Key Takeaways
- Harvard’s endowment maintained its BlackRock IBIT bitcoin ETF holdings at 3,044,612 shares valued at $101.4 million during Q2 2026, halting a two-quarter reduction pattern
- The combined IBIT holdings of Abu Dhabi sovereign wealth funds Mubadala and ADIC totaled $764 million, with both maintaining their share counts
- JPMorgan expanded its IBIT holdings to 10.4 million shares, while Morgan Stanley reduced its position by 4.5%
- Paul Tudor Jones’ Tudor Investment Corporation increased its IBIT stake, now controlling 688,529 shares valued at $22.9 million
- The endowment’s gold-related investments ($171.2 million) now exceed its bitcoin fund allocation, while SpaceX represents its largest disclosed position at $2.2 billion
The endowment fund of Harvard University maintained its position in BlackRock’s iShares Bitcoin Trust throughout Q2 2026, marking a shift from its previous reduction strategy. According to regulatory filings, the fund reported 3,044,612 shares valued at $101.4 million as of June 30, identical to the previous quarter’s share count.
The unchanged share count represents a departure from recent trends. During Q4 2025, Harvard reduced its IBIT holdings by 21%, followed by a more substantial 43% reduction in Q1 2026. The decrease in dollar valuation compared to the previous quarter stems from bitcoin’s price decline rather than share liquidation.
Regarding Ethereum exposure, Harvard has maintained its absence from the market. After completely divesting from BlackRock’s spot Ethereum ETF earlier in the year, the endowment has not re-entered that investment category.
Bitcoin’s current price hovers around $63,000, representing a nearly 30% decline year-to-date. This valuation sits approximately 50% below its October 2025 high of over $126,000.
Gold Allocation Surpasses Bitcoin Holdings at Harvard
The endowment’s precious metals allocation has overtaken its digital asset position, with $171.2 million invested in gold-related instruments versus $101.4 million in bitcoin funds. The gold allocation consists of $149.5 million in the iShares Gold Trust and $21.7 million in the SPDR Gold Trust.
Within Harvard’s disclosed investment portfolio, IBIT occupies the 11th position, representing 2.4% of its $4.26 billion in publicly reported holdings. While the complete endowment stands at approximately $57 billion, the majority resides in private investment vehicles exempt from 13F disclosure requirements.
The endowment’s most significant disclosed position is SpaceX, valued at $2.21 billion and comprising 52% of all reported holdings. Following SpaceX’s June public offering at $135 per share, which established a market capitalization near $1.8 trillion, Harvard’s longstanding pre-IPO investment automatically converted to publicly traded equity.
Dartmouth College similarly maintained its cryptocurrency ETF allocations without modification. The total value of its holdings across IBIT, a Grayscale Ethereum staking fund, and a Bitwise Solana fund decreased from $14.6 million to $12.4 million, attributed entirely to market fluctuations rather than portfolio rebalancing.
Major Financial Institutions Adjust Bitcoin ETF Exposure
The sovereign wealth funds of Abu Dhabi maintained stable positions. Mubadala reported 14.7 million IBIT shares worth $490.1 million, while the Abu Dhabi Investment Council held 8.2 million shares valued at $273.6 million. Both institutions kept their share counts unchanged.
JPMorgan expanded its IBIT allocation from 8.3 million to 10.4 million shares and significantly increased its BlackRock ether ETF position by more than four times. Conversely, Morgan Stanley decreased its IBIT holdings by 4.5% to approximately 16.5 million shares. The financial institution also reported 2.57 million shares in its proprietary Morgan Stanley Bitcoin Trust.
Tudor Investment Corporation expanded its position by acquiring 109,446 additional shares during the quarter, elevating its total to 688,529 IBIT shares worth $22.9 million. The investment firm also maintained IBIT put options representing an underlying value of $23.8 million.
As of August 13, BlackRock’s IBIT managed approximately $47.35 billion in net assets. Current 13F filing records indicate the ETF has attracted 1,500 institutional investors.
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