According to @EricBalchunas, Harvard and Brown have purchased IBIT, signaling endowment participation in a spot Bitcoin ETF. Source: @EricBalchunas. IBIT refers to BlackRock’s iShares Bitcoin Trust, a spot BTC ETF that holds Bitcoin directly. Source: iShares. Harvard is the 29th largest IBIT holder among roughly 1,300 holders, indicating a sizable position relative to peers. Source: @EricBalchunas. He notes that endowments rarely buy ETFs, suggesting a higher bar for institutional adoption has been met in this case. Source: @EricBalchunas. For trading, monitor IBIT’s daily creations and redemptions published by iShares to gauge whether endowment interest is translating into sustained spot BTC demand via ETF flows. Source: iShares.