Harvard University’s $56.9 billion endowment has adjusted its digital asset strategy, reducing its Bitcoin exposure while establishing a position in Ether. Recent SEC filings reveal that the Harvard Management Company (HMC) purchased approximately 3.9 million shares of the iShares Ethereum Trust (ETHA), valued at $86.8 million. Simultaneously, the university trimmed its holdings in the iShares Bitcoin Trust (IBIT) by 21%, though Bitcoin remains its largest public digital asset holding at $265.8 million.
This reallocation coincides with a broader institutional trend where IBIT ownership fell significantly in the fourth quarter. Analysts suggest the shift reflects the unwinding of trades targeting the premium to net asset value of Bitcoin treasury companies. As premiums on firms like Strategy compressed, institutional investors liquidated arbitrage-focused positions to capture realized gains or minimize exposure to narrowing spreads.
Beyond crypto, the endowment shifted its equity focus toward semiconductor firms like Broadcom and TSMC. The pivot toward Ether suggests strategic diversification within the digital asset class. This rebalancing allows Harvard to maintain blockchain exposure while mitigating concentration risk after Bitcoin’s significant price appreciation throughout the previous year.
