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Harvard Fund Goes Crypto

Sign of the time: Harvard endowment fund is loading cryptocurrency assets, hoping to reverse declining performance. It joins Yale and Virginia in going crypto.

Harvard University’s endowment is backing Blockstack Inc., a crypto-company that seeks to hold a $50 million digital-token offering.

Blockstack said in a regulatory filing Thursday that Charlie Saravia, a managing director at Harvard Management Co., is a representative on an advisory committee it formed for the sale of tokens. Harvard Management and two other investors have already purchased about 95.8 million of the company’s tokens valued at about $11.5 million, according to the filing.

Harvard joins a small group of institutional investors that have jumped into crypto assets. Two pension plans in Virginia invested in a venture-capital fund for the blockchain and digital-assets industry earlier this year, while in 2018 Yale University made a similar investment.