Bitcoin ETF exposure cut 21% as Harvard adds ETHA in Q4 2025

Harvard Management Company rebalanced its crypto holdings in Q4 2025, trimming its iShares Bitcoin Trust (IBIT) position by 21% and initiating about $86–$87 million in iShares Ethereum Trust (ETHA), as reported by The Harvard Crimson. Bitcoin remained HMC’s largest publicly disclosed crypto holding, exceeding $265 million in the same filing set.

Harvard cut iShares Bitcoin Trust (IBIT) 21% and added ~$86M ETHA

The rebalance reduced Harvard’s IBIT exposure while introducing a new stake in ETHA. The shift adds a second large-cap crypto asset to HMC’s public U.S. holdings.

Disclosures point to an ~$86.8 million initial ETHA allocation alongside a smaller IBIT footprint. The move updated HMC’s crypto mix without eliminating its Harvard bitcoin etf exposure.

Why Harvard Management Company rebalanced crypto exposure and risk

Endowments often rebalance to manage volatility, maintain policy bands, and control concentration risk. Adding ETH exposure can reduce single-asset risk relative to a BTC-only allocation.

BTC and ETH exhibit distinct market drivers and adoption narratives, which may diversify return paths within a small allocation. Within public filings, the Harvard Management Company crypto mix now spans BTC and ETH.

Immediate impact: BTC remains largest holding; ETH exposure begins

Bitcoin stayed the largest position in HMC’s public filings, at more than $265 million, per the same report. The ETHA purchase establishes HMC’s first publicly reported Ethereum exposure.

Short-term portfolio effects include higher asset breadth and modestly lower BTC concentration. Performance outcomes will depend on market conditions and fund tracking over time.

Data notes and expert perspectives

13F filings reflect public U.S. holdings, not full exposure

according to U.S. Securities and Exchange Commission Form 13F instructions, filings capture long U.S.-listed equities and certain options, not private vehicles, derivatives, or non-U.S. markets.

As a result, these holdings represent a subset of Harvard’s exposure and may omit hedges or positions held through external managers. At the time of writing, Coinbase Global (COIN) indicated +6.03% pre-market after a −7.90% prior close, based on NasdaqGS delayed data.

Siegel and Subrahmanyam on crypto risk and valuation

Academic voices emphasized volatility, valuation uncertainty, and fiduciary prudence in crypto allocations. “Bitcoin is risky” and suffers from a “lack of intrinsic value,” said Andrew F. Siegel, emeritus professor of finance.

Crypto is “speculative” with “unproven true value,” added Avanidhar Subrahmanyam, professor of finance, who questioned how BTC and ETH are valued within an endowment framework.

FAQ about Harvard Bitcoin ETF

How large is Harvard’s new position in the iShares Ethereum Trust (ETHA) and what does it signal?

HMC disclosed about $86–$87 million in ETHA. It signals initial, measured Ethereum exposure alongside Bitcoin, suggesting diversification rather than a pivot.

Which specific ETFs did Harvard use for BTC and ETH exposure, and what are their fees, liquidity, and risks?

Harvard used iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA). Fees and liquidity depend on fund documents; risks include volatility and valuation uncertainty noted by academic critics.