Early Riders | Open Range Weekly | 8.10.25
University endowments and pensions moved further into Bitcoin, with Harvard disclosing a $116.7 million IBIT position, Brown reporting an initial $4.9 million allocation, and Michigan’s state fund tripling its spot ETF holdings. The corporate and capital-markets pipeline stayed active as Bullish filed for an IPO, Block reported higher income on growing Bitcoin revenue, and Metaplanet raised $3.7 billion via preferred equity. On the policy front, the White House cleared a path for Bitcoin in 401(k)s and barred debanking, while Dubai approved the first retail Bitcoin options license and Indonesia evaluated strategic reserve diversification.
Bitcoin Update
Bitcoin rallied 4% on the week, along with a rally in traditional markets, and news of further institutional adoption of the asset.
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Industry & Institutional Updates
Harvard University’s endowment has disclosed a $116.7 million position in BlackRock’s iShares Bitcoin Trust, as well as a $101.5m position in SPDR Gold Trust.
President Donald Trump signed an executive order that clears a path for alternative assets like Bitcoin to be added into 401(k)s.
Tether led a €30m funding round for Bit2me, a Spanish crypto exchange, which is liscenced under MiCA framework in Europe. This is notable given Tether is not a MiCA compliant stablecoin.
Japan’s Metaplanet raised $3.7 billion via preferred equity with dividends, to follow Microstrategy's recent fundraising strategy pivot.
Trump Media & Technology Group confirmed it has allocated $300m toward toward an options-based strategy focused on bitcoin and bitcoin-related assets.
Barry Silbert, founder of Digital Currency Group, has returned as Chairman of Grayscale Investments, signaling a renewed strategic focus on strengthening the firm's leadership and advancing its role in digital asset management.
Fernando Nikolić, former VP of Marketing at Blockstream, has left the company to launch Perception, a Bitcoin-focused market intelligence platform aimed at helping investors and institutions better understand Bitcoin’s evolving role in global markets through data-driven insights.
Bullish, a crypto exchange backed by Peter Thiel, has filed for an IPO aiming to raise up to $629 million, signaling growing confidence in digital asset markets and a shift toward increased regulatory transparency and institutional participation.
The Michigan State Pension Fund has tripled its holdings in spot Bitcoin ETFs, increasing its investment to $10.7 million. This move reflects a growing institutional appetite for Bitcoin exposure through regulated investment vehicles.
Brown University also disclosed an initial acquisition of $4.9m bitcoin held in IBIT.
Block Inc., led by Jack Dorsey, reported income growth of 14% in Q2 2025 driven by expanding Bitcoin revenue and increased Cash App user engagement, signaling stronger adoption of bitcoin services.
Winklevoss Capital has invested in American Bitcoin, where Eric Trump and Donald Trump Jr. have been working closely, highlighting growing institutional support for U.S.-based Bitcoin infrastructure and politically connected projects.
Regulatory Updates
President Trump signed an executive order prohibiting “debanking” practices against the crypto industry, aiming to protect digital asset businesses from banking discrimination and promote financial inclusion.
Stephen Miran, a Bitcoin advocate and current CEA chair, has been nominated by Trump as a Fed goverenor.
Indonesia is exploring a Bitcoin reserve strategy as part of its broader efforts to diversify national reserves and enhance financial stability amid global economic uncertainties.
The Bitcoin Policy Institute has launched a Congressional Fellowship Program to educate and embed Bitcoin experts within U.S. congressional offices, aiming to improve policymaker understanding and foster informed crypto legislation.
Dubai’s financial regulator has granted its first license for retail Bitcoin options trading, marking a significant step toward mainstream adoption of crypto derivatives in the region.
Chart of the Week
Gold and bitcoin make up over 29% of Harvard Management Company's investment portfolio, and are the two best performing assets YTD of 2025, respectively. Of note, Harvard Management Company makes up 14% of Harvard's total $53.2B endowment, and is the only portion where the fund's holdings are publicly available.
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