Harvard Reduces Bitcoin Exposure by 21%, Invests $86M in ETH

The United States-based private university, Harvard, has reshaped its crypto allocation. This time, Harvard’s endowment fund trimmed its BTC exposure by approximately 21% in the fourth quarter of 2025, reducing its share count from 6.81 million to around 5.35 million. At the same time, it has stacked up an ETH-backed fund.

Minor Pullback from BTC

Harvard’s endowment, a pool of philanthropic funds for the university, initially disclosed an investment in BlackRock’s iShares Bitcoin Trust since the second quarter of 2025.

However, Harvard Management Company, the entity responsible for investing on behalf of Harvard University, submitted its most recent quarterly filing to the U.S. Securities and Exchange Commission. The filing revealed that the university’s iBIT stash valuation has dropped from $442.8 million to $265.8 million.

The reduced exposure came after a volatile stretch in crypto markets, during which BTC’s price fell significantly from earlier highs. The leading crypto dropped from above $95,000 to as low as $85,000 in December 2025. At the time of writing, it traded at $69,600.

Bullish on ETH

Harvard broadened its crypto strategy by establishing a new position in BlackRock’s iShares Ethereum Trust. The endowment acquired about 3.87 million shares of the ETF, representing approximately $86.8 million in value at the close of the quarter.

This marks Harvard’s first publicly reported investment directly tied to Ethereum through an ETF.

Taken together, the reduction in bitcoin and the addition of ether point to a spread effort in Harvard’s digital asset exposure. Instead of concentrating solely on one cryptocurrency, the endowment appears to be spreading risk while maintaining a meaningful presence in regulated crypto investment products.

In addition to Harvard’s new ETH exposure through ETFs, institutional players on the corporate side are also building large Ethereum positions. BitMine Immersion Technologies recently expanded its Ethereum holdings significantly, part of a crypto and cash portfolio now valued at around several billion dollars despite significant market volatility and unrealized losses. This illustrates continued confidence by major holders in Ethereum’s long-term outlook.

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