Dartmouth College's crypto ETF portfolio shrank from $14M to $12M in Q1 2026. The endowment added a Solana staking ETF while rotating into yield-generating products, diverging from Harvard's pullback.
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Dartmouth College's crypto ETF portfolio fell from roughly $14 million to about $12 million in the first quarter of 2026, according to the endowment's 13F filing disclosed in May. The raw dollar drop tells only part of the story.
The $9 billion endowment held three positions as of March 31. The largest by share count was 304,803 shares of the Bitwise Solana Staking ETF (BSOL), valued at roughly $3.3 million to $3.67 million. That was a new addition, making Dartmouth one of the earliest major U.S. university endowments to take a position in a Solana-linked product.
Dartmouth also held 201,531 shares of BlackRock's iShares Bitcoin ETF (IBIT), the dominant spot Bitcoin fund, and 178,148 shares of Grayscale's Ethereum Staking ETF (ETHE). The endowment previously held standard Ethereum exposure through Grayscale but shifted into the staking version, which automatically distributes ETH rewards to holders.
The combined value of the three positions was approximately $14 million at the end of Q1. Market movements since then compressed that figure to around $12 million, a 14% drawdown.
Two of the three positions are now in staking products. Staking ETFs capture the yield generated by participating in proof-of-stake network validation, offering both price appreciation and passive income. For an endowment that posted a 10.8% return in fiscal 2025, the yield appeal is straightforward.
Harvard took a different approach. The university decreased its Bitcoin exposure and exited Ethereum positions entirely, according to its own filings.
All of Dartmouth's crypto holdings are through regulated ETF wrappers, providing the familiar protections of traditional securities. The filing showed no evidence of direct token purchases beyond the three ETFs.
The $2 million decline represents a 14% drawdown from the end of Q1. For an endowment with a multi-decade time horizon, that volatility is manageable. Crypto accounts for roughly 0.13% of Dartmouth's total assets.
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