Harvard Cuts Bitcoin ETF Stake and Adds Ethereum to Portfolio

Harvard University’s $56.9 billion endowment has made a notable adjustment to its digital asset strategy, signaling a more diversified approach to crypto exposure.

Key Takeaways

Harvard cut its Bitcoin ETF stake by 21 percent but it remains the fund’s largest disclosed position.
The endowment opened its first Ether ETF position, adding nearly $87 million in exposure.
The shift signals diversification within crypto rather than an exit from digital assets.

According to its latest 13F filing with the SEC, Harvard Management Company (HMC) reduced its Bitcoin ETF allocation in the fourth quarter of 2025 while initiating its first-ever position in an Ether ETF.

The move reflects a shift from a heavily Bitcoin-centric exposure toward a broader allocation within the digital asset space, even as crypto markets experienced sharp volatility during the period.

Digital Asset Portfolio Repositioned in Q4

Harvard trimmed its stake in iShares Bitcoin Trust (IBIT), managed by BlackRock, reducing its holdings by 21 percent. The endowment sold 1.46 million shares during the quarter.

In the third quarter of 2025, Harvard held 6.81 million IBIT shares valued at approximately $442.8 million. By December 31, 2025, that figure had fallen to 5.35 million shares worth about $265.8 million. Despite the reduction, IBIT remains the university’s single largest disclosed U.S. equity position, accounting for roughly 12.8 percent of its 13F-reportable assets.

At the same time, Harvard initiated a new position in iShares Ethereum Trust (ETHA), also managed by BlackRock. The endowment acquired 3.87 million shares, valued at approximately $86.82 million at quarter-end. The Ether ETF position now represents 4.18 percent of its reportable U.S. equity portfolio.

By mid-February 2026, market movements had further reshaped valuations. The remaining 5.35 million IBIT shares were valued at around $198 million, while the ETHA position had declined to roughly $59.7 million.

Top Public Holdings as of Year-End 2025

Harvard’s disclosed 13F portfolio includes 19 positions totaling about $2.08 billion. The top five holdings are:

iShares Bitcoin Trust (IBIT) – $265.81 million – 12.8%
Alphabet Inc. (GOOGL) – $252.87 million – 12.2%
SPDR Gold Trust (GLD) – $248.27 million – 11.9%
Microsoft Corp. (MSFT) – $236.82 million – 11.4%
Booking Holdings (BKNG) – $180.25 million – 8.7%

The presence of both Bitcoin and gold ETFs among the top three holdings underscores Harvard’s continued allocation to alternative stores of value alongside major technology equities.

Volatile Backdrop for Crypto Markets

The rebalancing took place during a turbulent stretch for digital assets. Bitcoin surged to roughly $126,000 in October 2025 before retreating sharply to $88,429 by the end of the year. Although IBIT has gained approximately 40 percent since its launch in early 2024, the Ether-focused ETHA has faced heavier pressure, trading near $15.44 in February 2026 – around 41 percent below its launch levels.

Against this backdrop, Harvard’s decision to reduce Bitcoin exposure while adding Ether suggests a calculated risk adjustment rather than a retreat from crypto altogether. The endowment remains materially invested in digital assets, but its latest filing indicates a more balanced allocation as market dynamics evolve.