- Harvard University reduced its iShares Bitcoin Trust stake by 21% in Q4 2025.
- The endowment initiated its first iShares Ethereum Trust position worth $87M.
- Total crypto ETF exposure fell to $353M, about 0.62% of Harvard’s $56.9B endowment.
Harvard University reshaped its cryptocurrency exposure during the fourth quarter of 2025. Regulatory filings released showed the school cut its Bitcoin ETF holdings by 21% while initiating its first Ethereum ETF position. The portfolio shift occurred in the United States during a period of sharp crypto price declines, according to filings submitted to the Securities and Exchange Commission.
Bitcoin Exposure Reduced During Market Drawdown
According to filings from Harvard Management Company, the endowment reduced its position in iShares Bitcoin Trust. The stake declined from 6.8 million shares in the third quarter to 5.4 million shares by year-end.
As a result, the Bitcoin ETF holding dropped in value from $442.9 million to $265.8 million. The firm sold roughly 1.5 million shares during the quarter. Despite the reduction, Bitcoin remains Harvard’s largest publicly disclosed cryptocurrency position.
The changes followed a steep market pullback. Bitcoin fell from a peak near $125,000 in October to below $90,000 by December. Ether also declined, falling from above $4,000 to under $3,000 over the same period.
First Ethereum ETF Investment
At the same time, Harvard initiated its first Ethereum exposure through iShares Ethereum Trust. The endowment purchased nearly 3.9 million shares, valued at about $87 million at quarter-end.
This marked the university’s first direct Ether investment via an exchange-traded fund. The move brought Harvard’s total cryptocurrency ETF exposure to roughly $353 million. That figure represents about 0.62% of its $56.9 billion endowment.
The filings, submitted to the Securities and Exchange Commission, reflected portfolio adjustments rather than a full exit. Bitcoin alone still accounts for about 0.47% of total assets under management.
Broader Portfolio Rebalancing Context
Market analysts offered possible explanations for the crypto rebalancing. Andy Constan of Damped Spring Advisors suggested the move could reflect unwinding trades tied to bitcoin treasury companies.
Meanwhile, data compiled by Todd Schneider showed institutional ownership of BlackRock’s Bitcoin ETF fell sharply in the same quarter. Holdings declined from 417 million shares to 230 million shares.
Beyond crypto, Harvard adjusted other investments. The endowment increased holdings in Alphabet, Broadcom, TSMC, and Union Pacific. It also trimmed positions in Amazon, Microsoft, and Nvidia.
