don yan show say dem put $116 million for BlackRock iShares Bitcoin ETF (IBIT), as dem buy 1.9 million shares as of June 30. Dis stake make IBIT become di fifth biggest holding for Harvard $53 billion endowment portfolio, pass Alphabet. SEC approve am for January 2024, IBIT get $86 billion assets now, make am di biggest spot Bitcoin ETF and e reduce di kain barrier wey institutional investors dey face. Brown University also increase dem IBIT shares to $13 million, while Michigan Retirement System put $11.4 million for ARK 21Shares Bitcoin ETF. Di daily trading volume for Bitcoin ETF don double year-on-year, show say institutional demand dey grow. Harvard move show say people dey confident for regulated crypto vehicles and fit make Bitcoin become mainstream asset well well.
Bullish
Harvard's $116 million wey dem allocate to BlackRock’s iShares Bitcoin ETF dey show say institutional demand strong for regulated crypto vehicles. The double for Bitcoin ETF daily trading volumes and similar moves wey universities and pension funds dey do mean say money still dey enter well. For short term, more fund flow fit make price pressure go up for BTC. For long term, more institutions wey go adopt spot Bitcoin ETFs fit help stabilize market, reduce beta, and make Bitcoin show say e be main asset, supporting better outlook.