94% of endowments have been allocating to crypto-related investments throughout 2018, a new survey published on April 12 reveals. The study was conducted in Q4 2018 by trade publications Global Custodian and The Trade Crypto, in partnership with blockchain security firm BitGo.
Jonathan Watkins, managing editor at Global Custodian and The Trade, remarked on the results of the survey, stating that:
“All the talk over the past 18 months has been around when institutional investors will begin participating in cryptocurrency investments, but it turns out they had already arrived, in the form of endowment funds.”
The survey reportedly revealed that 54% of respondents were directly investing in crypto assets, with 46% investing via various kinds of funds.
The Trade suggests cautious optimism is an apt overall summary of endowment sentiment in regard to the nascent asset class, citing one respondent’s belief that crypto “is the future of investing,” and others’ characterizations of the process as “a very wild ride” and “hair-raising.”
As reported, this February, the University of Michigan’s $12 billion endowment unveiled plans to bolster its investment in a crypto fund managed by U.S. venture capital firm Andreessen Horowitz.
Details of reported crypto fund investments from Ivy League titans Yale and Harvard surfaced in fall 2018 — the latter of whose ~$39.2 billion endowment for the 2018 fiscal year was the largest of any university endowment globally.