Harvard reduces position in Bitcoin and buys Ethereum ETF shares

Harvard Management Company made significant adjustments to its allocation to crypto-assets in the fourth quarter of fiscal year 2025. According to document The fund initiated its first public position linked to Ethereum and, at the same time, reduced its exposure to Bitcoin (BTC).

3.87 million shares of BlackRock's iShares Ethereum Trust, valued at US$ 86.8 million on December 31, were acquired. This is the institution's first public investment with direct exposure to Ethereum (ETH).

In parallel, the position in the iShares Bitcoin Trust was reduced from 6.81 million to 5.35 million shares - a drop of approximately 1.48 million papers, equivalent to 21%. Nevertheless, Bitcoin remains the largest equity position reported by Harvard, outperforming holdings in companies such as Alphabet, Microsoft and Amazon. At the end of the quarter, the combined exposure to the two crypto ETFs amounted to US$ 352.6 million.

The move came amid strong volatility in the market. After peaking at around US$ 126,000 in October 2025, Bitcoin ended December quoted at US$ 88,429, according to data from the Bitcoin Magazine. In the same period, Ethereum accumulated a decline of around 30%.

Harvard Management Company (HMC) is the manager responsible for administering the Harvard University, HMC is one of the largest university endowments in the world. Created to manage the investments that fund scholarships, research, professors' salaries and the maintenance of the university, HMC allocates resources in various asset classes, such as equities, fixed income, real estate, private equity and, more recently, ETFs linked to cryptocurrencies. Its main objective is to preserve and expand the institution's assets over the long term.

The strategy involving Bitcoin has also been questioned. According to the student newspaper The Harvard Crimson, some academics have criticized exposure to cryptocurrencies. Andrew F. Siegel, professor of finance at the University of Washington, classified the investment as risky, citing the 22.8% drop in the year and the lack of intrinsic value as points of concern.