The value of cryptocurrency investments held by Dartmouth College's $9 billion endowment fell by more than $2 million in three months, dropping to roughly $12 million as prices declined across the funds it holds — the Bitwise Solana staking exchange-traded fund (ETF), the Grayscale Ethereum staking ETF and BlackRock's iShares Bitcoin ETF.

In a Thursday filing with the US Securities and Exchange Commission (SEC), the trustees of the Ivy League university reported that the endowment held about $12.4 million worth of the three ETFs as of June 30. The endowment held the same number of shares of each ETF as in the prior quarter, but the overall value of the positions declined by roughly 15% from the $14.6 million reported as of March 31. The stake remains a small slice of the fund, equal to roughly 0.14% of the endowment's $9 billion.

The figures come from Form 13F, which institutional money managers must file within 45 days of each quarter's end and which discloses long positions in US-listed securities such as ETFs. That timing means the public view lags the quarter, and the filings show only exchange-traded holdings — direct token positions and stakes in private crypto funds do not appear. Several university endowments, including Harvard's and Yale's, have reportedly held indirect crypto exposure for years through venture funds, which such filings would not capture.

The decrease in value roughly corresponded to falling crypto prices tied to each ETF. Since March 31, the price of Bitcoin (BTC) has fallen 7.7% to $62,915, Solana (SOL) has dropped 9.6% to $75.11 and Ether (ETH) has declined 10.8% to $1,875.

Dartmouth first reported adding crypto exposure to its endowment portfolio in 2025, making it one of the first universities in the United States to invest in digital assets. Its route into the market — ETFs rather than direct coin purchases — follows a broader opening since US regulators began approving spot crypto ETFs in January 2024, giving institutions a conventional exchange-traded wrapper for digital-asset exposure. The staking funds Dartmouth holds pass on rewards from helping secure proof-of-stake networks to shareholders. Other schools have taken similar paths: Emory University disclosed Bitcoin ETF holdings in its 2024 regulatory filings, and the University of Austin announced a $5 million bitcoin allocation in April 2025.

Harvard, whose endowment totals $57 billion, had not disclosed its second-quarter 2026 holdings as of Friday. The university previously reported liquidating the entirety of its $87 million worth of BlackRock's iShares Ethereum as of March 31. Dartmouth's next 13F, covering the quarter through September 30, will show whether it kept its ETF positions after the price decline.

Related: Harvard endowment reduces stake in Bitcoin ETF, adds Ether exposure