Harvard purchased about $87 million in BlackRock's iShares Ethereum Trust (ETHA) and sold 21% of its holdings in the iShares Bitcoin Trust (IBIT), representing roughly $72 million based on an end-of-year IBIT closing price of $49.65 per share. The transactions were disclosed in regulatory filings amid a prolonged crypto downturn. Bloomberg Intelligence analyst Eric Balchunas said sales to Harvard are a positive signal for issuers and for Harvard if it holds during drawdowns. Harvard holds over $350 million in crypto ETFs, which represents less than 1% of its $57 billion endowment. Other elite universities also hold Bitcoin and Ethereum ETFs.
"Crypto investments are still prominent in Harvard's endowment, as filings show that the university has purchased Ethereum. The Ivy League school bought about $87 million in BlackRock's iShares Ethereum Trust (ETHA), according to filings with the Securities and Exchange Commission released on Friday. The purchase coincided with a decision by Harvard sell 21% of its holdings of the iShares Bitcoin Trust (IBIT). The value of the sold Bitcoin amounted to around $72 million based on an end-of-year closing price for IBIT of $49.65 per share."
"The transactions, which were disclosed in regulatory filings cited by multiple news outlets, come as the crypto sector is in a prolonged downturn. Eric Balchunas, an analyst at Bloomberg Intelligence said the sales come as a welcome bit of good news for the crypto industry. "It's a good sign for issuers if they can sell to Harvard, and an even better sign if Harvard doesn't flinch during a nasty drawdown," he said."
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