- Harvard University, through its endowment manager, sold a portion of its Bitcoin ETF holdings to purchase a significant stake in an Ethereum ETF in the fourth quarter.
- Cryptocurrency markets began the week slightly lower, with Bitcoin trading near $67,000 and other major assets seeing minor losses.
- Fast-food chain Steak ‘n’ Shake reported a dramatic increase in sales directly linked to its adoption of Bitcoin payments over the past nine months.
Harvard Management Company rotated a portion of its substantial cryptocurrency allocation from Bitcoin to Ethereum last quarter, according to a recent SEC filing. This strategic shift by one of the world’s largest university endowments signals growing institutional interest in Ethereum’s ecosystem.
The institution sold 1.46 million shares of the iShares Bitcoin Trust (IBIT), reducing that position to approximately $265 million. It simultaneously initiated a new $86.8 million position in the iShares Ethereum Trust.
Sean Bill, co-founder of Bitcoin Standard Treasury Company, interpreted the move as Harvard likely “making a relative value trade with the belief that ETH is undervalued relative to BTC.” Consequently, Jennifer Ouarrag of Twinstake called it a “recalibration toward assets with multiple return drivers.”
Meanwhile, the broader crypto market opened with slight losses, with Bitcoin trading around $67,000. In a related collectibles surge, Logan Paul’s rare Pokemon card sold for a record $16.5 million at auction.
Separately, fast-food chain Steak ‘n’ Shake said its Bitcoin adoption has driven a dramatic increase in sales. Additionally, exchange Kraken announced it will sponsor Trump Accounts for newborns in Wyoming.
In development news, Andre Cronje opened the Flying Tulip public ICO at a $1 billion valuation. Also, Ethereum Foundation co-executive director Tomasz Stańczak will step down at the end of February.
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