That may happen. But last week showed that right now, institutions are choosing selectively.

Grayscale dropped plans for ETFs tied to Cardano, Polkadot and Hedera. None of the proposed products became effective, and no securities were sold.

Tokenization also got a reality check. Securitize shares fell 20% after its first earnings report as a public company missed expectations. Tokenized assets hit a record, and trading activity jumped. Revenue, however, fell short.

That is a useful snapshot of institutional crypto in 2026: Enthusiasm can be genuine without every product, token or business model being a winner. Wall Street isn’t simply “adopting crypto.” It is paying for stablecoin infrastructure, expanding certain ETF strategies and demanding that the businesses behind blockchain’s biggest narratives eventually produce revenue.

4. Tech and security: Coldcard shook self-custody. Bitcoin’s rebellion lasted two blocks.

The most consequential bitcoin flows of the week, however, may not have been selling at all.

About 210,000 bitcoin moved out of long-term holder wallets, according to Glassnode data, the most since December 2024. Normally, that kind of action might look bearish. This time, the transfers were the result of an unauthorized attack on Coldcard’s offline wallets.

Some affected users moved bitcoin into newly generated wallets, while others may have shifted toward regulated custodians or exchange-traded funds; U.S. spot ETFs attracted roughly $754 million during the period.

Similar systems, however, have been around the blockchain space for years in one form or another. Early adopters may recall the reams of banks that joined R3’s consortium effort back in 2016, for example, or the many enterprise players that flocked to the Linux-affiliated Hyperledger ecosystem. R3 didn’t make it to the end of the year before the big banks like Goldman Sachs, Morgan Stanley and Santander withdrew from the system.

“It’s like we’re having consortium chain 2.0,” said Raman in an interview. “This is going to end up being a race to the bottom for consortium chains. You’re going to have consortium chains versus consortium chains.”

Raman likened Ethereum’s mainnet to Hypertext Transfer Protocol, or HTTP, the base layer of the internet itself. A more secure, permissioned, privacy-enabled layer, HTTPS, sits on top. An open base layer is necessary, Raman said, because that’s the only way you can have maximum interoperability and maximum liquidity in one place, he said.

“We strongly believe, and always have done, that you need a global, open, permissionless infrastructure as the base layer,” Raman said. “Then you can build all the permissioning on top of it. Whether that’s at the app layer, whether that’s the L2 layer, that’s where you should have the customizability.”

Dartmouth College’s crypto ETF holdings have fallen 15% to about $12.4 million in the second quarter, even though its $9 billion endowment kept the same number of fund shares.

Dartmouth crypto ETF holdings have fallen to $12.4 million

The U.S. Securities and Exchange Commission filing submitted Thursday showed that Dartmouth’s trustees held about $12.4 million across three U.S.-listed crypto funds as of June 30.

Dartmouth reported positions in BlackRock’s iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF. Through the three products, the Ivy League university gained price exposure to Bitcoin, Ether, and Solana without reporting direct ownership of the tokens.

Compared with the endowment’s March 31 disclosure, the combined position declined by about $2.2 million from $14.6 million. The 15% reduction came entirely from changes in the funds’ reported market values because Dartmouth disclosed the same share count for each product at both quarter-end dates.

As previously reported by crypto.news, Dartmouth’s first-quarter filing valued its Bitwise Solana fund holding at about $3.3 million and its Grayscale Ethereum position at roughly $3.5 million. BlackRock’s Bitcoin ETF accounted for the largest part of the portfolio at approximately $7.7 million.

At $12.4 million, the three positions represented about 0.14% of Dartmouth’s estimated $9 billion endowment. The SEC report covers qualifying U.S.-listed securities and does not provide a complete account of the university’s assets, which may also include private investments, bonds, property, and holdings that do not appear on Form 13F.

Crypto prices have remained below March 31 levels

During the months following Dartmouth’s first-quarter disclosure, all three underlying cryptocurrencies lost value. Bitcoin closed March 31 at $68,233.31, while Ether finished at $2,104.71 and Solana at $83.11, according to historical data from Yahoo Finance.

By Aug. 15, Bitcoin was trading near $62,976, leaving it about 7.7% below its March 31 close. Ether had declined approximately 10.7% to around $1,880, while Solana’s price near $75.20 represented a drop of roughly 9.5%.

Fund values do not always change by exactly the same percentage as their underlying assets. Fees, staking rewards, each fund’s share structure, and differences between market-closing times can affect the reported value. Dartmouth’s 15% quarterly decline refers to the combined value of its ETF shares on June 30, rather than a calculated loss from directly holding BTC, ETH, or SOL through Aug. 15.

