Harvard Trims Bitcoin 21%, Enters Ethereum Holdings

Harvard Management Company, the investment arm overseeing Harvard University's $56.9 billion endowment, reduced its Bitcoin holdings by about 21 percent while making its first investment in Ethereum during the fourth quarter of 2025. The moves, detailed in a recent Securities and Exchange Commission filing, reflect a strategic rotation within cryptocurrency assets amid a period of market volatility.

The company sold roughly 1.5 million shares of the iShares Bitcoin Trust, trimming the position's value to approximately $266 million. Despite the reduction, Bitcoin remains the endowment's largest publicly disclosed equity holding. In a contrasting shift, Harvard acquired nearly 4 million shares of the iShares Ethereum Trust, valued at $86.8 million. This marked the university's initial exposure to Ethereum, bringing its total cryptocurrency-linked investments to about $353 million, or roughly 1 percent of the endowment.

The adjustments occurred as both assets faced significant price declines. Bitcoin, which had reached a peak of around $126,000 in October 2025, fell to $88,429 by the end of the quarter, contributing to a year-to-date drop of 22.8 percent. Ethereum shed about 28...