Harvard Reduces BTC ETF, Opens $86.8M Ethereum ETF Position

Harvard Management Company has adjusted its crypto exposure in the latest quarterly filing. The university’s endowment cut its position in BlackRock’s iShares Bitcoin Trust. While opening a new stake in the firm’s Ethereum ETF. The filing shows Harvard reduced its IBIT holdings by about 21%, bringing the position down to roughly $265.8 million. 

At the same time, it added a fresh $86.8 million investment in the iShares Ethereum Trust. The move came during the fourth quarter of 2025, a period marked by sharp crypto price swings. Even after the shift, Harvard still holds more than $350 million in crypto ETFs.

Harvard’s Big Bitcoin Bet in 2025

Harvard didn’t always hold such a large crypto position. Earlier in 2025, the endowment first disclosed a smaller stake in BlackRock’s Bitcoin ETF. That initial position stood near $116 million. But the fund quickly increased its exposure. By the third quarter of 2025, Harvard had tripled its IBIT position. The holding grew to more than $440 million. 

At one point, it became the endowment’s largest public equity position. This move caught the attention of the crypto market. Harvard is known for its conservative, long term investment strategy. Its entry into Bitcoin ETFs signaled growing trust in regulated crypto products.

The Q4 Trim and New Ethereum Position

In the fourth quarter of 2025, Harvard made a noticeable shift. The fund sold about 1.48 million shares of the Bitcoin ETF. That reduced its position by roughly one-fifth. Still, the endowment kept a large Bitcoin allocation. The remaining stake of about $265.8 million remains one of its top public holdings.

At the same time, Harvard opened its first Ethereum ETF position. It bought about $86.8 million worth of BlackRock’s iShares Ethereum Trust. This marked the endowment’s first disclosed exposure to Ethereum through a regulated product. The move happened during a volatile period. BTC fell from late 2025 highs. While ETH also dropped sharply. The timing suggests Harvard was rebalancing rather than exiting crypto.

A Sign of Institutional Diversification

Harvard’s combined crypto ETF exposure now stands near $352 million. This includes BTC and ETH positions. The shift reflects a broader trend among large institutions. Many funds are not abandoning Bitcoin. Instead, they are adding Ethereum and other digital assets to diversify risk.

University endowments have slowly entered crypto over the past few years. Spot ETFs made this process easier. These products offer regulated access without direct token custody. Harvard’s move shows a more balanced approach. The endowment still holds a large Bitcoin position. But it is now spreading exposure across multiple crypto assets.

The decision also hints at a long term view. Even during market weakness, the fund kept hundreds of millions of dollars in crypto ETFs. For many investors, that signals growing confidence in digital assets as part of diversified portfolios.

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