"Harvard Management Company switched up its crypto exposure in the fourth quarter of fiscal year 2025, establishing its first position in an Ethereum exchange-traded fund while cutting back its Bitcoin holdings, according to a regulatory filing released Friday. The endowment's investment manager purchased 3.87 million shares of BlackRock's iShares Ethereum Trust, a stake valued at $86.8 million as of Dec. 31. The move marked Harvard's first publicly disclosed investment tied to Ethereum."
"At the same time, Harvard reduced its position in BlackRock's iShares Bitcoin Trust. The firm held 5.35 million shares worth $265.8 million at quarter's end, down from 6.81 million shares in the prior quarter. The reduction amounted to roughly 1.48 million shares, or about 21%. Despite the trim, Bitcoin remained Harvard's largest publicly disclosed equity holding, exceeding the endowment's reported stakes in major technology firms such as Alphabet, Microsoft, and Amazon."
"The portfolio shift took place during a turbulent period for digital assets. Bitcoin reached a peak near $126,000 in October 2025 before sliding to $88,429 by Dec. 31, according to Bitcoin Magazine Pro data. Ethereum declined roughly 30% over the same span. Andrew F. Siegel, emeritus professor of finance at the University of Washington, described the endowment's Bitcoin investment as risky, pointing to a 22.8% decline year-to-date and arguing that Bitcoin's risk stems in part from its lack of intrinsic value."
Harvard Management Company established a first position in BlackRock's iShares Ethereum Trust, purchasing 3.87 million shares valued at $86.8 million as of Dec. 31. The firm simultaneously reduced its holding in BlackRock's iShares Bitcoin Trust to 5.35 million shares worth $265.8 million, down about 21% from the prior quarter. Combined exposure to the two cryptocurrency funds totaled $352.6 million at quarter end. The portfolio shift occurred amid volatile crypto prices: Bitcoin peaked near $126,000 in October 2025 then slid to $88,429 by Dec. 31, while Ethereum fell roughly 30%. Harvard also initiated a $141 million stake in Union Pacific following its merger announcement.
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