Harvard Management Company Rebalances Crypto ETF Holdings

Harvard Management Company reduced its iShares Bitcoin Trust (IBIT) position by about 1.48–1.50 million shares, a roughly 21% decline, in Q4 2025 and initiated a position in the iShares Ethereum Trust (ETHA). At quarter-end it held approximately 5.35–5.40 million IBIT shares valued at $265–266 million and approximately 3.87–4.00 million ETHA shares valued at $86.8–87 million, for combined ETF positions of about $352.6 million, near 1% of Harvard’s $56.9 billion endowment. IBIT was the largest disclosed public equity holding by reported market value, ahead of Alphabet, Microsoft and Amazon. Bitcoin moved from a near-record of about $126,000 in October 2025 to a Dec. 31 close of $88,429, and Ethereum finished the year about 28% lower. Harvard used ETF wrappers to adjust exposure without on-chain custody, to access standard settlement through prime brokers, and to integrate crypto exposure into existing compliance and reporting workflows. Harvard’s Bitcoin ETF exposure had peaked near $442.8 million earlier in 2025, and its total crypto sleeve remained in a satellite allocation of roughly 1% of assets. The same 13F filing showed a new position in Union Pacific and rebalancing across technology and industrial sectors. The filing and commentary identified valuation debates, policy developments and tax rules as factors that could influence future committee decisions, and upcoming 13F filings will show whether Harvard increases its ETHA stake, holds steady, or further pares IBIT. 

Source: https://web3businessnews.com/crypto/harvard-crypto-rebalance-q4-2025/

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