Key Takeaways
- Unchained and the University of Austin have created a $5 million Bitcoin endowment fund.
- Joseph Kelly, CEO of Unchained, donated 2 BTC to kickstart the fund.
- Stanford, Harvard, Yale, and MIT have also explored Bitcoin investments since 2018.
Unchained, a Bitcoin financial services firm based in Austin, Texas, has partnered with the University of Austin (UATX) to establish the first long-term endowment fund held in Bitcoin.
The initiative aims to raise $5 million, to be invested in Bitcoin for a minimum of five years.
This collaboration sets a precedent for academic institutions exploring alternative financial models, according to Unchained:
By incorporating bitcoin into its endowment, UATX is setting a precedent for other academic institutions to explore alternative and potentially more resilient financial models,
To kickstart the fund, Unchained CEO Joseph Kelly donated 2 BTC, approximately $137,000 at current prices. Kelly expressed his enthusiasm on X, stating:
The world needs more great founders, and we are excited to bring together our communities to build something new.
Storage done by Unchained
The endowment will be securely stored in a collaborative custody vault provided by Unchained, ensuring the safety and integrity of the Bitcoin holdings. Beyond financial contributions, the partnership aims to engage the community through joint marketing campaigns, events, guest lectures, and debates to educate the public on Bitcoin’s benefits and potential impact on finance and education.
This initiative aligns with the core missions of both Unchained and UATX, emphasizing sound money, resistance to censorship, and challenging traditional financial systems.
While UATX is pioneering this Bitcoin endowment fund, other prestigious universities like Stanford, Harvard, Yale, and MIT have also explored Bitcoin investments, indicating a growing interest in digital assets within academic circles.
