Harvard Rebalances Crypto Bets, Cuts BTC Adds ETH

Its combined crypto ETF exposure stood at  $352.6 million as of Dec. 31. Despite the cut, Bitcoin remained the endowment’s largest publicly disclosed equity holding. The move also came during a volatile period for digital assets, with both Bitcoin and Ethereum posting sharp declines.

Harvard Trims Bitcoin Exposure

Harvard Management Company reduced its exposure to Bitcoin exchange-traded funds (ETFs) in the fourth quarter while initiating its first position in an Ethereum ETF. This is according to a recent 13F filing with the U.S. Securities and Exchange Commission. The disclosure shows the Ivy League endowment held a combined $352.6 million in funds tied to the two largest cryptocurrencies as of Dec. 31.

The filing reveals that Harvard held 5.35 million shares of BlackRock’s iShares Bitcoin Trust, which was valued at $265.8 million at the end of the quarter. That was a reduction of 1.48 million shares compared to the previous quarter, when the endowment reported 6.81 million shares worth $442.8 million. This is a more than 20% cut in its Bitcoin ETF holdings over the three-month period.

At the same time, Harvard established a new position in BlackRock’s iShares Ethereum Trust by purchasing 3.87 million shares valued at $86.8 million. The investment is the endowment’s first publicly disclosed exposure to an exchange-traded fund tracking Ethereum.

BTC’s price action over the past 6 months (Source: CoinCodex)

The portfolio adjustments came during a very volatile stretch for digital asset markets. Bitcoin reached a peak of roughly $126,000 in October of 2025 before declining to $88,429 by Dec. 31. Ethereum fell about 28% during the same quarter. More recently, Bitcoin traded close to $68,600, while Ethereum has hovered around $1,900, according to CoinCodex.

ETH’s price action over the past 6 months (Source: CoinCodex)

Despite trimming its Bitcoin position, the cryptocurrency was still Harvard’s largest publicly disclosed equity holding at year-end. The $265.8 million stake exceeded the endowment’s reported investments in major technology companies including Alphabet, Microsoft and Amazon.

Avanidhar Subrahmanyam, a finance professor at UCLA, questioned the strategy. He said the addition of Ethereum increases his concerns about Harvard’s exposure to digital assets, and described cryptocurrency as an unproven asset class with unclear valuation methods. Subrahmanyam added that he believes the performance of Harvard’s Bitcoin position only reinforced his skepticism.