Dartmouth Endowment's Crypto ETF Holdings Slide 15% to $12.4 Million

Dartmouth College's cryptocurrency exchange-traded fund holdings fell 15% to approximately $12.4 million in the second quarter, even as the Ivy League school's $9 billion endowment maintained identical share counts across its three crypto-linked positions.

The decline of about $2.2 million from $14.6 million at the end of March stemmed entirely from falling market values rather than portfolio rebalancing, according to a Form 13F filing with the U.S. Securities and Exchange Commission submitted Thursday. The endowment held the same number of shares in each fund at both quarter-end dates.

The filing showed Dartmouth's trustees held positions in BlackRock's iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF as of June 30. Through these three products, the university gained price exposure to Bitcoin, Ether, and Solana without reporting direct ownership of the underlying tokens.

BlackRock's Bitcoin ETF accounted for the largest portion of the portfolio at approximately $7.7 million in the first-quarter filing, while the Grayscale Ethereum position was valued at roughly $3.5 million and the Bitwise Solana fund at about $3.3 million.

At $12.4 million, the three positions represented about 0.14% of Dartmouth's estimated $9 billion endowment. The SEC report covers qualifying U.S.-listed securities and does not provide a complete account of the university's assets, which may also include private investments, bonds, property, and holdings that do not appear on Form 13F.