Harvard Management Company (HMC), the investment arm of Harvard University's endowment, reduced its stake in the iShares Bitcoin Trust (IBIT) by approximately 21% during the fourth quarter of 2025, according to a newly filed 13F with the U.S. Securities and Exchange Commission. The cut amounted to roughly 1.5 million shares from the prior quarter.
Bitcoin Remains Largest Public Holdings
Despite the reduction, Bitcoin (BTC) stayed as HMC's biggest publicly disclosed equity position, with the remaining IBIT shares valued at about $265.8 million as of December 31, 2025. The filing did not specify the rationale behind the trim, which came after a period of price volatility for the cryptocurrency.
First Public Allocation to an Ether ETF
In a notable strategic move, HMC established a new position in the iShares Ethereum Trust (ETHA), acquiring roughly 3.87 million shares worth an estimated $86.8 million. This marks the first time the endowment has disclosed any exposure to an Ether-linked ETF in its portfolio. The addition suggests that large institutional investors are broadening their digital-asset strategies beyond just Bitcoin.
Broader Portfolio Adjustments
The 13F filing also revealed changes in HMC's holdings across major tech and industrial stocks, though the crypto ETFs remained among the most significant individual line items even after the Bitcoin trim. Note that 13F filings only cover U.S.-listed equity securities; HMC's actual crypto exposure via private funds or derivatives could be larger.