Harvard cuts bitcoin exposure by 20%, adds new ether position

Harvard University's $56.9 billion endowment, managed by the Harvard Management Company (HMC), decreased its exposure to Bitcoin by selling roughly 1.5 million shares of the iShares Bitcoin Trust (IBIT), representing a 21% reduction, even as Bitcoin's price declined from its peak. Concurrently, HMC made its first disclosed investment in Ether by purchasing nearly 3.9 million shares of BlackRock's iShares Ethereum Trust (ETHA), valued at about $86.8 million. Experts suggest this shift might be less about sentiment and more about unwinding trades that capitalized on Bitcoin treasury companies trading at premiums to their net asset value (mNAV), a premium that has since narrowed significantly. Furthermore, the endowment increased investments in chipmakers like Broadcom and TSMC, and tech/transportation companies like Alphabet and Union Pacific, while trimming stakes in Amazon, Microsoft, and Nvidia.

(Source：CoinDesk)