Bitcoin, less in the fragrance of sanctity

In the fourth quarter of 2025, Harvard Management Company (HMC), manager of the largest university endowment in the world with 56.9 billion dollars under management, significantly reduced its

The value of this line #bitcoin was set at 265.8 million dollars on December 31, 2025, compared to nearly 443 million three months earlier. This refocus comes as the price of $BTC has experienced marked volatility: after nearly touching 126,000 dollars in October, it fell to less than 90,000 dollars in early January.

Despite this significant reduction, the IBIT fund remains the largest publicly traded position in stocks for #harvard . This strategic choice contrasts with the trend observed among other American institutions: according to coindesk.com, the total number of IBIT shares held by institutions dropped from 417 million in the third quarter to only 230 million in the fourth quarter.

Ether attracts the prestigious university

For the first time, Harvard opened a significant position in Ether through the iShares #Ethereum Trust (ETHA) offered by #BlackRock⁩ . In the last quarter of the year, HMC acquired nearly 3.9 million ETHA shares for around 87 million dollars. This incursion changes the framework in the crypto diversification of the fund's portfolio.

Harvard's crypto investments represented 0.62% of its 56.9 billion dollars in assets under management as of June 30, 2025.

This is the first time Harvard has publicly showcased a direct exposure to Ethereum in its regulatory reports.

The valuation of Ether has also declined during this period: while it exceeded 4,000 dollars in early July 2025, it fell below 3,000 dollars six months later. Despite this bearish price context, the university seems to bet on the technological and financial potential of the Ethereum network to balance its exposure to digital assets.

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Change of direction in the crypto portfolio

The total exposure to crypto spot ETFs (Bitcoin and Ether) now amounts to just over 352 million dollars for Harvard at the end of December. This represents about 0.62% of the assets under management of the fund in the middle of the previous year. This proportion remains modest but symbolizes a stated desire to integrate cryptocurrencies into a diversified wealth management strategy.

This rebalancing comes as Harvard had significantly increased its Bitcoin position a few months earlier: it rose from 116 million in August to nearly 350 million in November. The shift towards Ether can therefore be interpreted as a desire to avoid overexposure to a single digital asset while benefiting from the dynamics specific to each major blockchain.

The key figures of quarterly transactions

Beyond crypto assets, the last quarter was marked by several notable adjustments in the fund's traditional stock portfolio. Harvard strengthened its presence in Alphabet (Google) with an increase of about 100 million dollars and in TSMC and Broadcom. Conversely, the university reduced its positions in Amazon (decrease estimated at nearly 80 million), Microsoft, and Nvidia.

Among the notable new moves is also the opening of a position in Union Pacific Corporation for a substantial amount: about 141 million invested in this American railway giant in the fourth quarter. Meanwhile, Harvard completely divested its stake in Light & Wonder (1.1 million shares) as well as a small position in Maze Therapeutics.

Why it matters

Harvard's rebalancing is not insignificant: it reflects a phase of cautious but active experimentation by large institutional investors regarding liquid and regulated cryptocurrencies via ETFs. The addition of Ether indicates a growing recognition of the differentiated role that several major blockchains can play in a diversified portfolio – even if their overall weight remains limited compared to other traditional asset classes.

Summary of key points

• In Q4 2025, Harvard reduced its Bitcoin ETF position by 21%, from 6.8 to 5.4 million shares.

• Harvard opened its first public position on Ethereum by purchasing approximately 3.9 million ETHA shares for 87 million dollars.

• As of December 31, 2025, Harvard's total exposure to crypto spot ETFs reached approximately 352 million dollars, or 0.62% of the assets.

Upcoming developments to watch

The next quarterly report from Harvard Management Company, expected after March 31, 2026, will allow us to verify whether the 21% reduction in exposure to Bitcoin and the opening of a position of 86.8 million dollars in Ether will be maintained or adjusted; any significant changes will be immediately observable in public filings with the SEC.