The MIT Bitcoin Club has announced that undergrads can now get a hold of their $100 worth of bitcoin by signing up for the MIT Bitcoin project.

The project was announced in April and has raised $500,000, roughly equal to the total amount of bitcoin being dispensed, from university alumni and Bitcoin community members.

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In a sense, students have gained by the price drop since the announcment. They were guaranteed to receive a fixed dollar-based amount of bitcoin, so now they’ll be getting more bitcoins. April was a volatile month: prices ranged as high as $555 and as low as $340 (~ today’s price) on BTC-e. Based on today’s price, each student gets about 0.294 BTC.

The project is to “help MIT continue its long tradition as the preeminent educational institution at the forefront of emerging technologies, and establish MIT as a global hub where Bitcoin-related research, ideas, and ventures are studied, discussed, and developed.”