TLDR
- Harvard holds $87M in Ethereum ETF for the first time in Q4 2025.
- Bitcoin holdings reduced from 6.8M to 5.4M shares, valued at $266M.
- Total crypto-linked investments reach $352.6M, around 1% of endowment.
- Harvard endowment reaches $56.9B despite a $113M fiscal year 2025 deficit.
Harvard Management Company (HMC) revealed its first investment in an Ethereum-linked fund. The university acquired $87 million worth of iShares Ethereum Trust (ETHA) in the fourth quarter of 2025, according to its latest SEC filing.
🚨JUST IN: Recent filings show Harvard cut its iShares Bitcoin Trust holdings by 21% to $265.8M while opening a new $86.8M position in BlackRock’s iShares Ethereum Trust. pic.twitter.com/N61ddbW617
— SolanaFloor (@SolanaFloor) February 16, 2026
The investment marks the first reported position tied to Ethereum, the second-largest cryptocurrency by market value. Harvard’s move comes after the university initially entered Bitcoin funds earlier in 2025.
Changes in Bitcoin Holdings
The endowment reduced its Bitcoin exposure during the same quarter. Harvard cut its iShares Bitcoin Trust holdings from roughly 6.8 million shares to 5.4 million shares.
At the time of reporting, the remaining Bitcoin stake was valued at nearly $266 million. Despite the reduction, Bitcoin remains Harvard’s largest disclosed cryptocurrency position. The university first reported its Bitcoin investments in the second quarter of 2025, starting with $117 million.
Overview of Crypto Investments
Overall, HMC held $352.6 million in crypto-linked investments by the end of the fourth quarter of 2025. These assets represented about 1% of the total endowment, which stood at $56.9 billion.
The university’s crypto strategy shows a measured approach, balancing growth opportunities in digital assets with risk management. The Ethereum investment complements existing Bitcoin positions, reflecting a diversified cryptocurrency portfolio.
Financial Context and Endowment Health
Harvard reported a fiscal year 2025 deficit of $113 million. The shortfall occurred as spending grew nearly twice as fast as revenues.
Despite this, strong investment returns and increased donor contributions supported the endowment’s growth. Leadership noted that financial pressures could continue due to declining federal research partnerships, tighter student mobility, and potential endowment tax increases.
Harvard’s current endowment provides a financial buffer to address these challenges while allowing continued investments in strategic assets such as cryptocurrencies.
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