The filing also does not show Dartmouth’s purchase prices or indicate whether the positions produced a realized gain or loss. Since no shares were sold between the two reported quarter-end dates, the $2.2 million decline represents a reduction in disclosed market value rather than confirmed proceeds from a sale.

Dartmouth began reporting crypto-linked investments in 2025, placing it among the first U.S. universities to disclose digital asset exposure through exchange-traded products. Its choice of listed funds allows the endowment to hold crypto-linked securities within conventional investment and reporting systems instead of managing wallets and private keys.

SEC filings provide a delayed view of university holdings

Form 13F requires institutional investment managers with at least $100 million in qualifying securities under management to disclose certain long positions every quarter. The reports generally cover U.S.-listed shares, ETFs, some convertible debt, and listed options.

As explained in a June guide to 13F reports, the documents present positions held on the final day of a quarter and may be filed as many as 45 days later. Dartmouth’s latest report therefore shows what the endowment held on June 30, not necessarily its portfolio on the Thursday when the filing became public.

The form does not disclose short positions, hedges, or most private investments. It also excludes cryptocurrencies held directly because tokens such as Bitcoin and Ether are not Section 13(f) securities. Dartmouth could have other digital asset exposure outside the three disclosed funds, although the filing neither confirms nor rules out such holdings.

For U.S. investors, the report confirms that the university used securities traded through regulated markets rather than direct token custody. BlackRock’s IBIT provides spot Bitcoin exposure, while the Grayscale and Bitwise products combine exposure to their respective assets with staking provisions under each fund’s structure.

Dartmouth’s unchanged share counts also illustrate the distinction between a portfolio decision and a valuation change. A lower dollar figure in a quarterly filing does not by itself establish that an institution reduced its position because the value can fall while the number of shares remains constant.

A similar effect appeared in Morgan Stanley’s second-quarter filing. The bank increased its IBIT share count by 23% to approximately 16.5 million shares, but the position’s reported value fell nearly 18% from about $667 million to $549 million as Bitcoin and the fund declined during the quarter, according to an Aug. 14 report on its holdings.

Harvard has taken a different approach to crypto ETFs

Other university endowments have changed their crypto ETF positions rather than simply recording lower valuations. Harvard Management Company eliminated its BlackRock iShares Ethereum Trust holding during the first quarter after reporting 3,870,900 shares worth $86.82 million at the end of 2025.

Harvard also reduced its BlackRock Bitcoin ETF position from 5,353,612 shares at the end of 2025 to 3,044,612 shares on March 31. The remaining IBIT position was valued at approximately $116.97 million, according to its first-quarter SEC disclosure.

The filing did not state why Harvard exited its Ether position or cut its Bitcoin ETF stake. Unlike Dartmouth’s quarter-to-quarter report, Harvard’s filing showed that the endowment had changed the number of shares it owned.

Harvard, whose endowment is valued at about $57 billion, had not disclosed its second-quarter 2026 holdings as of Friday. Its next Form 13F will show only the qualifying U.S.-listed securities held on June 30 and will not reveal any trades completed after the quarter ended.

Bitget has expanded its Stock Dual Investment lineup from six to more than 20 U.S. stock and ETF-linked tokens, with settlement now set for 11:30 p.m. UTC+8.

Bitget announced on Aug. 14 that its expanded lineup includes tokens tied to major technology stocks, crypto-linked companies, semiconductor businesses, and exchange-traded funds.

The supported list covers rMU, rSNDK, rNVDA, rCRCL, rSPCX, rTSLA, rMRVL, rAMZN, rGOOGL, rMSTR, rINTC, rMETA, rAMD, rSOXL, rTSM, rAAPL, rCOIN, rAAOI, rSOXS, rNBIS, and rWDC. Bitget said it plans to add more underlying assets but did not provide a schedule.

Among the new targets are tokens tracking Nvidia, Tesla, Apple, Meta, Advanced Micro Devices, Intel, and Taiwan Semiconductor Manufacturing Company. Crypto-related choices include tokens linked to Coinbase, Circle, and Strategy, while rSOXL and rSOXS track leveraged semiconductor ETFs.

Bitget Stock Dual Investment adds more targets

Stock Dual Investment first went live on July 25 with six supported products: rSPCXUSDT, rNVDAUSDT, rGOOGLUSDT, rAAPLUSDT, rCOINUSDT, and rAMZNUSDT. The Aug. 14 update has raised the selection to at least 21 underlying assets in less than a month.

Under the product’s Buy Low option, a user subscribes with USDT and chooses a target price and settlement date. If the linked token’s settlement price is at or below the target at expiry, Bitget buys the token for the user at the agreed price and pays the applicable interest.

When the settlement price remains above the target, the user receives the USDT principal and interest without a token conversion, according to Bitget’s product terms. The displayed annual percentage rate and available subscription amount can change and are shown on the product page when an order is placed.

