On February 16, according to a filing with the U.S. Securities and Exchange Commission (SEC), Harvard Management Company reduced its Bitcoin ETF holdings by approximately 21% in the fourth quarter of 2025, while simultaneously establishing its first Ethereum ETF position.
The documents show that as of December 31, Harvard held 5.35 million shares of iShares Bitcoin Trust, with a market value of approximately $265.8 million, a decrease of approximately 1.48 million shares from the previous quarter (previously holding 6.81 million shares, with a market value of approximately $442.8 million).
At the same time, Harvard opened a new position of 3.87 million shares of iShares Ethereum Trust, with a holding of approximately $86.8 million, marking its first publicly disclosed Ethereum ETF investment.
Overall, Harvard's current combined exposure to Bitcoin and Ethereum is approximately $352.6 million. Despite the reduction in holdings, Bitcoin remains Harvard's largest disclosed single equity asset holding, exceeding that of individual stocks such as Alphabet, Microsoft, and Amazon.
This adjustment occurred against the backdrop of significant volatility in the crypto market. In the fourth quarter of 2025, Bitcoin fell from a high of approximately $126,000 to $88,429 by the end of the year, while Ethereum fell by approximately 28% during the same period. Currently, both are fluctuating around $68,600 and $1,900 respectively.
