Dartmouth College’s endowment recorded a decline of more than $2 million in the market value of its cryptocurrency-linked exchange-traded fund holdings during the second quarter of 2026. An SEC filing showed the positions totaled about $12.4 million as of June 30, down roughly 15% from the $14.6 million reported three months earlier.

The university maintained the same number of shares in each of the three funds. The drop therefore stemmed entirely from changes in market prices rather than any sale or reduction in exposure.

Holdings and Price Movements

The portfolio consists of positions in BlackRock’s iShares Bitcoin ETF, the Grayscale Ethereum staking ETF and the Bitwise Solana staking ETF. These products give the endowment price exposure to Bitcoin, Ether and Solana through regulated securities without direct token custody.

Over the period from March 31 to June 30, Bitcoin declined approximately 7.7%, Solana about 9.6% and Ether roughly 10.8%. The combined value of Dartmouth’s ETF shares moved in line with those broader market declines.

The filing covers only qualifying U.S.-listed securities and does not disclose private investments, direct cryptocurrency holdings or other assets outside Form 13F requirements. No purchase prices or realized gains or losses appear in the disclosure.

Institutional Context

Dartmouth first reported crypto-linked investments in 2025, placing it among the early U.S. universities to add digital-asset exposure through exchange-traded products. The approach allows the endowment to hold crypto-related securities within conventional reporting and custody systems.

Harvard Management Company, which oversees a substantially larger endowment of about $57 billion, took a different path in the first quarter. It fully exited an $87 million position in BlackRock’s iShares Ethereum Trust and reduced its Bitcoin ETF stake. Harvard had not yet disclosed its second-quarter 2026 holdings at the time of Dartmouth’s filing.

SEC Form 13F reports present positions held on the final day of a quarter and can be filed up to 45 days later. The figures therefore show the state of the portfolio on June 30 rather than more recent adjustments.

Other large institutions have also shown that valuation changes can occur independently of share-count decisions. In one recent example, a major bank increased its Bitcoin ETF shares while the reported dollar value of the position still declined with market prices.

Reporting Limitations

Form 13F disclosures do not capture short positions, hedges or most private investments. Direct holdings of Bitcoin or Ether fall outside the form’s scope because the tokens themselves are not Section 13(f) securities. As a result, the $12.4 million figure provides only a partial view of any digital-asset exposure Dartmouth may maintain.

The university’s decision to use listed ETFs rather than direct custody continues a pattern among some large endowments seeking regulated vehicles for crypto market participation. The second-quarter filing confirms that the share counts remained constant even as the reported market values moved lower with the underlying assets.