Emory University ups stake in Grayscale’s Bitcoin ETF to $52M
Emory University, a private research institution in Georgia, has significantly increased its investment in Bitcoin through Grayscale's Bitcoin Mini Trust ETF, doubling its holdings to over 1 million shares valued at $51.8 million, as revealed in its Q3 SEC filing. Initially investing $15 million in 2024, Emory has now added 487,636 more shares worth approximately $25 million. The Grayscale Bitcoin Mini Trust ETF launched in July 2024 as a cost-effective alternative with a 0.15% management fee. Emory also holds 4,450 shares of BlackRock’s iShares Bitcoin ETF, valued at $290,000, which remains unchanged since Q2. Despite Grayscale's recent outflows of $2.5 billion, BlackRock's iShares Bitcoin ETFs continue to dominate Bitcoin ETF inflows with $37.4 billion in 2025.
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Emory University's Expanded Investment in Bitcoin ETFs
Emory University, a private research university in the US state of Georgia, has doubled down on its bullish Bitcoin play in Grayscale Investments BTC exchange-traded fund (ETF). Emory boosted its holdings in the Grayscale Bitcoin Mini Trust ETF to over 1 million shares, valued at about $51.8 million, according to the quarterly Form 13F report filed with the Securities and Exchange Commission on Wednesday.
Since the second quarter, the university has doubled its position in the Bitcoin ETF, adding 487,636 shares valued at approximately $25 million. Notably, Emory became one of the first US universities to report holdings in a Bitcoin ETF in October 2024, initially disclosing a $15 million stake in the Grayscale Bitcoin Mini Trust ETF.
Overview of Grayscale’s Bitcoin ETFs
Launched in July 2024, Grayscale’s Bitcoin Mini Trust ETF — trading under the ticker symbol BTC — is a spinoff of Grayscale’s original Bitcoin Trust ETF (GBTC), which began trading in January 2024.
The original GBTC ETF charges a 1.5% annual management fee, while the Mini Trust ETF is marketed as Grayscale’s “lowest-cost spot Bitcoin fund” with a management fee of just 0.15%. The Mini Trust ETF was introduced through an initial seeding process, including the distribution of 10% of GBTC’s underlying Bitcoin.
Emory's Other Bitcoin Investments
In addition to its nearly $52 million stake in Grayscale’s Bitcoin Mini Trust ETF, Emory University also holds 4,450 shares of BlackRock’s iShares Bitcoin ETF (IBIT), valued at approximately $290,000.
The university disclosed the IBIT investment in Q2 of 2024 and has made no changes to its position in the most recent quarter.
Performance Trends of Grayscale and BlackRock Bitcoin ETFs
Grayscale’s Bitcoin ETFs have encountered significant challenges, including the largest investor outflows among BTC ETFs, with losses exceeding $21.3 billion in 2024, according to CoinShares data released in January.
Conversely, BlackRock’s iShares Bitcoin ETFs have been a major contributor to Bitcoin ETF inflows, representing at least 80% of total inflows last year, estimated at $48.7 billion.
Comparative Performance in 2025
As of 2025, Grayscale’s Bitcoin ETFs have continued to face challenges, seeing $2.5 billion in outflows, whereas BlackRock’s iShares Bitcoin ETFs have attracted a staggering $37.4 billion in inflows, according to the latest CoinShares update.
This dramatic difference underscores the shifting preferences of institutional investors in the cryptocurrency ETF market.