Dartmouth College, through the Trustees of Dartmouth College, disclosed a new position in BlackRock’s iShares Bitcoin Trust ETF (IBIT), reporting 201,531 shares worth $10,006,014 due Dec. 31, 2025, according to a Form 13F filed Jan. 14. The same filing also shows a new allocation to the Grayscale Ethereum Mini Trust, a rare double-print of BTC and ETH exposure. An Ivy League endowment’s public equity book.
Dartmouth’s endowment connects Bitcoin and Ethereum
Crypto market observers immediately flagged the revelations. Macroscope, an analyst account that tracks institutional positions, framed the filing as a meaningful signal from the endowment complex: “Very significant filing today. In the 13F, Dartmouth College reported owning 201,531 shares of IBIT as of Dec. 31, valued at more than $10 million. It also reported owning 178,148 shares of Grayscale Ethereum Mini. Died, which was valued at $4.9 million.”
The SEC filing provides exact numbers. Dartmouth’s Grayscale Ethereum Mini Trust stake was listed at $4,998,833 for 178,148 shares at the end of the quarter, making the combined Bitcoin and Ethereum allocation total of reported 13F holdings of approximately $15.0 million.
In the context of Dartmouth’s disclosed 13F portfolio, crypto remains a piece rather than the core. The summary page of the filing lists a “Form 13F Information Table Value Total” of $393,306,686 across nine positions. On that math, IBIT represents about 2.5% of the reported book, with the Ethereum mini position adding about 1.3%.
The rest of the holdings read like traditional endowment liquid sleeves. Dartmouth’s largest position was the SPDR S&P 500 ETF Trust at $227,897,664, along with large allocations to emerging markets (iShares Core MSCI Emerging Markets at $50,043,811), a quality-factor ETF (GMO US Quality at $42,153,006), and a value ETF (Vanguard Value $34,807,928).
Notably, neither IBIT nor Grayscale Ethereum Mini Trust appeared in Dartmouth’s previous 13F for the quarter ending September 30, 2025, supporting the claim that both positions were newly added at year-end.
Notably, Dartmouth is not the first campus allocator to route crypto exposure through an ETF wrapper. Brown University disclosed a new IBIT position in its March 31, 2025 13F, of 105,000 shares valued at approximately $4.9 million, marking the school’s “first attempt” at spot Bitcoin ETF ownership that quarter.
Emory University moved first. In an October 2024 disclosure, the Atlanta-based school reported putting $15.8 million from its endowment into a publicly traded Bitcoin ETF, which featured about 2.7 million shares of Grayscale’s Bitcoin Mini Trust.
And at the other end of the spectrum sit Harvard’s endowment managers. Harvard Management Company’s public-equity 13F for the quarter ending Sept. 30, 2025, showed IBIT as its largest reported position, with 6,813,612 shares worth about $442.9 million at the valuation points of the filing.
At press time, Bitcoin traded at $96,284.
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