Harvard trims Bitcoin ETF holdings, invests $87M in Ethereum fund for first time
Harvard University’s endowment reduced its stake in a Bitcoin ETF by more than 20% in the fourth quarter of 2025. At the same time, it opened a new $86.8 million position in an Ethereum ETF.
According to the report, Harvard Management Company trimmed its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) from 6.81 million shares to 5.35 million. As of Dec. 31, the position was valued at $265.8 million, down from $442.8 million the previous quarter, The Block reported.
Meanwhile, the Harvard endowment invested in BlackRock’s iShares Ethereum Trust (IETH) for the first time, acquiring 3.87 million shares worth $86.8 million. This marks Harvard’s first publicly disclosed position in a fund tracking Ethereum.
The university’s total exposure to the two largest digital assets reached $352.6 million by year-end.
Leading universities expand crypto allocations
Other major US university endowments have previously disclosed investments in Bitcoin-related products. Brown and Emory universities, for example, reported multimillion-dollar positions in Bitcoin exchange-traded funds and trusts, including IBIT and Grayscale Bitcoin Mini Trust.The trend signals a gradual but notable shift among long-term institutional investors, with crypto assets increasingly viewed as a legitimate alternative asset class rather than a speculative niche.
Although these allocations remain small relative to overall endowment sizes, their presence carries symbolic weight. University endowments are traditionally known for conservative portfolio management. In the past, they pioneered major allocations to private equity and venture capital — and now some appear to be applying a similar approach to digital assets.
These developments suggest that crypto is gradually entering the same institutional channels that once legitimized other emerging asset classes.
Market context and reaction
The fourth quarter was volatile: Bitcoin fell from a peak of around $126,000 in October to $88,429 by year-end, while Ethereum declined by about 28% over the same period. Despite the reduction, the Bitcoin ETF remained Harvard’s largest publicly disclosed holding — exceeding its stakes in Alphabet, Microsoft and Amazon.However, the endowment’s crypto strategy has drawn criticism from academic observers. Some finance professors described investments in digital assets as risky and questioned their fundamental value.
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