Emory University tiptoed further into bitcoin (BTC) during the third quarter.

The private research university based in Georgia reported holding over 1 million shares of the Grayscale Bitcoin Mini Trust as Sept. 30, according to a 13F filing Thursday. That stake was worth roughly nearly $52 billion at that time, though sizably less now at current prices. The school held just under 500,000 shares of the fund at the end of the second quarter.

The university first disclosed a position in Grayscale’s trust in October 2024, then valued at just over $15 million.

Emory's far smaller position in BlackRock's ( BLK ) spot bitcoin ETF was unchanged during the third quarter and valued at just about $290,000.

The endowment managers' interest in hard assets was also reflected in a new move into BlackRock's ( BLK ) iShares Gold Trust ( IAU ) , with nearly a $79 million stake in that fund as of the end of the third quarter.

The university’s endowment also modestly increased its equity stake in crypto exchange Coinbase (COIN). It now holds nearly 4,500 shares worth close to $1.2 million, up slightly from the 4,312 shares it’s held since last year.

Endowments are long-term investment funds typically set up to support non-profits like universities, hospitals or religious institutions. Like pension funds, they tend to favor relatively conservative strategies, which makes their increasing interest in bitcoin through regulated ETFs a noteworthy shift.

Emory’s broader embrace of bitcoin ETFs could be seen as part of a slow but steady thaw among institutional investors. While still a small piece of its overall portfolio, the size and pace of Emory’s bitcoin allocations signal a rising comfort level with the asset — especially when held in familiar wrappers like ETFs.