The intersection of COVID-19 and the murder of George Floyd has refocused attention on the hitherto hidden, but pervasive, impacts of race and racism in the US. As this essay will argue, examining anti-Asian racism and anti-Blackness in the context of COVID-19 and Black Lives Matter movement, allow a deeper understanding of how white supremacy operates in institutions of higher education and in US society. While universities have a critical role and responsibility to spearhead transformative justice and change, racial capitalism is still at work, whereby profits are prioritized over delivering equitable educational experiences for students and the health of all its constituents. School closures in spring 2020 and reopening plans for fall 2020 are used to illustrate racial capitalism in higher education.