Harvard Trims Bitcoin Position by 21% in Q4 Portfolio Shift

Harvard Management Company adjusted its cryptocurrency exposure in the fourth quarter of fiscal year 2025 by cutting its Bitcoin holdings in BlackRock's iShares Bitcoin Trust by approximately 21%, reducing its stake by about 1.48 million shares to 5.35 million shares, valued at $265.8 million as of December 31. Concurrently, the firm established its first publicly disclosed position in an Ethereum ETF, purchasing 3.87 million shares of BlackRock's iShares Ethereum Trust, valued at $86.8 million. Despite the trim, Bitcoin remained Harvard's largest publicly disclosed equity holding. This shift occurred during a volatile period for digital assets, where Bitcoin peaked near $126,000 in October 2025 before falling to $88,429 by year-end. The university's investment strategy has faced criticism, with one finance professor citing Bitcoin's lack of intrinsic value as a source of risk. Beyond crypto, Harvard also initiated a large stake in Union Pacific Corporation and increased holdings in several tech firms while exiting positions in Light & Wonder and Maze Therapeutics.

(Source：Bitcoin Magazine)