Historic Stanford’s student-run Blyth Fund allocates 7% of its portfolio in Bitcoin

Historic Stanford’s student-run Blyth Fund allocates 7% of its portfolio in Bitcoin
фото показано с : invezz.com

2024-3-5 14:53

Blyth Fund, an investment fund that oversees a six-figure portion of Stanford Endowment, has dedicated 7% of its portfolio to Bitcoin (BTC). The student-run fund bought Bitcoin at $45,000.

Revealing the news via his X account, the Stanford Blockchain Club leader Kole Lee said the purchase happened after he pitched to the Blyth Fund about BlackRock’s IBIT exchange-traded fund (ETF). In the pitch, Lee reportedly focused on selling Bitcoin around ETF inflows and crypto market cycles and using it as a hedge in an uncertain monetary environment. Lee said:

The Blyth Funds are separately managed funds that are part of the expandable fund pool and give discretion in investing decisions to students. Thus, I thought the ETF was a wonderful opportunity for Blyth to buy Bitcoin.

The investment in Bitcoin is positive news for the fund created in the honour of legendary banker Charles Blyth in 1978. The fund previously invested in bonds, stocks, and other assets in line with the members’ skill sets and interests.

Bitcoin has a lot of room to run past its previous record

Lee expressed sentiments that Bitcoin has a lot of room to run, selling an objective bullish outlook to the fund. He speculates that as Bitcoin breaches its previous record price, “billions of shorts will be covered.” This will attract more speculation and fuel the next bullish run.

His views come when Bitcoin hovers above $67,000, near its all-time high of around $69,000. The gains come after the approvals of the first spot Bitcoin ETFs and speculations around the Bitcoin halving event in April. Consequently, ETFs have attracted inflows, with daily trading volumes recently hitting a record $2.4 billion.

The post Historic Stanford’s student-run Blyth Fund allocates 7% of its portfolio in Bitcoin appeared first on Invezz

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Источник: invezz.com

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