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Harvard University increased its Bitcoin ETF holdings to $442 million in the third quarter while boosting gold ETF exposure to $235 million, allocating nearly twice as much to digital assets as traditional hedges despite an estimated $40 million unrealized loss on its crypto position.
The moves, disclosed in November SEC filings, place Harvard’s Bitcoin holdings ahead of its stakes in Amazon, Microsoft, and Nvidia, signaling continued institutional conviction in digital assets amid market volatility.
Despite the downturn, the institution has now accumulated nearly half a billion dollars in digital-asset investment vehicles, underscoring a long-term commitment that puts the focus squarely on the Harvard Bitcoin ETF as a strategic anchor of its portfolio.
The university’s filing also widens the broader debate over institutional exposure to digital assets—especially as Ivy League and state institutions increase allocations. The question now is whether Harvard’s aggressive positioning in the Harvard Bitcoin ETF reflects conviction or calculated risk.
One of the most notable shifts in Harvard’s strategy is its intensified tilt toward gold. Bitwise Chief Investment Officer Matt Hougan highlighted the change in a post on X, noting that the university boosted its gold ETF allocation from $102 million to $235 million.
“Think about that for a second: Harvard decided to put on a debasement trade, and it allocated bitcoin 2-to-1 over gold,” —Matt Hougan, CIO, Bitwise Asset Management.
Rising expectations of interest rate cuts by the Federal Reserve have pushed gold prices above $4,210 per ounce, building on a 2.38% gain in recent sessions and marking a 58.39% surge over the past year.
Although gold briefly retreated from its October all-time high of $4,380 per ounce due to concerns about U.S. fiscal health, it recovered after the 43-day government shutdown ended on November 12.
This renewed appetite for hedging assets adds context to Harvard’s broader shifts, as the Harvard Bitcoin ETF strategy plays out alongside a traditional safe haven.
Even as gold surged, Bitcoin took a more turbulent path. Since December 8, 2024, Bitcoin has fallen 9.6%, despite optimism among crypto investors that a Christmas rally could push the asset back above $100,000.
Harvard’s position in the Harvard Bitcoin ETF has been hit hard, generating an estimated 14% unrealized loss on its 4.9 million-share purchase.
Market analytics firm Investtech reported that Bitcoin “has broken above the ceiling of a falling trend channel,” though warned of a “sideways pattern” and a “slightly negative technical position” in the short term.
Harvard’s timing appears to have amplified the impact: had the institution exited its Harvard Bitcoin ETF exposure in early October, it might have broken even—or secured a modest gain.
Harvard is not alone in expanding digital-asset allocations. Several academic and state institutions have increased their crypto holdings this year, demonstrating a wider institutional shift that contextualizes the Harvard Bitcoin ETF strategy.
Brown University disclosed approximately $14 million in crypto ETF holdings at the end of Q3 2025. The State of Michigan Retirement System tripled its Bitcoin ETF exposure in Q2, now holding 300,000 shares valued near $9.8 million, alongside a $12.2 million Ethereum allocation.
The State of Wisconsin Investment Board continues to be one of the largest state pension participants in the digital-asset space, with more than 6 million shares of BlackRock’s iShares Bitcoin Trust—valued at over $350 million.
Emory University, one of the earliest U.S. endowments to reveal crypto ETF exposure, increased its stake in the Grayscale Bitcoin Mini Trust from under 500,000 shares to more than 1 million, valued at roughly $52 million.
Although these institutions are diversifying, Harvard’s moves—particularly its aggressive positioning in the Harvard Bitcoin ETF—continue to draw the most attention due to the scale and timing of its investments.
