Harvard cuts bitcoin ETF stake by 21% and opens $87M Ethereum position

Harvard’s endowment has reduced its position in the iShares Bitcoin Trust by 21% in the fourth quarter while initiating its first major allocation to Ethereum through the iShares Ethereum Trust. Quarterly filings from Harvard Management Company show a combined $352.6 million in exposure to the two largest cryptocurrencies.

The fund cut its bitcoin ETF holdings to 5.35 million shares worth $265.8 million – down by 1.48 million shares from the previous quarter, when the position was valued at $442.8 million. At the same time, Harvard disclosed the purchase of 3.87 million shares of the iShares Ethereum Trust worth $86.8 million, marking its first publicly reported entry into a large-scale Ethereum product.

The shift came during a sharp market downturn: bitcoin fell from its October peak of $126,000 to $88,429 by December 31, while ether declined about 28% over the same period. This week, BTC and ETH are trading near $68,600 and $1,900. Despite the reduction, bitcoin remains the fund’s largest publicly disclosed holding, ahead of its stakes in Alphabet, Microsoft, and Amazon.

Harvard’s crypto strategy has drawn criticism from some academics. Professor Andrew Siegel called bitcoin a “high-risk asset,” citing its 22.8% decline year-to-date and arguing it lacks “intrinsic value.” Professor Avanidhar Subrahmanyam said the addition of ether reinforces his skepticism about including crypto in university endowments, pointing to uncertainty around valuation methods for digital assets.

By adjusting its portfolio, the fund is effectively diversifying its crypto exposure across the two dominant networks while keeping bitcoin at the core of its digital allocation, despite market pressure and academic pushback.