Emory University, a private research university in the US state of Georgia, has doubled down on its bullish Bitcoin (BTC) 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 about $25 million.
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.
Bitcoin ETF versus Bitcoin Mini Trust ETF
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 debuted trading in January 2024.
While the original GBTC ETF charges a 1.5% annual management fee, the Mini Trust ETF is positioned as Grayscale’s “lowest-cost spot Bitcoin fund” with a fee of 0.15%. The fund was launched through an initial seeding process, involving the distribution of 10% of GBTC’s underlying Bitcoin.
In addition to almost $52 million in Grayscale’s Bitcoin Mini Trust ETF, Emory University holds 4,450 shares of BlackRock’s iShares Bitcoin ETF (IBIT), valued at about $290,000. The university disclosed the IBIT investment in Q2 and has made no changes.
Grayscale’s Bitcoin ETFs have faced the largest investor outflows among BTC ETFs, losing more than $21.3 billion in 2024, according to CoinShares data released in January.
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On the other hand, BlackRock’s iShares Bitcoin ETFs contributed to at least 80% of total Bitcoin ETF inflows last year, estimated at $48.7 billion.
In 2025, Grayscale’s Bitcoin ETFs have seen $2.5 billion in outflows, while iShares Bitcoin ETFs have attracted $37.4 billion of inflows, according to the latest CoinShares update.
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