Harvard Management Co., the investment arm tied to Harvard University's endowment, cut its BlackRock Bitcoin ETF stake by about 43% in Q1 and no longer holds its BlackRock Ethereum ETF position.
The firm's latest Form 13F filing with the U.S. Securities and Exchange Commission shows about 3 million shares of BlackRock's iShares Bitcoin Trust ETF, ticker IBIT, worth roughly $117 million, down 43% from Q4 2025.
At the same time, Harvard's Q1 filing no longer listed any holding in BlackRock's iShares Ethereum Trust, ticker ETHA, after the firm reported an $86.8 million position at the end of Q4 2025.
Harvard's crypto ETF round trip
Based on public 13F filings, this appears to be Harvard's first disclosed Ethereum ETF round trip. ETHA first appeared in the Q4 2025 filing but later disappeared in the Q1 filing.
In February, the Q4 filing looked like a rotation as Harvard trimmed its exposure to IBIT but opened a new ETHA position.
- IBIT was Harvard's largest disclosed holding at the end of 2025, but by March 31 it sat behind Taiwan Semiconductor, SPDR Gold Trust, Microsoft, Alphabet and Union Pacific, per regulatory filings.
- Ethereum fell about 30% in Q1, ending March at roughly $2,105 after starting January near $3,000, per CoinGecko data. Bitcoin fell about 22% over the same quarter, ending March near $68,232 after starting January around $87,500.