First-quarter 13F filings revealed a sharp divergence among institutional investors in crypto ETFs. Harvard Management Company completely liquidated its iShares Ethereum Trust (ETHA) position and reduced its BlackRock iShares Bitcoin Trust (IBIT) stake by another 43%. Meanwhile, Abu Dhabi's Mubadala Investment Company boosted its IBIT holdings to 14.72 million shares, worth $565.6 million as of March 31.
Mubadala Keeps Building Its IBIT Position for Three Straight Quarters
Mubadala's filing listed 14,721,917 IBIT shares, up 16% from 12.7 million shares at end-Q4 2025. The position has now stayed above $500 million for three consecutive quarters since late 2024. Another Abu Dhabi-linked entity, ADIC, held 8,218,712 IBIT shares unchanged from the prior quarter, as reported by The Block.
Harvard Cuts Bitcoin Exposure, Exits Ether ETF Entirely
Harvard's March 31 filing showed 3,044,612 IBIT shares worth $116.97 million, down sharply from 5.35 million shares at end-2025. Among 17 holdings, there was no iShares Ethereum Trust position. Harvard had opened a 3,870,900-share ETHA position in Q4, then valued at about $86.8 million. The absence in the new filing confirms the endowment exited that Ether ETF during Q1.
Dartmouth Adds Solana Staking ETF to the Mix
Dartmouth College took a different path. Its filing disclosed roughly $14 million in crypto ETF exposure: about $7.7 million in IBIT, $3.5 million in the Grayscale Ethereum Staking ETF, and $3.3 million in the Bitwise Solana Staking ETF. The Solana allocation stands out because it moves the endowment beyond the two largest crypto assets. While still small relative to Dartmouth's total endowment, the filing shows regulated crypto products are reaching more public portfolios.
Other Institutional Adjustments: Brown and Emory
Brown University kept 212,500 IBIT shares flat. Emory University exited its small IBIT position and increased its Grayscale Bitcoin Mini Trust holding.
The filings came after a volatile quarter for digital assets and ETF flows. They also showed how large investors used regulated funds in different ways—some added exposure through Bitcoin ETFs, others cut risk, shifted products, or widened allocations beyond Bitcoin and Ethereum.