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Harvard University’s endowment manager reshuffled its digital asset portfolio in the fourth quarter, reducing its bitcoin exchange-traded fund exposure while initiating its first-ever investment in an ether ETF.
A recent 13F filing with the U.S. Securities and Exchange Commission shows that Harvard Management Company held a combined $352.6 million in funds tied to the two largest cryptocurrencies as of December 31.
Bitcoin Position Scaled Back
The endowment trimmed its holdings in iShares Bitcoin Trust, cutting its stake by roughly 1.48 million shares during the quarter. By year-end, Harvard owned 5.35 million shares valued at $265.8 million—down from 6.81 million shares worth $442.8 million in the previous reporting period.
The reduction came during a volatile stretch for bitcoin. After climbing to around $126,000 in October 2025, the asset slid sharply to $88,429 by December 31. It has since retreated further, trading near $68,600 this week.
Despite the decrease, bitcoin remained Harvard’s largest publicly disclosed equity position at the close of the year, surpassing its stakes in major technology companies.
First Ether ETF Investment
At the same time, Harvard established a new $86.8 million position in iShares Ethereum Trust, acquiring 3.87 million shares. The move marked the endowment’s first publicly reported exposure to a fund tracking ether.
Ether also experienced notable weakness during the quarter, falling roughly 28% over the same period and now hovering near $1,900.
Debate Over Crypto Strategy
Harvard’s evolving crypto strategy has drawn scrutiny in academic circles. According to reporting by The Harvard Crimson, some finance scholars have questioned the risk profile and valuation framework of digital assets within institutional portfolios.
Critics argue that cryptocurrencies remain difficult to value using traditional financial models and may introduce heightened volatility into endowment allocations. Supporters, however, contend that exposure to bitcoin and ether offers diversification benefits and long-term upside potential despite short-term swings.
For now, Harvard appears to be recalibrating rather than retreating—maintaining a sizable bitcoin allocation while broadening its exposure to ether as the crypto market navigates another turbulent cycle.