For Sell High products, users commit the relevant stock token instead of USDT. If its settlement price reaches or exceeds the target at expiry, Bitget converts the position at that target price and adds the applicable interest. When the target is not reached, the user keeps the token and receives interest in the settlement asset specified by the product.

Bitget classifies Dual Investment as a non-principal-guaranteed product. A user may therefore receive a different asset at maturity, and the agreed conversion price can become less favorable than the open-market price before settlement. Subscription funds are also locked until the selected maturity date.

The new settlement time follows the U.S. market open

As part of the update, Bitget moved the settlement time for stock-linked products to 11:30 p.m. UTC+8, or 11 a.m. Eastern Daylight Time. The new schedule places settlement about 90 minutes after the regular Nasdaq and New York Stock Exchange sessions open at 9:30 a.m. ET.

Bitget said the adjustment lets the settlement process account for price changes during the opening portion of the U.S. session. Opening hours often bring company announcements, analyst actions, and the first reaction to overnight news into the cash market, although the exchange did not release data comparing outcomes under its previous and revised schedules.

Stock Dual Investment does not provide the same experience as buying a U.S.-listed share through a conventional brokerage account. The products use rTokens linked to the value of U.S. securities, and the final result depends on the chosen target price, maturity date, and conversion rules.

Bitget introduced its Reality platform in May with rTokens that it said were backed 1:1 by shares held through regulated brokerage and custody arrangements. As previously covered by crypto.news, the exchange said Reality would support stablecoin-based minting and redemption, dividend distributions, and tokens tied to U.S. stocks and ETFs.

In July, Bitget placed more than 100 rTokens and over 370 other eligible assets inside a unified margin system. Eligible tokens can support borrowing and margin obligations, although Bitget warned that falling collateral values may lead to margin calls or liquidation.

U.S. access still depends on regulatory approvals

Despite the product’s focus on American securities, Bitget has not announced that Stock Dual Investment is available to U.S. residents. Product access depends on account eligibility and regional rules, making the distinction important for American readers.

Bitget CEO Gracy Chen said in July that the company intends to establish an independent U.S. entity and obtain money-transmitter, derivatives, and broker-dealer approvals before serving customers in the country. The exchange has not disclosed a launch date, and Chen said its entry would proceed regardless of whether Congress passes the CLARITY Act.

During the same discussion, Chen said tokenized traditional assets represented between 20% and 30% of Bitget’s spot volume in the previous quarter. She also reported that 52% of users held both stocks and crypto, while the platform’s tokenized-stock products had accumulated more than $100 million.

Bitget’s planned U.S. expansion could require a product structure different from the offshore offering. According to Chen, the company wants the necessary approvals in place before launching locally, where securities, derivatives, and broker-dealer rules may determine which stock-linked services it can provide.

The exchange also operates Stock+, a separate product through which eligible users can buy and hold real U.S. stocks and ETFs. Bitget’s documentation distinguishes this broker-style service from rTokens, which provide tokenized economic exposure rather than the same ownership structure as registered shares.

Two Bitget promotions carry separate eligibility rules

Alongside the product expansion, Bitget is running an invitation-only Dual Investment bonus campaign through Aug. 21. Eligible users must register before completing the required deposit tasks and must not have traded a Dual Investment product since Jan. 1, 2026.

A net deposit of at least 1,000 USDT qualifies for a 1,000 USDT trading bonus voucher, while reaching 30,000 USDT adds another 2,000 USDT. The total available to one user is 3,000 USDT, drawn from a campaign pool of 1 million USDT and distributed on a first-come, first-served basis.

Bitget calculates net deposits by subtracting total withdrawals during the campaign from USDT deposits made after registration. The exchange said withdrawals of other cryptocurrencies may also affect its final calculation.

Bonus vouchers can only be used with designated Buy Low products, and one voucher is permitted per order. Users must contribute at least the minimum subscription amount from their own funds, while the voucher carries a three-day trial period.

The bonus principal cannot be withdrawn, transferred, or exchanged for cash. Bitget said users retain the earnings generated during the trial, while only the portion funded with their own money is subject to conversion based on the settlement price.

A second promotion runs from Aug. 14 through Aug. 28 and is open to new and existing Dual Investment users without registration. Cumulative subscriptions of 50,000, 100,000, 500,000, 1 million, and 3 million USDT qualify users for limited merchandise tiers ranging from a gym bag to a camping set.

Bitget said only 80 gym bags, 40 keyboards, 30 suitcases, 20 commemorative gold coins, and five camping sets are available. Rewards will go to qualifying users in the order they reach each threshold, and recipients must answer Bitget’s request for shipping details within five working days.