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Harvard Bought Cryptocurrency – That’s a Ridiculously Big Deal

Joseph Young
Harvard's endowment piled into a crypto token sale and now holds cryptocurrency directly. That's a ridiculously big deal for the industry. | Source: Shutterstock

According to Morgan Creek Digital’s Anthony Pompliano and the token sale filing submitted by Blockstack to the U.S. Securities and Exchange Commission (SEC), Harvard University’s endowment invested in Blockstack’s crypto token sale.

Harvard Piles Directly into Crypto Token Sale

The filing noted that designees of affiliates of the Harvard Management Company including Charlie Saravia, Zavain Dar, and Rodolfo Gonzalez participated in the purchase of 95,833,333 Stacks Tokens.

“The token advisory board consists of seven members. Three of the members, Charlie Saravia, Zavain Dar and Rodolfo Gonzalez are designees of affiliates of the Harvard Management Company, Lux Capital and Foundation Capital, respectively, limited partners of the QP Fund which have purchased an aggregate of 95,833,333 Stacks Tokens; the board also consists of four independent members, Koen Langendoen, Arvind Narayanan, Arianna Simpson and Catherine Tucker,” the filing read.

Although it remains unclear how much of the 95.83 million Stacks Tokens the affiliates of the Havard Management Company invested in, it is said to be the first case in which a major university endowment directly invested in a crypto token.

Institutional Demand For Both Crypto Tokens and Bitcoin is Rising

For many years, investors in the crypto market anticipated institutional investors to commit to the market and invest in major crypto assets like bitcoin.

However, even up until late 2017 when a bull run led the bitcoin price to achieve $20,000, there were no viable custodial solutions and regulated investment vehicles institutions could utilize to invest in the asset class.

Read the full story on CCN.com.