Mike Novogratz, the chief executive of blockchain startup Galaxy Digital, recently remarked that institutions are “slow to move” when it comes to crypto assets. Yet, this doesn’t seem to be the case. According to an exclusive report from Bloomberg, the University of Michigan’s $12 billion endowment intends to siphon more of its funds into crypto-centric funds in the near future, in spite of the dramatic slump in the Bitcoin price.

$12 Billion University Endowment Looks To Double-Down On Blockchain

Citing an agenda for a February 21st Board of Regents meeting for the endowment, Bloomberg claimed that the institution has its eyes on a “cryptonetwork technology” (they likely mean blockchain technology) fund managed by the world-renowned Andreessen Horowitz. More specifically “CNK Fund I,” as the vehicle in question has been dubbed by the Menlo Park, California-based venture group that backs it, is currently in the University of Michigan’s scopes.

Institutional Advisor Calls On Pensions and Endowments To Down The Red Pill

This news comes after a Boston-based financial advisor called on institutions, especially pensions and endowments, to down the crypto red pill. Per previous reports from Blockonomi, Cambridge Associates, an entity that is in close contact with pensions, endowments, and other funds that are valued at over $300 billion apiece, told its clients that “it is worthwhile for investors” to start looking into securing long-term bets on crypto and blockchain. Cambridge did acknowledge that such investments “entail a high degree of risk,” but made it clear that these innovations have the potential to “upend the digital world,” likely touching on the asymmetric value that many commentators argue Bitcoin poses.

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