Harvard Triples Its Bitcoin Investment, Now Allocating 2:1 BTC Over Gold

• Harvard University has increased its Bitcoin (BTC) holdings from $117 million to $443 million in the third quarter of 2025.
• This implies that Harvard has more money in Bitcoin than in any other asset, including gold. 

Chief Investment Officer (CIO) at Bitwise Asset Management, Matt Hougan, has disclosed that Harvard doubled down on its Bitcoin investment in the third quarter of 2025, adding $326 million worth of the asset to its portfolio. As detailed in our earlier post, its holdings increased from $117 million to $443 million within the period.

Comparatively, its allocation to the gold ETF was increased by $133 million within the period. Mathematically, its holdings moved from $102 million to $235 million. With this, Hougan explained that Harvard’s allocation to Bitcoin is 2 to 1 over gold.

Fascinatingly, other reports have confirmed that Harvard has more money in the BlackRock-issued spot BTC ETF (iShares Bitcoin Trust or IBIT) than it has in any other stock. It is worth noting that the university has a stake in other companies, including Microsoft, Amazon, and Nvidia.

Commenting on this, Bloomberg ETF analyst Eric Balchunas noted that getting Harvard or Yale involved in a particular ETF is a good validation. While almost half a billion is labeled as a big investment, Balchunas highlighted that this is a mere 1% of Harvard’s total endowment. Currently, it is ranked among the 16th largest IBIT holders.

Bitcoin Price and ETF Performance Continue to Struggle

Despite Harvard and other institutions continuing to accumulate BTC, its price is still struggling to stage a rebound to recapture the $100k level. At the time of writing, BTC was trading at $92k and recorded a 3% surge in the last 24 hours and 6% in the last seven days.

Last Friday, December 5, Bitcoin ETFs also experienced net outflow of $1.11 billion. Bloomberg disclosed that more than $2.7 billion left the IBIT fund in five weeks through November 28. On Thursday, December 4, $113 million exited the fund.

Meanwhile, institutions, including those from Wall Street, have also lined up to invest in Bitcoin. Brown University has revealed that its BTC holdings are currently worth around $14 million.

As mentioned in our previous news story, Texas has purchased $10 million worth of Bitcoin at $87k, becoming the first US state to hold the asset in its treasury reserve. According to our previous update, the Senate Bill that backed the establishment of this reserve was amended to ensure that assets are monitored for 24 months before inclusion.