- Harvard Management Company cut its BlackRock Bitcoin ETF stake by 21% in Q4 2025, selling over 1 million shares.
- The endowment simultaneously opened a new, $87 million position in BlackRock’s spot Ether ETF.
- The moves occurred amidst significant price drops, with Bitcoin falling from over $120,000 to under $90,000 from July 2025 to January 2026.
- Harvard’s total crypto ETF investments comprised 0.62% of its nearly $57 billion endowment as of mid-2025.
In a strategic portfolio shift during Q4 2025, Harvard Management Company reduced its exposure to Bitcoin while entering the Ether market via exchange-traded funds. The endowment reported cutting its stake in the BlackRock iShares Bitcoin Trust ETF to $265.8 million from $442.9 million in the previous quarter. Consequently, its ETF share count dropped to 5.4 million in Q4 from 6.8 million in Q3 2025.
Simultaneously, the fund opened a new position in BlackRock’s iShares Ethereum Trust, purchasing over 3.8 million shares valued at roughly $87 million. These adjustments unfolded as cryptocurrency prices experienced notable volatility through late 2025 and early 2026. Bitcoin’s price fell from over $120,000 in July 2025 to under $90,000 by January, while Ether declined from above $4,000 to below $3,000 in the same period.
As of June 30, 2025, Harvard reported its endowment stood at $56.9 billion, making these crypto investments a 0.62% allocation. The portfolio managers also increased their stake in Alphabet by nearly $100 million while reducing their Amazon position by about $80 million.
Meanwhile, an AI hedge fund called Numerai raised $30 million from unnamed “top university endowments” in November. The fund’s announcement described these backers as “the smartest, most long-term allocators in the world,” triggering a 40% surge for its NMR token.
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