Harvard University reworked its crypto ETF holdings in Q4 2025, trimming its Bitcoin exposure while opening its first position in an Ethereum fund. Securities and Exchange Commission filings show Harvard Management Company cut its iShares Bitcoin Trust stake from 6.8 million shares in the third quarter to 5.4 million shares at year-end, a drop of about 21%.
The value of that Bitcoin ETF position fell from $442.9 million to $265.8 million. Based on the filing figures, the endowment sold roughly 1.5 million shares during the quarter. Even after the reduction, Bitcoin remains Harvard’s largest publicly disclosed crypto holding.
First direct Ether exposure comes through iShares Ethereum Trust
At the same time, Harvard opened its first Ethereum allocation through iShares Ethereum Trust. The filing shows the university bought nearly 3.9 million shares, valued at about $87 million at the end of the quarter. It is Harvard’s first direct Ether investment through an exchange-traded fund.
After the portfolio changes, Harvard’s total crypto ETF exposure stood at roughly $353 million, equal to about 0.62% of its $56.9 billion endowment. The Bitcoin ETF position alone still represented around 0.47% of total assets under management.
Rebalancing came during a sharp market pullback
The shift happened while crypto prices were under pressure. According to the source material, Bitcoin fell from a peak near $125,000 in October to below $90,000 by December. Ether also moved lower over the same period, dropping from above $4,000 to under $3,000. The filings point to portfolio rebalancing rather than a full exit.
Andy Constan of Damped Spring Advisors offered one possible explanation, saying the move could reflect the unwinding of trades linked to bitcoin treasury companies. Separate data compiled by Todd Schneider also showed a steep decline in institutional ownership of BlackRock’s Bitcoin ETF in the same quarter, with holdings falling from 417 million shares to 230 million shares.
Other portfolio changes extended beyond crypto
Outside digital asset ETFs, Harvard increased positions in Alphabet, Broadcom, TSMC, and Union Pacific, while reducing holdings in Amazon, Microsoft, and Nvidia. The available disclosure does not show new spot crypto allocations outside ETFs, and the reported changes were centered on listed fund exposure.