The Stanford Blyth Fund, a student-run investment entity at the university, purchased Bitcoin at $45,000 in February after a scholar pitched the asset during a meeting.by Kole Lee, a computer science major and leader at the Stanford Blockchain Club, the Blyth Fund has allocated approximately 7% of its portfolio to Bitcoin following the purchase.
The fund supports education by giving students an opportunity to invest their money and channeling 25% of the investment returns to Stanford University’s financial aid. During Lee’s pitch to the fund in February, he focused on crypto market cycles, exchange-traded fund inflows, and a hedge against “monetary chaos and war.” The computer science scholar pushed the idea of investing in the iShares Bitcoin ETF issued by BlackRock, the world’s largest asset manager. The outcome of the pitch was a BTC purchase and a 7% portfolio allocation to the leading digital asset.
Notably, IBIT is the largest and best-performing product of the ten spot Bitcoin ETFs, with more than $11 billion in assets under management and a daily inflow of $420 million on March 4.The Blyth Fund’s BTC purchase is evidence of the rising adoption of the relatively novel digital asset. The launch of spot Bitcoin ETFs in the United States has driven BTC adoption to unprecedented levels, giving room for the inflow of billions of dollars in capital from the traditional finance sector.
Heavy ETF volumes and inflows have also driven the price of BTC to levels last seen in November 2021, during the last bull cycle. The crypto assettheir biggest trading volume day on March 5, recording roughly $10 billion, with IBIT alone responsible for the largest portion.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.