Harvard Management Company switched its exposure to cryptocurrencies in the fourth quarter of fiscal 2025, reducing its Bitcoin holdings while establishing its first position in the Ethereum exchange-traded fund, according to a regulatory filing released Friday.
The fund’s investment manager purchased 3.87 million shares of BlackRock’s iShares Ethereum Trust, valued at $86.8 million as of Dec. 31. The move marks Harvard University’s first public investment related to Ethereum.
At the same time, Harvard University reduced its position in BlackRock’s iShares Bitcoin Trust. The company held 5.35 million shares at the end of the quarter, valued at $265.8 million, down from 6.81 million shares in the previous quarter. The reduction reached approximately 1.48 million shares (approximately 21%).
Despite the reduction, Bitcoin remains Harvard’s largest public equity holding, surpassing the endowment’s reported stakes in major technology companies such as Alphabet, Microsoft, and Amazon. At the end of the quarter, the combined exposure to the two crypto funds totaled $352.6 million.
The portfolio transition comes at a tumultuous time for digital assets. According to data from Bitcoin Magazine Pro, Bitcoin peaked around $126,000 in October 2025 before falling to $88,429 by December 31st.
Ethereum has fallen by about 30% over the same period.
Bitcoin has no intrinsic value
According to the Harvard Crimson, Harvard University’s investment strategy has drawn criticism from academics. Andrew F. Siegel, a professor emeritus of finance at the University of Washington, called the fund’s investment in Bitcoin risky, pointing to the 22.8% fall since the beginning of the year and arguing that part of Bitcoin’s risk is its lack of intrinsic value.
Beyond cryptocurrencies, Harvard University has acquired a new $141 million stake in Union Pacific Corporation, one of the largest freight rail operators in the United States.
The investment follows Union Pacific’s announcement in July 2025 of its planned merger with Norfolk Southern, a deal that is expected to create the nation’s first transcontinental rail network.
This quarter also saw some divestitures from previous holdings. Harvard University sold all 1.1 million shares of its largest holding, gambling products maker Light & Wonder, and liquidated a small stake in Maze Therapeutics, a biotechnology company focused on precision medicine.
Harvard University has increased its exposure to multiple technology companies, more than tripling its stake in Broadcom stock and increasing its holdings in Google and Taiwan Semiconductor Manufacturing Company. This donation resulted in the elimination of positions at Amazon, Microsoft, and Nvidia.
