TL;DR
- Harvard reduced its Bitcoin ETF position by about 21% to $265.8 million and opened its first Ethereum investment worth roughly $86.8 million.
- Total exposure reached $352.6 million; Bitcoin remains the largest public holding and exceeds Alphabet, Microsoft, and Amazon.
- Some finance professors questioned the strategy, citing high risk and the lack of a clear valuation method for cryptocurrencies.
Harvard Management Company adjusted its exposure to crypto assets during the fourth quarter of 2025. The manager cut its Bitcoin ETF position and opened its first investment in an Ethereum ETF. The information comes from a 13F filing submitted to the SEC.
The institution held 5.35 million shares of the iShares Bitcoin Trust at the end of the quarter, valued at $265.8 million. In the previous quarter it reported 6.81 million shares worth $442.8 million. The adjustment represents a reduction of about 21% in the position.
At the same time, Harvard acquired 3.87 million shares of the iShares Ethereum Trust for approximately $86.8 million. The operation marks the endowment’s first public investment in an instrument directly linked to Ethereum. The combined investment across the two assets totals about $352.6 million.
Bitcoin remains the largest publicly disclosed position in Harvard’s portfolio and exceeds the value of its stakes in Alphabet, Microsoft, and Amazon. The endowment’s total portfolio is around $56.9 billion, so the reported positions represent only a fraction of the assets under management.
Moves During a Volatile Quarter
The quarter brought significant market price swings. Bitcoin reached approximately $126,000 in October 2025 and closed the year at $88,429. Ethereum fell by about 28% over the same period. At the time of the report, prices stand near $68,600 for BTC and $1,900 for ETH.
Academic Observations on Harvard’s Strategy
Some finance professors questioned the fund’s strategy. Andrew F. Siegel said the Bitcoin investment carries a high level of risk and pointed to the absence of intrinsic value as a relevant factor. Avanidhar Subrahmanyam stated that he considers cryptocurrencies an asset without a clear valuation method and extended that view to the new Ethereum position.
Their statements came after the public disclosure of the portfolio changes. Harvard has not issued additional comments on the investments nor responded to the criticism
