Harvard endowment slashes bitcoin ETF stake by $177 million while adding ethereum for the first time

Harvard University’s endowment cut its BlackRock bitcoin ETF stake by more than $177 million in the fourth quarter of 2025 while simultaneously disclosing its first-ever investment in an ethereum ETF, a 13F filing with the SEC shows.

The filing indicates that the Harvard bitcoin ETF allocation held through ’s totaled 5.35 million shares valued at $265.8 million at the end of the quarter. That represents a reduction of 1.48 million shares compared to the previous quarter, when the endowment held 6.81 million shares worth $442.8 million.

The move marks a more than 20% cut to the Harvard bitcoin ETF position over the three-month period.

Despite the reduction, the Harvard bitcoin ETF stake remained the endowment’s largest publicly disclosed equity holding at year-end, exceeding reported positions in major technology firms.

First-ever ethereum ETF position disclosed

While trimming its Harvard bitcoin ETF allocation, the endowment simultaneously initiated its first publicly disclosed investment in an ethereum-focused exchange-traded fund.

The filing shows that Harvard purchased 3.87 million shares of , also managed by BlackRock. The new position was valued at $86.8 million as of Dec. 31.

The addition marks a notable expansion of Harvard’s digital asset exposure beyond the Harvard bitcoin ETF, signaling a broader diversification into crypto-linked investment vehicles. It also reflects the increasing institutional availability of spot cryptocurrency ETFs following regulatory approvals in the United States.

With the new ethereum allocation combined with the adjusted Harvard bitcoin ETF stake, the university’s total crypto ETF exposure reached $352.6 million by the close of 2025.

Market volatility frames Harvard bitcoin ETF strategy

The portfolio rebalancing occurred during a turbulent stretch for digital asset markets. Bitcoin reached a peak of roughly $126,000 in October 2025 before declining to $88,429 by Dec. 31, according to data from . Ethereum fell approximately 28% over the same quarter.

More recently, bitcoin traded near $68,600, while ethereum hovered around $1,900, based on CoinCodex figures.

The volatility underscores the risk profile associated with large-scale institutional exposure to crypto-linked products, including the Harvard bitcoin ETF allocation. Although the endowment reduced its bitcoin position, it maintained a substantial stake relative to other public equity disclosures.

The persistence of the Harvard bitcoin ETF as the institution’s largest disclosed equity holding suggests that, despite short-term market swings, digital assets remain a significant component of its public investment strategy.

Academic skepticism over crypto exposure

The shift in allocations has drawn scrutiny from some academics a finance professor at UCLA, questioned the broader digital asset strategy.

“The addition of Ethereum increases my concerns about Harvard’s exposure to digital assets,” — Avanidhar Subrahmanyam, Finance Professor, UCLA.

He further described cryptocurrency as “an unproven asset class with unclear valuation methods,” emphasizing ongoing uncertainty surrounding long-term fundamentals.

Subrahmanyam also suggested that the performance of Harvard’s bitcoin position reinforced his skepticism.

“I believe the performance of Harvard’s Bitcoin position only reinforced my skepticism,” — Avanidhar Subrahmanyam, Finance Professor, UCLA.

The remarks reflect a wider debate within academic and financial circles about institutional participation in crypto markets. Critics argue that valuation frameworks remain underdeveloped, while proponents contend that exchange-traded products such as the Harvard bitcoin ETF provide regulated, transparent access to digital assets.

For now, the latest filing shows that while Harvard recalibrated its exposure, the Harvard bitcoin ETF remains central to its disclosed equity portfolio — even as ethereum enters the mix for the first time.