Harvard Rebalances Crypto Exposure: Trims Bitcoin, Buys Into Ether ETF

Harvard Management Company (HMC), the investment arm of Harvard University’s endowment, reduced its stake in a major Bitcoin exchange-traded fund (ETF) by roughly 21 %.

Simultaneously, HMC established a new multimillion-dollar position in an Ethereum (ETH) ETF, according to a quarterly 13F filing with the U.S. Securities and Exchange Commission.

The filing, which discloses Harvard’s U.S.-listed equity holdings as of December 31, 2025, shows that the endowment cut close to 1.5 million shares of the iShares Bitcoin Trust (IBIT) compared with the previous quarter.

Despite this reduction, Bitcoin (BTC) remains HMC’s largest publicly disclosed holding with a reported market value of approximately $265.8 million at year-end.

In a notable strategic move, Harvard initiated a new position in the iShares Ethereum Trust (ETHA) acquiring about 3.87 million shares valued at an estimated $86.8 million during the same period. This represents the university’s first publicly disclosed allocation into an Ether-linked ETF.

While the filing primarily highlights the adjustment in digital-asset ETFs, it also shows broader shifts in HMC’s publicly reported equity holdings, including both increases and reductions across major tech and industrial names. However, the crypto positions, even after trimming, remain among the most significant individual line items disclosed.