Dartmouth Crypto ETF Holdings Drop 15% in Q2

August 16, 2025 — Dartmouth College’s crypto-linked ETF holdings fell 15% to approximately $12.4 million in Q2, according to a Thursday SEC filing. The Ivy League university’s $9 billion endowment maintained identical share counts across three digital asset funds despite the valuation decline.

Immediate Details & Direct Quotes

The SEC Form 13F filing submitted Thursday revealed Dartmouth’s trustees held positions in BlackRock’s iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF as of June 30. The combined position declined by roughly $2.2 million from the $14.6 million reported in the endowment’s March 31 disclosure.

Dartmouth’s first-quarter filing valued its Bitwise Solana fund holding at approximately $3.3 million and its Grayscale Ethereum position at roughly $3.5 million. BlackRock’s Bitcoin ETF represented the largest portfolio component at approximately $7.7 million.

The $12.4 million across the three positions accounted for about 0.14% of Dartmouth’s estimated $9 billion endowment. The SEC report covers qualifying U.S.-listed securities only and does not provide a complete picture of the university’s assets, which may include private investments, bonds, and property not appearing on Form 13F.

The 15% reduction stemmed entirely from changes in the funds’ market values since Dartmouth disclosed the same share count for each product at both quarter-end dates. No shares were sold between the period’s reporting dates, meaning the decline represents reduced disclosed market value rather than confirmed proceeds from a sale.

Market Context & Reaction

All three underlying cryptocurrencies lost value during the months following Dartmouth’s first-quarter disclosure. Bitcoin closed March 31 at $68,233.31, while Ether finished at $2,104.71 and Solana at $83.11, according to historical data from Yahoo Finance.

By Aug. 15, Bitcoin traded near $62,976, approximately 7.7% below its March 31 close. Ether declined roughly 10.7% to around $1,880, while Solana’s price near $75.20 represented a drop of about 9.5%.

Fund values do not always move in exact correlation with their underlying assets. Fees, staking rewards, share structure differences, and market-closing time variations can affect reported values. Dartmouth’s 15% quarterly decline refers to its combined ETF share value on June 30 rather than a calculated loss from directly holding BTC, ETH, or SOL through mid-August.

The filing does not disclose Dartmouth’s purchase prices or indicate whether positions produced realized gains or losses. Form 13F reports present positions held on the final day of a quarter and may be filed up to 45 days later, so the latest report shows what the endowment held on June 30, not necessarily its portfolio when the filing became public.

The form excludes short positions, hedges, and most private investments. It also does not cover cryptocurrencies held directly since tokens such as Bitcoin and Ether are not Section 13(f) securities.

Background & Historical Context

Dartmouth began reporting crypto-linked investments in 2025, becoming among the first U.S. universities to disclose digital asset exposure through exchange-traded products. The endowment’s choice of listed funds allows crypto-linked securities exposure within conventional investment and reporting systems rather than managing wallets and private keys.

Other university endowments have taken different approaches to crypto ETF positions. Harvard Management Company eliminated its BlackRock iShares Ethereum Trust holding during Q1 after reporting 3,870,900 shares worth $86.82 million at the end of 2025. Harvard also reduced its BlackRock Bitcoin ETF position from 5,353,612 shares to 3,044,612 shares by March 31, with the remaining position valued at approximately $116.97 million.

Harvard’s filings showed the endowment changed the number of shares it owned, unlike Dartmouth’s unchanged share count. Harvard’s Q2 2026 holdings had not been disclosed as of Friday.

BlackRock’s IBIT provides spot Bitcoin exposure, while Grayscale and Bitwise products combine asset exposure with staking provisions under each fund’s structure.

What This Means

Dartmouth’s unchanged share counts illustrate the distinction between portfolio decisions and valuation changes. A lower dollar figure in a quarterly filing does not alone establish position reduction—values can fall while share counts remain constant. Similar dynamics appeared in Morgan Stanley’s Q2 filing, which showed a 23% increase in IBIT share count to approximately 16.5 million shares, yet the position’s reported value fell nearly 18% from about $667 million to $549 million.

For institutional observers, Dartmouth’s sustained exposure signals continued acceptance of crypto-linked products within traditional endowment frameworks. The filing neither confirms nor rules out additional digital asset holdings outside the three disclosed funds.

SEC filings provide a delayed view of university holdings, with quarterly snapshots that may not reflect current positions. Investors should note that Form 13F reports exclude direct cryptocurrency holdings since tokens are not qualifying securities under Section 13(f).

This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before making investment decisions.

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