Dartmouth Endowment’s Crypto ETF Holdings Drop $2.2M as Digital Asset Prices Slide

Dartmouth College’s endowment saw the value of its cryptocurrency exchange-traded fund (ETF) holdings decline by more than $2 million over the second quarter of 2025, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The endowment reported $12.4 million in crypto ETFs as of June 30, down from $14.6 million on March 31.

Holdings Breakdown

The decrease was not due to any change in the number of shares held, but rather the falling prices of the underlying digital assets. Dartmouth’s positions included the Bitwise Solana Staking ETF, the Grayscale Ethereum Staking ETF, and BlackRock’s iShares Bitcoin ETF. While the exact share counts remained unchanged, the overall market value of these investments contracted as cryptocurrency prices experienced a downturn during the three-month period.

This development highlights the volatility inherent in digital asset investments, even for long-term institutional investors like university endowments. The filing, submitted to the SEC, provides a rare glimpse into how major educational institutions are navigating the emerging asset class.

Context and Implications

Dartmouth is among a growing number of universities and institutional investors that have begun allocating a small portion of their portfolios to crypto-related products. The move reflects a broader trend of traditional financial entities seeking exposure to digital assets through regulated vehicles like ETFs, which offer easier access and clearer regulatory oversight than direct cryptocurrency holdings.