Bitcoin 
Ethereum 
Tether 
BNB 
Solana 
XRP 
USDC 
Lido Staked Ether 
Cardano 
Avalanche 
Key Points
- The reported position equaled about 87 million dollars, based on quarter end pricing estimates.
- Harvard University reported an endowment value near 56.9 billion, while crypto assets stayed near one percent.
- HMC reported shifting allocations during late 2025, as budget pressure and policy risks grew.
- A recent SEC filing shows HMC buying iShares Ethereum Trust shares during Q4 2025.
Harvard Management Company shared their crypto exposure through ETHA, linked to the Ethereum spot market.
During the same period, Harvard Management Company (HMC) has reduced its iShares Bitcoin Trust holdings, reducing its overall exposure to bitcoin. As a result of this action, the number of shares in the iShares Bitcoin Trust has decreased to approximately 5.4 million from approximately 6.8 million. At that time, the dollar value of all remaining bitcoin holdings was approximately $266 million. Holding of crypto-linked assets across both Ethereum and Bitcoin is estimated to be approximately $352.6 million. Crypto assets make up less than 1% of the total amount of assets managed by HMC.
Second Quarter 2025 Report
Because the trusts are registered and therefore allow investors to access the underlying assets of a cryptocurrency trust in a regulated manner without the investor having to handle an actual digital wallet, investors pay attention to these filings. Prior to the publication of this filing, HMC had first revealed in its Second Quarter 2025 report that it held bitcoin fund exposure of approximately $117 million. Following subsequent reports, HMC’s holdings were increased to approximately $442.8 million before the current decrease in holdings commenced. The fact that Harvard Management Company is disclosing its exposure to crypto-assets, while also signaling a degree of caution via rebalancing, indicates the firm’s focus on governance, compliance, and liquidity as part of managing a large endowment portfolio.
In addition to revealing the company’s crypto asset exposure, Harvard Management Company also included in the same filing disclosure of the company’s holding of Ethereum. Disclosure of exposure to Ethereum is important due to the role Ethereum plays in supporting smart contract execution, token creation, and many other experimental uses for payments. Analysts who monitor Ethereum use its demand as a proxy for network utilization, fees generated by the network, and levels of user participation in staking.
Even though Ethereum is now among the disclosed crypto-linked equity positions for Harvard Management Company, Bitcoin remains the largest disclosed equity position.
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Partnerships with the Federal Government
Pressure from increasing spending versus increasing revenue in FY25 contributed to the deficit faced by Harvard of approximately $113 million.
Due to reduced partnerships with the Federal Government and tightened travel restrictions in various global regions, the university leaders have expressed concerns regarding enrollment trends.
Despite these challenges, strong investment returns and high levels of donor support allowed the endowment to grow to approximately $56.9 billion, which enables the university to fund research, provide scholarships, and make long-term commitments to the campus reliably. Exposure to crypto assets fits into the diversified mix of investments made by Harvard Management Company, including equity, private funds, and real assets.
Followers of Bitcoin and Ethereum should continue to monitor the filing for each quarter to understand when the number of shares owned by HMC will increase or decrease. While price fluctuations may cause the reported value of the crypto assets to fluctuate, changes in the number of shares will indicate how managers and committees make investment decisions. Additionally, there are structural issues associated with the use of ETFs, such as tracking error, trading spreads, and fees paid by long-term investors.
A second filing in 2026 will be required to determine if the exposure to ETHA increases or decreases over time.
The deficit faced by Harvard University
It creates an environment in which risk related to the use of crypto assets must be weighed against the potential benefits derived from exposure to Ethereum and Bitcoin. To conduct your own review of the level of risk associated with the allocation made by HMC, compare the size of the allocation made to crypto assets relative to the size of the total endowment and the annual spending needs of the university.
To conduct your own review of the market, follow ETF flows, the reporting of custody arrangements, and regulatory developments related to the ownership and use of crypto assets. Publicly available information regarding the crypto asset exposure of Harvard Management Company will continue to be provided through publicly available filings, and quarterly updates will remain essential.
