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Harvard Management Company switched up its crypto exposure in the fourth quarter of fiscal year 2025, establishing its first position in an Ethereum exchange-traded fund while cutting back its Bitcoin holdings, according to a regulatory filing released Friday.

The endowment’s investment manager purchased 3.87 million shares of BlackRock’s iShares Ethereum Trust, a stake valued at $86.8 million as of Dec. 31. The move marked Harvard’s first publicly disclosed investment tied to Ethereum.

At the same time, Harvard reduced its position in BlackRock’s iShares Bitcoin Trust. The firm held 5.35 million shares worth $265.8 million at quarter’s end, down from 6.81 million shares in the prior quarter. The reduction amounted to roughly 1.48 million shares, or about 21%.

Despite the trim, Bitcoin remained Harvard’s largest publicly disclosed equity holding, exceeding the endowment’s reported stakes in major technology firms such as Alphabet, Microsoft, and Amazon. Combined exposure to the two cryptocurrency funds totaled $352.6 million at the close of the quarter.

The portfolio shift took place during a turbulent period for digital assets. Bitcoin reached a peak near $126,000 in October 2025 before sliding to $88,429 by Dec. 31, according to Bitcoin Magazine Pro data.

Ethereum declined roughly 30% over the same span.

Bitcoin’s lack of intrinsic value

According to Harvard’s The Harvard Crimson, the university’s investment strategy has drawn criticism from academic observers. Andrew F. Siegel, emeritus professor of finance at the University of Washington, described the endowment’s Bitcoin investment as risky, pointing to a 22.8% decline year-to-date and arguing that Bitcoin’s risk stems in part from its lack of intrinsic value.

Beyond crypto, Harvard opened a new $141 million stake in Union Pacific Corporation, one of the largest freight rail operators in the United States. 

The investment followed Union Pacific’s July 2025 announcement of a planned merger with Norfolk Southern, a deal expected to create the country’s first transcontinental railroad network.

The quarter also brought exits from prior holdings. Harvard sold its entire 1.1 million-share stake in Light & Wonder, a gambling products manufacturer that had been among its largest positions, and liquidated a smaller stake in Maze Therapeutics, a biotechnology firm focused on precision medicines.

Harvard increased exposure to several technology companies, more than tripling its stake in Broadcom and raising holdings in Google and Taiwan Semiconductor Manufacturing Company. The endowment reduced positions in Amazon, Microsoft, and Nvidia.

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