Harvard Management Company, which oversees the university’s endowment, reported holding 3,044,612 shares of the iShares Bitcoin Trust (IBIT) at the end of March 2026. The position was valued at approximately $117 million. This marks a significant reduction from the previous quarter and follows earlier trimming in late 2025.

The Bitcoin ETF holding, which had once ranked as Harvard’s largest disclosed public equity position, now sits lower in the portfolio after the latest sales. The endowment first built the position in 2025 and had scaled it up before beginning to reduce exposure.

Harvard also eliminated its entire stake in BlackRock’s spot Ethereum ETF (ETHA). The endowment had only entered that position in the fourth quarter of 2025. The exit occurred against a backdrop of weaker performance for Ethereum relative to Bitcoin and broader market caution.

Market Conditions Behind the Moves

Both ETFs experienced notable declines during the first quarter. The iShares Bitcoin Trust fell roughly 22% while the Ethereum version dropped closer to 29%. These losses aligned with periods of selling pressure across digital assets.

13F filings reflect holdings as of the final day of the quarter and do not detail the exact timing of trades within the period. Observers note that university endowments often adjust positions for rebalancing, liquidity needs, or risk management rather than as directional market bets.

Mixed Signals Across Institutions

While Harvard stepped back, other large players moved in the opposite direction. Abu Dhabi’s Mubadala Investment Company increased its IBIT holdings by 16% to roughly 14.72 million shares valued near $566 million. This continues a pattern of steady accumulation by the sovereign wealth fund.

The contrast highlights differing approaches among institutional investors. Some trading firms and certain endowments reduced crypto ETF exposure, while banks and longer-horizon funds added positions. Harvard still maintains meaningful Bitcoin exposure through the remaining IBIT shares.

The Harvard endowment, which oversees tens of billions in assets, has seen leadership discussions in recent periods. CEO N.P. Narvekar has indicated plans to step down in the coming years. Next quarter’s 13F filings, due in August, will show whether the recent reductions continue or stabilize.