Standford student-run Blyth Fund, managing a six-figure portion of Stanford Endowment, allocates 7% of its portfolio to Bitcoin (BTC) after purchasing at $45,000.
Stanford Blockchain Club leader Kole Lee posted on his X account and revealed that the purchase took place following his proposal of BlackRock’s IBIT exchange-traded fund (ETF) to the Blyth Fund.
Lee is said to have concentrated on selling Bitcoin throughout crypto market cycles and ETF inflows, as well as using it as a hedge in an unpredictable financial climate.
Lee remarked, “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 buying of Bitcoin is good news for the fund established in 1978 to honor the late banker Charles Blyth. In the past, the fund made investments in stocks, bonds, and other assets based on the interests and skill sets of its members.
According to Lee, “billions of shorts will be covered, and people will become excited at ATHs, enhancing a volatile move to the upside” if the all-time high of $69,000 is broken.
His thoughts are conveyed while the price of Bitcoin is above $67,000, not far from its all-time high of almost $69,000.
The increases follow the first Bitcoin ETFs to be approved and the rumors around the April Bitcoin halving event. As a result, ETFs have drawn capital inflows, as evidenced by the recent record $2.4 billion in daily trading volumes.
Also Read: Bitcoin Price Hits $69K Breaks All-Time High After 846 Days
