Emory University, a private research institution in Georgia, has significantly increased its stake in Grayscale Investments’ Bitcoin ETF, doubling down on its bullish outlook for the cryptocurrency.
According to the quarterly Form 13F filing with the SEC on Wednesday, Emory now holds over 1 million shares of the Grayscale Bitcoin Mini Trust ETF, valued at approximately $51.8 million. Since the second quarter, the university added 487,636 shares, worth about $25 million, effectively doubling its position.
Emory first disclosed its Bitcoin ETF holdings in October 2024, revealing a $15 million stake in the Grayscale Bitcoin Mini Trust ETF, making it one of the first U.S. universities to report such investments.
Grayscale Bitcoin Mini Trust ETF vs. Original GBTC
Launched in July 2024, the Mini Trust ETF (BTC) is a spinoff of Grayscale’s original Bitcoin Trust ETF (GBTC), which debuted in January 2024. While GBTC charges a 1.5% annual management fee, the Mini Trust ETF is marketed as Grayscale’s lowest-cost spot Bitcoin fund, with a 0.15% fee. The fund was seeded using 10% of GBTC’s underlying Bitcoin.
In addition to its Grayscale holdings, Emory also owns 4,450 shares of BlackRock’s iShares Bitcoin ETF (IBIT), valued at roughly $290,000. This investment was disclosed in Q2, with no changes reported since.
Grayscale’s Bitcoin ETFs have experienced the largest investor outflows among BTC ETFs, shedding over $21.3 billion in 2024, according to CoinShares data released in January.
By contrast, BlackRock’s iShares Bitcoin ETFs accounted for roughly 80% of total Bitcoin ETF inflows last year, totaling an estimated $48.7 billion.
The trend has continued into 2025. So far, Grayscale’s Bitcoin ETFs have seen $2.5 billion in outflows, while iShares Bitcoin ETFs have attracted $37.4 billion in inflows, according to the latest CoinShares report.
