Harvard's Endowment Shifts Crypto Strategy: Cuts Bitcoin ETF Holdings, Enters Ether Market
Harvard Management Company, overseeing the institution's $56.9 billion endowment fund, has initiated exposure to BlackRock's Ether ETF while cutting its Bitcoin ETF holdings by 21%.
Harvard Management Company, the entity responsible for overseeing the prestigious university's endowment portfolio, has decreased its holdings in BlackRock's Bitcoin exchange-traded fund while simultaneously establishing a fresh position in the firm's Ethereum-based ETF product.
According to a Friday submission to the US Securities and Exchange Commission, the Harvard endowment disclosed that its holdings in the BlackRock iShares Bitcoin (BTC) Trust ETF had declined to $265.8 million by Dec. 31 compared to $442.9 million during the third quarter of 2025. These transactions represent the organization divesting more than 3 million ETF shares, bringing its total from 6.8 million shares in Q3 down to 5.4 million in the fourth quarter.
Beyond the 21% decrease in its Bitcoin holdings, Harvard Management Company disclosed a fresh investment providing exposure to Ether (ETH). The SEC filing revealed that the endowment acquired in excess of 3.8 million shares of BlackRock's iShares Ethereum Trust, with a valuation of approximately $87 million as of Dec. 31.
These portfolio management decisions took place during a timeframe characterized by substantial price fluctuations for Bitcoin and alternative cryptocurrencies. BTC's price declined to below $90,000 by January 2026 from above $120,000 at the start of July 2025, whereas Ether fell to beneath $3,000 from over $4,000 during the identical timeframe.
According to Harvard's June 30, 2025 report, the university's endowment totaled $56.9 billion, positioning its BlackRock cryptocurrency ETF investments at 0.62% of its total managed assets. The organization also expanded its position in Alphabet, Google's parent company, by nearly $100 million, while simultaneously decreasing its Amazon holdings by approximately $80 million during the fourth quarter of 2025.
AI hedge fund backed by "top university endowments"
These strategic moves by Harvard arrive as Numerai, an artificial intelligence-powered hedge fund, disclosed in November that it had successfully secured $30 million through a funding round spearheaded by "top university endowments," entities the AI hedge fund characterized as "the smartest, most long-term allocators in the world," though it refrained from naming specific endowments. Nevertheless, this announcement propelled its native NMR token's price upward by over 40%.