Harvard Management Company reported a reduction in its holdings of the iShares Bitcoin Trust (NASDAQ: IBIT) while simultaneously establishing a new position in BlackRock’s Ethereum-based fund.
The changes were disclosed in a 13F filing with the Securities and Exchange Commission for the quarter ended December 31, 2025.
The university endowment ended the fourth quarter with 5,353,612 shares of the BlackRock-issued bitcoin fund. The position was valued at $265,806,836 as of the filing date. This represents a decrease of approximately 21% from the 6.81 million shares reported in the previous quarter.
Harvard allocated capital to the iShares Ethereum Trust (NASDAQ: ETHA) during the same period. The filing lists a new purchase of 3,870,900 shares in the ether fund. The stake had a market value of approximately $86.8 million at the end of the year.
The portfolio adjustments indicate a rotation of capital within the cryptocurrency sector rather than a departure from the asset class. The endowment trimmed its exposure to the largest cryptocurrency while diversifying into the second-largest digital asset by market capitalization.
Institutional flows into spot cryptocurrency products faced headwinds early in the new year. Bitcoin ETFs saw significant outflows in January, including one three day period totaling over $1.1 billion over. The reduction in Harvard’s IBIT position aligns with this broader trend of institutional de-risking observed in early 2026.
The 13F filing provides a snapshot of the endowment’s long equity positions as of the final day of 2025. Institutional investment managers with over $100 million in qualifying assets are required to disclose these holdings quarterly to the U.S. Securities and Exchange Commission.
