Harvard Reduces Q4 Bitcoin ETF Holdings by 21%, Adds $86 Million to Ethereum ETF Position

Harvard Management Company (HMC) cut its Bitcoin ETF holdings by roughly 21% in the fourth quarter of 2025 while launching its first-ever position in an Ethereum ETF, according to a February 16 filing with the U.S. Securities and Exchange Commission (SEC). As of December 31, HMC held 5.35 million shares of the iShares Bitcoin Trust, valued at approximately $265.8 million—down 1.48 million shares from the prior quarter (when it held 6.81 million shares, worth ~$442.8 million). Concurrently, HMC opened a 3.87 million-share position in the iShares Ethereum Trust, with a stake worth about $86.8 million—marking its first disclosed Ethereum ETF investment. In total, HMC’s combined exposure to Bitcoin and Ethereum now stands at roughly $352.6 million. Even with the Bitcoin reduction, the crypto asset remains HMC’s largest disclosed single-asset holding, topping individual stocks like Alphabet, Microsoft, and Amazon. The adjustment comes amid significant crypto market volatility. In Q4 2025, Bitcoin fell from a high of ~$126,000 to $88,429 by year-end, while Ethereum dropped by about 28% over the same period. Both assets are currently trading around $68,600 and $1,900, respectively.