
Harvard Management Company rebalanced its crypto portfolio in Q4 2025, trimming Bitcoin ETF exposure and making a first Ethereum ETF investment amid market volatility.
In Q4 2025, Harvard Management Company reduced its iShares Bitcoin Trust holdings by about 21%, selling approximately 1.5 million shares and bringing its Bitcoin ETF stake to 5.35 million shares worth $265.8 million. Meanwhile, it purchased 3.87 million iShares Ethereum Trust shares valued at $86.8 million, marking its first Ethereum ETF investment. The move coincided with Bitcoin price turbulence, with crypto ETF exposure totaling around $350 million. The adjustment reflects broader institutional shifts as IBIT holdings among institutions fell from 417 million to 230 million shares over the quarter.