Bitcoin firm, University of Texas partners for $5M endowment fund
Bitcoin financial services firm Unchained and the University of Austin have teamed up to launch a long-term endowment fund that will hold Bitcoin (BTC).
On May 31, Austin, Texas-based crypto services and security company Unchained announced a new partnership with the University of Austin (UATX).
The couple is launching the first long-term endowment fund held in Bitcoin with the goal of raising $5 million, which will remain invested in BTC for at least five years.
This initiative aims to integrate Bitcoin into higher education and explore alternative financing strategies.
“By including Bitcoin in its offering, UATX is setting the stage for other academic institutions to explore alternative and sustainable financial models,” read the announcement.
Unchained CEO Joseph Kelly started the fund with a personal donation of 2 BTC, which at current prices is around $137,000.
“The world needs more great founders, and we're excited to bring our communities together to create something new,” Kelly said in a May 31 post on X.
Unchained offers a collaborative escrow to securely store the endowment fund.
The initiative plans to increase community engagement through joint marketing campaigns, events, guest lectures and debates to educate the public about the benefits of Bitcoin and its potential to transform finance and education.
“This initiative reflects the core missions of both Unchained and UATX, promoting sound financial principles, opposing censorship and challenging the status quo.”
Related: Stanford Blitz Fund Allocates 7% of Portfolio to Bitcoin
University endowments consist of cash or other financial assets that are donated to academic institutions and serve as self-supporting sources of funds without intentionally paying the full fund balance.
UATX is not the only American university investing in crypto. In March, Cointelegraph reported that Stanford University's Blitz Fund increased its portfolio exposure to 7% BTC through the BlackRock Spot Bitcoin ETF.
Additionally, Ivy League universities such as Harvard, Yale, and the Massachusetts Institute of Technology (MIT) have dabbled in crypto investments in early 2018.
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