During the second quarter, Dartmouth’s Crypto ETF Holdings decrease by 15%

Dartmouth College’s cryptocurrency ETF investments have dropped by 15%, now valued at approximately $12.4 million as of the second quarter, despite maintaining the same number of shares in its $9 billion endowment.

Dartmouth’s crypto ETF investments drop to $12.4 million

A recent filing with the U.S. Securities and Exchange Commission revealed that as of June 30, Dartmouth’s trustees held approximately $12.4 million in three U.S.-listed crypto funds.

Dartmouth’s portfolio includes BlackRock’s iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF. This allows the Ivy League institution to gain exposure to Bitcoin, Ether, and Solana’s prices without directly owning the tokens.

Compared to the endowment’s disclosure on March 31, the total value dropped about $2.2 million from $14.6 million. This 15% decline results entirely from fluctuations in the market values of the funds, while the share counts for each remained unchanged at both quarter-end dates.

Previously reported by crypto.news, Dartmouth’s first-quarter filing listed its Bitwise Solana fund holdings at around $3.3 million and its Grayscale Ethereum holdings at approximately $3.5 million. The largest portion of the portfolio is allocated to BlackRock’s Bitcoin ETF, estimated at about $7.7 million.

At the current valuation of $12.4 million, the three positions represent approximately 0.14% of Dartmouth’s estimated $9 billion endowment. The SEC report details qualifying U.S.-listed securities and does not provide a complete overview of the university’s assets, which may also encompass private investments, bonds, real estate, and other holdings not listed in Form 13F.

Cryptocurrency prices below March 31 values

Following Dartmouth’s first-quarter announcement, all three cryptocurrencies experienced a decline in value. Bitcoin’s closing price on March 31 was $68,233.31, while Ether ended the day at $2,104.71, and Solana at $83.11, according to historical data from Yahoo Finance.

By August 15, Bitcoin was trading around $62,976, which is approximately 7.7% lower than its March 31 closing price. Ether dropped around 10.7% to roughly $1,880, and Solana was priced near $75.20, reflecting a decline of about 9.5%.

It is important to note that fund values do not always change proportionally with their underlying assets. Factors such as fees, staking rewards, individual fund structures, and differing market-closing times can impact the reported value. Dartmouth’s 15% quarterly decline refers to the combined market value of its ETF shares as of June 30, not a direct loss from holding BTC, ETH, or SOL through August 15.

The filing does not specify Dartmouth’s purchase prices or indicate whether these positions incurred realized gains or losses. Since no shares were sold between the two quarter-end disclosures, the decline of $2.2 million indicates a drop in disclosed market value rather than confirmed sales proceeds.

Dartmouth began disclosing crypto-related investments in 2025, placing it among the leading U.S. universities to reveal digital asset exposures via exchange-traded products. By utilizing listed funds, the endowment is able to hold crypto-linked securities within traditional investment and reporting frameworks instead of managing wallets and private keys.

SEC filings provide a retrospective view of university assets

Form 13F obligates institutional investment managers with over $100 million in qualifying securities to disclose certain long positions quarterly. These reports typically encompass U.S.-listed shares, ETFs, certain convertible debt, and options.

According to a guide released in June about 13F reports, these documents reflect positions held on the last day of a quarter and may be filed up to 45 days afterward. Consequently, Dartmouth’s most recent report displays the holdings as of June 30, which may differ from its portfolio on the day the filing was made public.

This form does not reveal short positions, hedges, or most private investments. It also excludes cryptocurrencies held directly since tokens like Bitcoin and Ether are not classified as Section 13(f) securities. Dartmouth might have additional digital asset exposure outside the three funds disclosed, but the filing neither confirms nor denies such positions.

For U.S. investors, the report indicates that the university utilizes securities traded on regulated markets instead of direct token custody. BlackRock’s IBIT provides spot Bitcoin exposure, while the Grayscale and Bitwise products offer access to their respective assets combined with staking options under each fund’s structure.

Dartmouth’s consistent share counts further illustrate the difference between a portfolio decision and a mere valuation change. A decreased dollar amount in a quarterly filing does not inherently imply that an institution reduced its position, as value can decline while share numbers remain stable.

A similar phenomenon was seen in Morgan Stanley’s second-quarter filings, where the bank raised its IBIT share count by 23% to about 16.5 million shares, yet the position’s recorded value dropped nearly 18%, from roughly $667 million to $549 million, as observed in an August 14 news report.

Harvard adopts a different strategy regarding crypto ETFs

Other university endowments have opted to adjust their crypto ETF positions rather than merely reflecting lower valuations. The Harvard Management Company, for instance, sold its entire stake in the BlackRock iShares Ethereum Trust during the first quarter, previously holding 3,870,900 shares valued at $86.82 million at the end of 2025.

Additionally, Harvard reduced its stake in BlackRock’s Bitcoin ETF from 5,353,612 shares at the end of 2025 to 3,044,612 shares on March 31. The remaining position in IBIT was valued at approximately $116.97 million, as indicated in its first-quarter SEC filing.

The filing did not clarify why Harvard exited its Ether position or diminished its Bitcoin ETF holdings. Unlike Dartmouth’s quarter-to-quarter reports, Harvard’s filing demonstrated an actual change in the number of shares held.

Harvard, which boasts an endowment valued at around $57 billion, had not published its second-quarter 2026 holdings by Friday. Its upcoming Form 13F will detail only the qualifying U.S.-listed securities held as of June 30 and will not disclose any trades made post-quarter end.