Harvard Endowment Reduces Bitcoin ETF Holdings by 21%, Initiates Position in Ethereum ETF

Harvard University’s $56.9 billion endowment reduced its exposure to a spot bitcoin exchange-traded fund while initiating its first investment in an ether-focused ETF during the fourth quarter. According to CoinDesk, Harvard Management Company disclosed in a filing with the U.S. Securities and Exchange Commission that it purchased nearly 3.9 million shares of BlackRock’s iShares Ethereum Trust (ETHA), marking its first reported position tied to ether. At the same time, the endowment cut its stake in the iShares Bitcoin Trust (IBIT) by about 21%, selling roughly 1.5 million shares. Despite the reduction, IBIT remains Harvard’s largest publicly disclosed holding, valued at $265.8 million. The portfolio adjustment followed a decline in bitcoin’s price from an all-time high of around $125,000 in October to just below $90,000 at the end of the quarter. Andy Constan, founder and chief investment officer at Damped Spring Advisors, said the move may reflect market dynamics rather than a shift in sentiment. He suggested the sale could be linked to the unwinding of a strategy aimed at exploiting premiums in digital asset treasury companies, which had traded above the value of their bitcoin holdings as measured by multiple of net asset value, or mNAV.