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According to the university’s latest 13F filing with the U.S. Securities and Exchange Commission, the investment fund held 5.35 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) as of the fourth quarter of 2025.
The move reflects a reduction of 1.48 million shares from the previous quarter, when Harvard held 6.81 million shares valued at $442.8 million.
IBIT is the world’s largest spot BTC ETF, with approximately $52 billion in net assets according to SoSoValue data.
During the same quarter, Harvard established a new $86.8 million stake in BlackRock’s iShares Ethereum Trust, acquiring 3.87 million shares, according to the filing. The Ether investment represents the endowment’s first publicly disclosed position in a fund tied to the world’s most valuable cryptocurrency.



 The adjustments occurred amid a turbulent quarter for cryptocurrency markets. Bitcoin reached a high of $126,080 in October 2025 before sliding to around $88,400 by Dec. 31, while Ether fell roughly 27% during the same timeframe. As of publication time, Bitcoin and Ether are trading near $68,792 and $1,972, respectively, according to crypto data provider CoinGecko.
Even after trimming its holdings, Bitcoin is still Harvard’s largest publicly disclosed equity position as of Dec. 31. The $265.8 million stake surpassed the endowment’s investments in Alphabet, Microsoft, and Amazon, the filing shows.
Not Everyone Is Impressed With Harvard’s Crypto Strategy
Harvard’s approach to cryptocurrency has attracted criticism from academics, according to a Monday report from the Harvard Crimson.
Andrew F. Siegel, emeritus finance professor at the University of Washington, called the Bitcoin holding “risky,” pointing to a 23% year-to-date loss. He further noted that part of the risk arises from Bitcoin lacking intrinsic value.
Avanidhar Subrahmanyam, a finance professor at UCLA, said the decision to add Ether reinforces his concerns about the endowment’s digital asset allocation. He described cryptocurrencies as a still-developing asset class with uncertain valuation frameworks, adding that recent market performance has strengthened his earlier doubts about Harvard’s Bitcoin exposure.
