Harvard Reduces Bitcoin ETF Holdings by 21% and Builds $87 Million Ethereum Position

Harvard Management Company trimmed its exposure to Bitcoin exchange-traded funds in the fourth quarter while initiating a sizable position in an Ethereum-linked fund, according to a recent regulatory filing.

The endowment manager reduced its stake in the iShares Bitcoin Trust by 21%, cutting holdings from 6.81 million shares to 5.35 million shares. As of Dec. 31, the remaining position was valued at approximately $265.8 million. Despite the reduction, Bitcoin remains Harvard’s largest publicly disclosed equity holding, exceeding positions in major technology companies.

$86.8 Million Allocation to Ethereum ETF

During the same quarter, Harvard opened a new $86.8 million position in the iShares Ethereum Trust, acquiring 3.87 million shares. This marks the endowment’s first disclosed investment in an ETF tracking Ethereum.

The portfolio shift occurred amid heightened crypto market volatility. Bitcoin retreated significantly from its October 2025 peak, while Ethereum recorded a sharp quarterly decline. Combined, Harvard’s exposure to the two largest digital assets totaled roughly $352.6 million at quarter-end.

The move has sparked debate among academic observers, with some finance professors questioning cryptocurrency’s valuation framework and long-term risk profile, particularly as digital assets remain sensitive to macroeconomic shifts and investor sentiment.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.