Partnership between the company Unchained and the University of Austin for the creation of a Bitcoin endowment fund: $5 million fundraising goal.
On May 31, Texas-based custody company Unchained announced a collaboration with the University of Austin (UATX). The partnership aims to create the first long-term Bitcoin endowment fund, with the goal of raising $5 million that will remain in Bitcoin for at least five years.
An endowment fund is a sum of money or other financial assets donated to an institution, typically a university or a non-profit organization, with the purpose of generating returns that can support the institution in the long term. These funds are generally invested in various financial instruments, and only a portion of the returns generated is used annually to finance the institution’s activities, leaving the principal intact to ensure future sustainability.
Joseph Kelly, CEO of Unchained, initiated the fundraising with a personal donation of 2 BTC, equivalent to approximately $137,000. Unchained will provide and assist in managing a multi-signature wallet to ensure the security of the fund.
The project plans to involve the university community through marketing campaigns, events, lectures, and debates, to educate on the benefits of Bitcoin and its role in finance and education.
UATX is not the only U.S. academic institution betting on Bitcoin. Last March, Stanford University’s Blyth Fund increased its exposure to Bitcoin to 7% in its portfolio through BlackRock’s ETF.
