Bitcoin ETF stake cut 21% in Q4 as Harvard adds $86.8M ETHA

Harvard endowment cut IBIT 21% and added ETHA exposure

Harvard Management Company reduced its iShares Bitcoin Trust (IBIT) position by roughly 21% in the fourth quarter of 2025 and opened a new position in BlackRock’s iShares Ethereum Trust (ETHA), as reported by The Block (https://www.theblock.co/post/389996/harvard-bitcoin-ether-etf-holdings/). The figures cited indicate about 1.46 million IBIT shares were sold, while approximately 3.87 million ETHA shares were purchased for around $86.8 million, bringing the combined crypto ETF holdings to about $352.6 million.

The adjustment reads as a rebalance rather than a pivot, with Bitcoin remaining the larger disclosed allocation. The move also underscores a preference for exchange-traded structures over direct token custody.

Why the rebalancing matters for institutional crypto strategy

From an institutional perspective, trimming IBIT while adding ETHA can reflect risk budgeting, diversification across distinct crypto return drivers, and exposure limits applied within a single asset class. The activity was disclosed via a Q4 2025 13F filing, according to Decrypt (https://decrypt.co/358162/harvard-cuts-bitcoin-etf-stake-adds-ethereum-exposure-in-q4-filing), aligning the shift with regular public reporting cycles rather than a market-timing call.

Skeptical academic voices continue to emphasize valuation and volatility concerns. “Bitcoin is risky and lacks intrinsic value,” said Andrew F. Siegel, emeritus professor of finance at the University of Washington.

Other institutional observers frame the move as recognizing differentiated roles for the two assets. “Institutions increasingly distinguish store-of-value exposure from smart-contract infrastructure,” said Jennifer Ouarrag, head of legal at Twinstake.

Immediate impacts on Harvard’s allocation and institutional signaling

The reweighting leaves Harvard’s Bitcoin stake as the larger of the two disclosed ETF positions, while establishing a measurable, first-time ETH ETF allocation. Performance context may also matter: the endowment returned 11.9% in fiscal year 2025 and 9.6% annualized over eight years, as reported by The Harvard Crimson (https://www.thecrimson.com/article/2026/2/16/hmc-q4-2025-portfolio/), which can influence risk capacity and appetite for diversifiers.

At the time of this writing, Coinbase Global (COIN) last traded around $166.00 after hours, based on data from Yahoo Finance, highlighting ongoing crypto-related equity volatility. Short-term market moves are not directly attributable to a single 13F filer, and ETF flow reactions, if any, typically emerge over subsequent reporting windows.

Bitcoin vs. Ethereum thesis for institutional allocators

Institutional allocators often frame Bitcoin as a digitally scarce monetary asset with macro and liquidity sensitivities, while viewing Ethereum as programmable infrastructure whose drivers include network activity, developer ecosystem, and application demand. Treating them as substitutes can miss structural differences in use case and risk profile, which may justify holding both within a bounded risk budget.

ETF wrappers can reduce operational and custody complexity relative to direct token ownership, while still delivering spot exposure within a familiar regulatory and reporting framework. Spot ETH ETFs generally do not engage in staking, so investors should not expect validator reward income from the vehicle even if the underlying network supports it.

This article is for informational purposes only and does not constitute investment advice.