Harvard Management Company adjusted its crypto-linked portfolio in the fourth quarter, trimming its bitcoin exchange-traded fund (ETF) exposure while initiating its first disclosed position in an ether ETF.
According to a 13F filing with the U.S. Securities and Exchange Commission, the endowment manager reduced its stake in Blackrock’s Ishares Bitcoin Trust (IBIT) to 5.35 million shares, valued at $265.8 million as of Dec. 31. That marks a decline of roughly 1.48 million shares from the previous quarter, when Harvard reported holding 6.81 million shares worth $442.8 million.
At the same time, the firm opened a new $86.8 million position in Blackrock’s Ishares Ethereum Trust (ETHA), purchasing 3.87 million shares. The move represents Harvard’s first publicly disclosed investment in an ETF tracking ether.
Combined, Harvard held approximately $352.6 million in exposure to bitcoin and ether through the two exchange-traded funds at year-end.
The portfolio adjustment occurred during a volatile stretch for digital assets. Bitcoin surged to around $126,000 in October 2025 before retreating to $88,429 by Dec. 31. Ether declined roughly 28% over the same period. As of this week, bitcoin trades near $69,300, while ether hovers around $1,900.
Despite the reduction, bitcoin remains Harvard’s largest publicly disclosed equity holding. The $265.8 million position exceeded its reported stakes in major technology companies including Alphabet, Microsoft, and Amazon at the end of the quarter.
The shift signals a measured rebalancing rather than a retreat, as one of the world’s most prominent university endowments maintains substantial exposure to the two largest digital assets amid ongoing market fluctuations.
FAQ 🎓
- Did Harvard sell all its bitcoin ETF shares?
No, it reduced holdings but still owns $265.8 million worth of bitcoin. - What ether ETF did Harvard buy?
Harvard purchased Blackrock’s Ishares Ether Trust (ETHA). - How much is Harvard’s total crypto ETF exposure?
About $352.6 million as of Dec. 31. Why is this significant?
Bitcoin remains Harvard’s largest disclosed equity holding.
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