Harvard University has significantly expanded its exposure to bitcoin, making BlackRock’s Bitcoin ETF (IBIT) the largest single holding in its portfolio as of the end of the third quarter.

The university’s treasury now holds 6.81 million IBIT shares, valued at $442.88 million, according to a recent SEC filing.

Harvard’s growing bitcoin position

At the end of June, Harvard’s IBIT holdings were valued at $116 million.

Over just three months, the university increased its reserves by 280%, far outpacing its other positions.

As a result, bitcoin now accounts for roughly 20% of Harvard’s portfolio, surpassing stakes in Microsoft ($322.8 million), Amazon ($235.18 million), and the SPDR Gold Trust ($235.1 million).

Analyst reaction to institutional trend

Bloomberg analyst Eric Balchunas emphasized the significance of this move for institutional adoption. He noted:

“It’s extremely rare and difficult to get an endowment to join an ETF, especially Harvard or Yale. It’s the best endorsement an exchange-traded product can get.”

Despite the size of the allocation, Harvard’s IBIT position represents only 1% of BlackRock ETF’s target fund level of $50 billion, but makes Harvard the 16th largest holder of the instrument.

Bitcoin ETFs gain traction at other universities

Other academic institutions are following suit.

Emory University increased its holdings in Grayscale’s Bitcoin Mini Trust ETF by nearly 90% during the same quarter, reaching over $42.9 million in value.

Meanwhile, a Spanish technology institute has reportedly entered talks to sell 97 BTC acquired more than a decade ago.