Unlocking Potential: The Case for Crypto Assets in the U.S. College Endowment Funds
Author:
William Le ’28Co-Authors:
Faculty Mentor(s):
Professor Vaska Atta-Darkua, ACFM (Accounting and Financial Management)Funding Source:
PUR GrantAbstract
Since 2017, crypto assets have emerged as a prominent and transformative financial
instrument globally. While major financial institutions such as BlackRock, Fidelity, and Franklin
Templeton have widely adopted these digital assets and legislation surrounding crypto holdings
has become increasingly clear, college endowment funds have remained hesitant to embrace
them. Known for their traditionally conservative investment strategies, most endowment funds
have yet to integrate crypto assets into their portfolios. To date, only a few prominent
institutions, such as Ivy League schools and Emory University, have included crypto assets in
their treasuries or invested in crypto projects as private equity.
However, this cautious approach began to shift in 2025, as endowment funds started to
seriously explore the potential of crypto assets. With their capacity to deliver high returns,
mitigate risks inherent in traditional markets, and diversify investment portfolios, crypto assets
align closely with the strategic goals of endowment funds. These goals include fostering
intergenerational equity and engaging with younger generations.
This paper will analyze the current state of college endowment fund assets, including key
investment considerations such as Environmental, Social, and Governance (ESG) factors,
propose diverse strategies for integrating crypto assets, and highlight the potential benefits of
incorporating digital assets into college endowment fund portfolios.