Bitcoin in the Endowment Portfolio

👉 Read the full report: Discipline & Duration: Bitcoin in the Endowment Portfolio

Endowments are built for permanence. Their mission—to preserve purchasing power and fund stable spending across generations—demands assets that can compound real returns without compromising liquidity, governance, or reputation.

This report makes a first-principles case for Bitcoin as a small, policy-driven allocation within the endowment growth sleeve. It’s not about forecasts—it’s about mechanism and discipline.

With inelastic supply, 24/7 global price discovery, and reflexive adoption dynamics, Bitcoin introduces a return distribution that endowments are designed to monetize: high mean, positive skew, and low or unstable correlation. Backtests through mid-2025 show that adding a 1–5% Bitcoin sleeve consistently improved portfolio efficiency across 60/40, All-Weather, and Yale-style mixes—with only modest changes to volatility or drawdown.

Inside, you’ll find:

• The endowment “objective stack” and how Bitcoin fits each constraint
• Evidence-based results through July 2025
• Practical sizing, rebalancing, and IPS language ready for implementation
• Governance and custody frameworks built for institutional oversight

For investment committees, the takeaway is simple: discipline, not prediction. A small, rules-based Bitcoin sleeve enhances spending resilience today and safeguards purchasing power for future cohorts.

👉 Read the full report: Discipline & Duration: Bitcoin in the Endowment Portfolio