Harvard trims bitcoin ETF holdings by 21%, builds $87 million ether position
Harvard Management Company reduced its Bitcoin ETF holdings by 21% while establishing a new $87 million position in an Ether ETF.Summary
Harvard Management Company (HMC) reduced its holdings in BlackRock's iShares Bitcoin Trust (IBIT) by 1.48 million shares during the fourth quarter, cutting its position by over 21% to $265.8 million as of December 31. Simultaneously, HMC initiated its first publicly disclosed investment in a fund tracking the second-largest cryptocurrency, establishing an $86.8 million position in BlackRock's iShares Ethereum Trust (ETHA). Despite the reduction, the remaining Bitcoin stake was still Harvard's largest publicly disclosed equity holding at $265.8 million, surpassing stakes in Alphabet, Microsoft, and Amazon. The moves occurred during a volatile quarter for crypto markets, and the strategy has drawn criticism from academic observers who view cryptocurrency as risky and lacking intrinsic value.
(Source：The Block)