Harvard trims Bitcoin ETF and adds Ether exposure

Harvard Management Company reduced its stake in BlackRock’s iShares Bitcoin Trust ETF by 21% in the fourth quarter of 2025 while opening a new position in the firm’s spot Ether ETF.

A filing with the US Securities and Exchange Commission showed the endowment cut its Bitcoin ETF holdings to $265.8 million as of December 31 from $442.9 million in the previous quarter, reducing shares to 5.4 million from 6.8 million.

At the same time, Harvard initiated a position of more than 3.8 million shares in BlackRock’s iShares Ethereum Trust, valued at approximately $87 million at year-end.

The portfolio adjustments came amid significant crypto volatility, with Bitcoin falling below $90,000 by January 2026 from over $120,000 in July 2025, while Ethereum dropped under $3,000 from above $4,000 during the same period.

As of June 30, 2025, Harvard’s endowment totalled $56.9 billion, making its combined crypto ETF exposure roughly 0.62% of total assets under management.

The endowment also increased its stake in Alphabet by nearly $100 million and reduced its Amazon position by about $80 million in the same quarter, reflecting broader portfolio rebalancing.

Separately, AI hedge fund Numerai said in November it raised $30 million from “top university endowments,” though it did not name specific investors, with its NMR token rising more than 40% following the announcement.

At the time of reporting, Bitcoin price was $68,948.50.