The Dartmouth College endowment reported a more than $2.2 million decline in the value of its cryptocurrency exchange-traded fund holdings during the second quarter, according to a U.S. Securities and Exchange Commission filing. The portfolio was valued at $12.4 million as of June 30, down from $14.6 million on March 31, a drop of roughly 15%.
The lower valuation was not caused by selling. Dartmouth kept the same number of shares in BlackRock’s iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF. The entire reduction reflected falling market prices for Bitcoin, Ether, and Solana. In the first quarter, the Bitcoin ETF position was valued at about $7.7 million, while the Ethereum and Solana fund holdings were worth roughly $3.5 million and $3.3 million, respectively. Together, the three positions represented about 0.14% of Dartmouth’s estimated $9 billion endowment.
Price data underscored the valuation change. Bitcoin closed March 31 at $68,233.31; Ethereum at $2,104.71; and Solana at $83.11. By Aug. 15, Bitcoin was near $62,976 — down about 7.7% — while Ethereum was around $1,880, down roughly 10.7%, and Solana near $75.20, down about 9.5%. Fund values do not always mirror underlying assets exactly because of fees, staking rewards, share structures, and market-closing times.
Because Dartmouth disclosed the same share count at both quarter-end dates, the $2.2 million move was an unrealized valuation decline rather than a realized loss. The Form 13F filing provides a delayed view of qualifying U.S.-listed securities and does not include private investments, direct cryptocurrency holdings, or short positions. Dartmouth began reporting crypto-linked investments in 2025, using regulated exchange-traded products instead of managing wallets and private keys.
The report adds to a broader picture of institutional crypto ETF exposure. Morgan Stanley, for example, increased its iShares Bitcoin Trust share count by 23% to approximately 16.5 million shares even as the position’s value fell nearly 18% to around $549 million. Harvard Management Company, by contrast, eliminated its BlackRock Ethereum ETF stake and reduced its Bitcoin ETF position in its first-quarter disclosure. Dartmouth’s unchanged share count signals a long-term holding approach, while the valuation drop highlights ongoing crypto market volatility.
