Harvard Trims Bitcoin ETF, Adds Ethereum Stake in Q4

Harvard Management Company reduced its iShares Bitcoin Trust stake by about 20% in Q4 and initiated a position in the iShares Ethereum Trust ETF. The endowment held 5,353,612 shares of the Bitcoin ETF at year-end, down from 6,813,612 in Q3, valued at $265.8 million. It also reported 3,873,044 shares of the Ethereum ETF, valued at $86.8 million, bringing total spot crypto ETF exposure to $352 million. Harvard first disclosed a $116 million Bitcoin ETF position in August 2025 and tripled it by November to about $350 million. The adjustments come amid net outflows from spot Bitcoin ETFs in late 2025 and early 2026. Observers suggest the reallocation reflects relative value positioning, diversification, or institutional constraints. Harvard may be making a relative value trade, perming ETH undervalued vs BTC, or managing exposure limits. The move aligns with growing institutional interest in staking-enabled products and treating crypto as a multi-asset class.