The University of Pennsylvania has received an anonymous donation of $5 million worth of bitcoin — the largest cryptocurrency donation ever sent to the school.
The Philadelphia Ivy League university shared the news in a press release on Thursday, adding that it plans to use the funds to support the "growth of programs" at the Stevens Center for Innovation in Finance at the Wharton School, the university's business school.
Pennsylvania University President Amy Gutman said she was "deeply grateful for this creative and groundbreaking gift."
"At the Center, the intersection of finance and technology is being reinvented through research, exploratory projects, and engagement with industry leaders, to make the greatest global contributions.”
Cryptocurrency donations to the university are processed by NYDIG, the Bitcoin subsidiary of $10 billion asset manager Stone Ridge. Although the school has the option to hold on to bitcoin donations it receives, it generally sells them the moment it receives them, senior vice president of development and alumni relations John Zeller reportedly told MarketWatch.