Harvard University's Bitcoin portfolio is currently showing a paper loss of approximately $40 million following the market crash.

According to Mars Finance, market sources indicate that Harvard University's latest filing with the US SEC reveals a loss of approximately $40 million in its Bitcoin ETF holdings following the cryptocurrency market crash, which eroded the value of its substantial holdings. The university increased its stake in the iShares Bitcoin Trust ETF last quarter, bringing its holdings close to $500 million. Even with Tuesday's brief Bitcoin rebound, the quarterly decline still exceeds 20%. If Harvard had sold its shares in early October, it might have avoided further losses or made a small profit before prices fell further. However, its average purchase price was not disclosed. Even if the university still holds some or all of the 4.9 million shares purchased last quarter, the most optimistic scenario shows a 14% loss. This calculation assumes Harvard bought the shares in early July, when Bitcoin's trading price was at its lowest point during the quarter. Based on this timing, the shares purchased at that time for approximately $294 million would now be worth approximately $255 million. In the second quarter of this year, ahead of the Bitcoin price surge in 2025, Harvard University purchased 1.9 million shares. This holding may currently be showing a small loss or a slight profit, depending on the timing of the purchase. On paper, this loss has had a negligible impact on Harvard University's balance sheet. The university manages a $57 billion endowment fund, the largest in the United States. As of September 30, its Bitcoin holdings accounted for less than 1% of its total assets.