Bitcoin
University of Bari Weiss is creating a Bitcoin fund for donations
(Bloomberg) — A new university in Texas is creating a Bitcoin holding company in its endowment.
The University of Austin, which is admitting its first class of students this fall, has partnered with cryptocurrency platform Unchained to raise $5 million in Bitcoin for its long-term fund. Known as UATX, the school describes itself as dedicated to freedom of expression and intellectual risk-taking.
“Bitcoin offers a unique opportunity to advance UATX’s commitment to cultivating future generations of leaders and innovators,” Thomas Hogan, the university’s new associate professor, said in a statement.
The university is planning to bring 100 students this fall and said it will offer free classes to the first group. UATX supporters include Larry Summers, former US Treasury Secretary and president of Harvard University, as well as historian Niall Ferguson and venture capitalist Joe Lonsdale. Journalist Bari Weiss, who is among the founders, revealed plans for the school in 2021.
Summers is a paid contributor to Bloomberg Television, while Ferguson is a contributor to Bloomberg Opinion.
UATX President Pano Kanelos said last year that the emerging institution had seen a surge in interest from donors angered by the response of some elite universities to the Oct. 7 Hamas attacks on Israel. The school had already raised nearly $200 million at the end of last year.
The University of Austin said it will hold Bitcoin in its fund for at least five years. Among the reasons the school chose to create the holding company is that many of its supporters have asked whether it accepts donations in cryptocurrency, a spokesperson said in an email.
Unchained, founded in 2016, has Bitcoin valued at more than US$6 billion under management, according to the statement.
The token, which has risen more than 60% this year, was trading around $69,400 at midday in New York.
–With assistance from Francesca Maglione.
More stories like this are available at bloomberg.com
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