The Ivy League university Harvard has invested purchased its first crypto assets. According to Bloomberg, the university’s endowment and two other investors purchased 95.8 million Blockstack Tokens, valued at $11.5 million. Blockstack, a cryptocurrency company that is looking to hold a digital-token offering worth roughly $50 million in the coming weeks is expected to be the first industry to have a token sale approved by the SEC’s ‘’regulation A+ framework.’’
According to the filing by Blockstack, the firm’s digital assets, called Stacks tokens, functions as an accounting mechanism, or a way to keep track of, or prove, the economic stake that the holders of various private keys on the Stacks blockchain have in the network.
Harvard seems to be following the footsteps of Yale, among the first educational institutes to make a move into crypto in 2018.
According to Bloomberg, a spokesman for Harvard Management, which oversees the university’s $39 billion endowment, declined to comment. Blockstack declined to comment about its investors.
According to a report published last October by The Information, this may not be the first time the Ivy League has invested in cryptocurrency citing an anonymous source, and continued that HMC and several other university endowments had invested in a cryptocurrency fund.