Dartmouth Crypto ETF Value Falls 15% as Endowment Holds Through Dip

Dartmouth College’s $9 billion endowment ended June with about $12.4 million in three U.S.-listed crypto ETFs, down from $14.6 million three months earlier. The $2.2 million drop came entirely from falling market prices, not from any share sales, according to the school’s quarterly SEC filing.

Dartmouth held the same number of shares in BlackRock’s iShares Bitcoin Trust and Bitwise’s Solana Staking ETF at the end of June as it did at the end of March. The Grayscale Ethereum Staking ETF position also remained unchanged. Bitcoin fell roughly 7.7%, Ether dropped about 10.7%, and Solana slid roughly 9.5% between March 31 and June 30. Those moves explain most of the decline, though fund-level fees and staking mechanics can create gaps between a token’s spot price and an ETF’s net asset value.

SEC Form 13F requires managers with more than $100 million in qualifying assets to report certain long positions each quarter. The filing covers U.S.-listed ETFs but not direct crypto holdings in wallets, so Dartmouth’s full digital asset picture, if any, remains hidden. It also does not disclose the original purchase price, making it impossible to say whether the endowment holds an unrealized gain or loss.

Harvard Management Company went the opposite direction in Q1 2026, cutting its crypto ETF positions including the entire stake in BlackRock’s iShares Ethereum Trust, a separate SEC filing showed. Dartmouth made no visible changes.

The Bitwise Solana Staking ETF position, worth roughly $3.3 million, puts Dartmouth among the earlier institutional adopters of that newer wrapper. The filing offers no commentary from endowment managers on their rationale for holding through the second-quarter slide.