Key Takeaways
- • Dartmouth College's crypto ETF holdings fell 15% to approximately $12.4 million in the second quarter, down about $2.2 million from $14.6 million at the end of March, according to a Form 13F filing with the SEC.
- • The decline was driven entirely by falling market values; the endowment kept identical share counts in BlackRock's iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF as of June 30.
- • The three positions represent roughly 0.14% of Dartmouth's estimated $9 billion endowment, a small allocation relative to total assets.
- • Bitcoin, Ether, and Solana traded below their March 31 closes through Aug. 15, with declines of roughly 7.7%, 10.7%, and 9.5% respectively.
- • Unlike Harvard, which cut its crypto ETF stakes in the first quarter, Dartmouth held its positions, illustrating how a lower reported dollar figure does not by itself signal a portfolio reduction.
Summary
Dartmouth College's crypto ETF holdings declined 15% to approximately $12.4 million in the second quarter, according to a Form 13F filing with the U.S. Securities and Exchange Commission submitted on a Thursday. The drop of about $2.2 million from $14.6 million at the end of March stemmed entirely from falling market values, as the endowment held the same number of shares in each fund at both quarter-end dates. The filing shows the trustees held positions in BlackRock's iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF as of June 30, giving the university price exposure to Bitcoin, Ether, and Solana without direct token ownership.
BlackRock's Bitcoin ETF was the largest position 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 represent about 0.14% of Dartmouth's estimated $9 billion endowment. The 13F report covers qualifying U.S.-listed securities only and does not capture private investments, bonds, property, or other holdings.
The second-quarter decline tracked broader weakness in digital assets. Bitcoin closed March 31 at $68,233.31, Ether at $2,104.71, and Solana at $83.11, according to Yahoo Finance historical data. By Aug. 15, Bitcoin was near $62,976, Ether around $1,880, and Solana near $75.20, representing declines of roughly 7.7%, 10.7%, and 9.5%. The article notes that fund values do not move in lockstep with underlying assets, since fees, staking rewards, share structures, and market-closing times can affect reported values. The filing also does not show purchase prices or whether the positions produced realized gains or losses.
Form 13F requires institutional managers with at least $100 million in qualifying securities under management to disclose certain long positions quarterly, typically filed up to 45 days after quarter-end. The report therefore reflects holdings as of June 30 rather than the portfolio on the filing date. Directly held cryptocurrencies are excluded because tokens such as Bitcoin and Ether are not Section 13(f) securities, so Dartmouth could hold other digital asset exposure that the filing neither confirms nor rules out. Dartmouth began reporting crypto-linked investments in 2025, placing it among the first U.S. universities to disclose such exposure through exchange-traded products.
Peer comparisons highlight the difference between valuation changes and portfolio decisions. Morgan Stanley increased its IBIT share count by 23% to about 16.5 million shares, yet the reported position value fell nearly 18%, from about $667 million to $549 million. Harvard Management Company, whose endowment is valued at about $57 billion, took a more active approach in the first quarter, eliminating its BlackRock iShares Ethereum Trust holding of 3,870,900 shares and reducing its IBIT position from 5,353,612 shares to 3,044,612 shares, leaving a remaining IBIT position valued at approximately $116.97 million. The filing did not state Harvard's reasons for these changes, and Harvard had not disclosed its second-quarter 2026 holdings as of the reporting date.
BlackRock's Bitcoin ETF was the largest position 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 represent about 0.14% of Dartmouth's estimated $9 billion endowment. The 13F report covers qualifying U.S.-listed securities only and does not capture private investments, bonds, property, or other holdings.
The second-quarter decline tracked broader weakness in digital assets. Bitcoin closed March 31 at $68,233.31, Ether at $2,104.71, and Solana at $83.11, according to Yahoo Finance historical data. By Aug. 15, Bitcoin was near $62,976, Ether around $1,880, and Solana near $75.20, representing declines of roughly 7.7%, 10.7%, and 9.5%. The article notes that fund values do not move in lockstep with underlying assets, since fees, staking rewards, share structures, and market-closing times can affect reported values. The filing also does not show purchase prices or whether the positions produced realized gains or losses.
Form 13F requires institutional managers with at least $100 million in qualifying securities under management to disclose certain long positions quarterly, typically filed up to 45 days after quarter-end. The report therefore reflects holdings as of June 30 rather than the portfolio on the filing date. Directly held cryptocurrencies are excluded because tokens such as Bitcoin and Ether are not Section 13(f) securities, so Dartmouth could hold other digital asset exposure that the filing neither confirms nor rules out. Dartmouth began reporting crypto-linked investments in 2025, placing it among the first U.S. universities to disclose such exposure through exchange-traded products.
Peer comparisons highlight the difference between valuation changes and portfolio decisions. Morgan Stanley increased its IBIT share count by 23% to about 16.5 million shares, yet the reported position value fell nearly 18%, from about $667 million to $549 million. Harvard Management Company, whose endowment is valued at about $57 billion, took a more active approach in the first quarter, eliminating its BlackRock iShares Ethereum Trust holding of 3,870,900 shares and reducing its IBIT position from 5,353,612 shares to 3,044,612 shares, leaving a remaining IBIT position valued at approximately $116.97 million. The filing did not state Harvard's reasons for these changes, and Harvard had not disclosed its second-quarter 2026 holdings as of the reporting date.
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