Overview
- Harvard Management Company reduced its iShares Bitcoin Trust holding by about 1.5 million shares, a 21% cut to 5.35 million shares valued at $265.8 million as of Dec. 31.
- The endowment opened its first position in the iShares Ethereum Trust with roughly 3.87 million shares worth about $86.8 million.
- Combined exposure to the two spot crypto ETFs totaled around $352.6 million at quarter’s end, based on the SEC Form 13F filing released in mid-February.
- The rebalancing followed a turbulent quarter for digital assets, with Bitcoin falling from near $126,000 in October to about $88,429 by year-end as Ethereum declined roughly 28–30%.
- Academics questioned the strategy’s risk and diversification, Harvard declined to comment, and the filing also showed broader portfolio shifts including a new Union Pacific stake and exits from Light & Wonder and Maze Therapeutics.