Harvard’s Crypto Capers: Bitcoin Takes a Backseat, Ethereum Enters the Ballroom

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What Ho, Key Takeaways!

  • Old Harvard, the egghead of endowments, has given Bitcoin the cold shoulder, trimming its ETF stake by a whopping 21 percent. Still, it clings to the top spot like a limpet on a rock.
  • In a move that’s more daring than Bertie Wooster at a fancy dress ball, the brainiacs have waltzed into the Ether ETF, splashing out nearly $87 million. Toodle pip, Bitcoin-Ethereum’s in town!
  • This isn’t a retreat, mind you, but a spot of diversification. Harvard’s not abandoning the crypto ship; it’s merely rearranging the deck chairs-with a dash of panache.

Well, I’ll be jiggered! According to the latest 13F filing with the SEC, Harvard Management Company (HMC) has been tinkering with its portfolio like Jeeves polishing silver. In the fourth quarter of 2025, they gave Bitcoin the old heave-ho, reducing their ETF allocation, while simultaneously dipping their toes into the Ether ETF pool for the first time. What a lark!

This little maneuver, my dear reader, is akin to swapping a stiff whiskey for a glass of champagne-a shift from a Bitcoin-heavy bash to a more eclectic crypto soiree. And all this while the crypto markets were doing the Charleston in a hurricane.

A Spot of Portfolio Jiggery-Pokery in Q4

Harvard, the old bean, trimmed its stake in the iShares Bitcoin Trust (IBIT), managed by those chaps at BlackRock. A 21 percent reduction, no less! They sold off 1.46 million shares, as if offloading last season’s trousers.

In the third quarter of 2025, they were sitting pretty with 6.81 million IBIT shares, valued at a cool $442.8 million. But by December 31, 2025, that number had shrunk to 5.35 million shares, worth a mere $265.8 million. Still, it remains their largest disclosed U.S. equity position, accounting for a hearty 12.8 percent of their 13F-reportable assets. Not too shabby, what?

Meanwhile, they’ve taken a shine to the iShares Ethereum Trust (ETHA), also managed by BlackRock. Harvard snapped up 3.87 million shares, valued at approximately $86.82 million by quarter’s end. This new Ether ETF position now makes up 4.18 percent of their reportable U.S. equity portfolio. Top hole!

By mid-February 2026, the market had its say, as markets are wont to do. The IBIT shares were valued at around $198 million, while the ETHA position had taken a bit of a tumble, down to roughly $59.7 million. Such is the life of the crypto high-flyer.

Top Public Holdings as of Year-End 2025

Harvard’s 13F portfolio, a veritable smorgasbord of investments, includes 19 positions totaling about $2.08 billion. The top five, if you’re keeping score at home, are:

  • iShares Bitcoin Trust (IBIT) – $265.81 million – 12.8%
  • Alphabet Inc. (GOOGL) – $252.87 million – 12.2%
  • SPDR Gold Trust (GLD) – $248.27 million – 11.9%
  • Microsoft Corp. (MSFT) – $236.82 million – 11.4%
  • Booking Holdings (BKNG) – $180.25 million – 8.7%

The presence of both Bitcoin and gold ETFs in the top three is a bit like having both a top hat and a fez in your wardrobe-Harvard’s hedging its bets on alternative stores of value, while keeping a foot in the tech equities door. Clever chaps.

A Spot of Turbulence in the Crypto Skies

All this portfolio rejigging happened during a rather bumpy ride for digital assets. Bitcoin, the old warhorse, surged to a dizzying $126,000 in October 2025 before taking a header to $88,429 by year’s end. IBIT, for its part, has rallied about 40 percent since its launch in early 2024, but ETHA has had a rougher go of it, trading near $15.44 in February 2026-some 41 percent below its launch levels. Crikey!

Against this backdrop, Harvard’s decision to trim Bitcoin while embracing Ether is less a retreat and more a strategic shuffle. They’re not jumping ship; they’re merely adjusting the sails. The endowment remains knee-deep in digital assets, but with a more balanced approach as the crypto winds shift.

Now, a word to the wise: This article is for educational purposes only and doesn’t constitute financial advice. Don’t go betting the farm on crypto just because Harvard’s having a go. Always do your own research and consult a licensed financial advisor before making any investment decisions. Toodle pip!

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2026-02-16 16:16