Key Highlights
- Harvard reduced its Bitcoin ETF holdings by 21%, keeping $265.8 million in Bitcoin.
- The endowment bought its first Ethereum ETF, spending $86.8 million on 3.87 million shares.
- Combined crypto investments now total about $352.6 million, making crypto a major part of Harvard’s public holdings.
Harvard University reportedly made a change in its crypto strategy in the fourth quarter of 2025, as it cut back on Bitcoin while making its first investment in Ethereum.
According to a filing with the U.S. Securities and Exchange Commission (SEC), the university’s investment arm reduced its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) by 21%. It sold roughly 1.48 million shares, bringing its total to 5.35 million shares valued at $265.8 million.
At the same time, Harvard Management Company (HMC) purchased nearly 3.9 million shares of BlackRock’s iShares Ethereum Trust (ETHA), worth about $86.8 million. This marks the endowment’s first publicly disclosed Ethereum position. Together, the two crypto investments added up to about $352.6 million.
Portfolio adjustment during volatile market
During the fourth quarter of 2025, Bitcoin reached a new record high of $126,000 in October 2025 before dropping down to $88,000 at the end of the year. Ethereum also lost roughly 30% during the same period.
Despite the reduction, Harvard’s Bitcoin stake remains its largest publicly reported holding, which is larger than its stake in major tech companies like Alphabet, Microsoft, and Amazon.
Moreover, recent filings from Todd Schneider with the SEC reported that other institutions reduced their Bitcoin ETF holdings in the fourth quarter, dropping from 417 million shares in the previous quarter to 230 million.
Diversifying beyond crypto
Aside from crypto, Harvard also adjusted some of its stakes in traditional firms as well. The endowment boosted holdings in chipmakers Broadcom and Taiwan Semiconductor Manufacturing Company, increased investments in Google’s parent Alphabet, and opened a $141 million position in railroad operator Union Pacific.
Simultaneously, it reduced positions in Amazon, Microsoft, and Nvidia and exited prior stakes in Light & Wonder and Maze Therapeutics.
Earlier in 2025, the university gradually increased its Bitcoin ETF holdings. The initial position in BlackRock’s Bitcoin fund was around $116 million. By November 2025, it held about 6,813,612 shares of BlackRock’s funds, which at the time were worth about $442.8 million.
Harvard’s portfolio adjustment shows the growing use of regulated funds by large investors. By adding Ethereum to its portfolio, the endowment is spreading volatile risk across different crypto assets. It shows that institutions are starting to treat crypto like part of a long-term portfolio rather than a short-term bet.
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