Bitcoin exposure cut as Harvard trims IBIT, adds ETHA in Q4

• Lyla Velez
• February 16, 2026
• News
• 0 Comments

Key Points:

• Harvard trims Bitcoin ETF exposure, reallocating part of its crypto holdings.
• Adds $87 million position in BlackRock’s iShares Ethereum Trust.
• Shift suggests diversification from Bitcoin toward Ethereum within endowment portfolio.

Harvard Management Company trimmed its position in BlackRock’s iShares Bitcoin Trust (IBIT) by roughly 21% in Q4 2025 and opened a new stake in BlackRock’s iShares Ethereum Trust (ETHA), purchasing nearly 3.9 million shares worth about $87 million, according to CoinDesk (https://www.coindesk.com/business/2026/02/16/harvard-cuts-bitcoin-exposure-by-20-adds-new-ether-position).

Harvard’s latest regulatory disclosure shows combined exposure of approximately $352.6 million to the two spot crypto ETFs, as reported by ZyCrypto (https://zycrypto.com/harvard-university-slashes-bitcoin-etf-stake-by-over-20-while-making-substantial-ether-buy/).

How Harvard’s crypto ETF positions changed in Q4 2025

Harvard’s IBIT stake declined by about 1.48 million shares to 5.35 million during the quarter, based on figures compiled by CryptoRank (https://cryptorank.io/news/feed/7b24d-harvard-cuts-bitcoin-shift-to-ethereum).

The shift arrived as spot crypto ETF flows turned negative late in 2025, and several observers framed Harvard’s move as a rotation rather than an exit, according to AMBCrypto (https://ambcrypto.com/harvard-rotates-from-bitcoin-to-ethereum-etfs-in-late-2025-rebalance/).

At the time of this writing, Ethereum traded near $1,988.40, with volatility readings flagged as very high in recent metrics.

What experts say on Bitcoin vs. Ethereum for endowments

Academic commentary highlights two themes: valuation ambiguity across crypto assets and the role of diversification in institutional portfolios. Harvard has not provided public statements beyond required disclosures, according to Crypto-Economy (https://crypto-economy.com/harvard-shifts-crypto-strategy-with-reduced-bitcoin-etf-holdings-and-major-ether-accumulation/).

After a year of drawdowns across major tokens, some finance scholars emphasized risk and the difficulty of pinning intrinsic value in this asset class. “Bitcoin is ‘risky’ primarily due to its lack of intrinsic value,” said Andrew F. Siegel, emeritus professor of finance at the University of Washington.

UCLA’s Avanidhar Subrahmanyam has articulated similar skepticism for Ethereum, noting the absence of widely accepted valuation anchors. For endowments, any tilt between BTC and ETH typically reflects diversification, liquidity, and governance constraints rather than short-term price views. This article reflects disclosed holdings and third-party reporting, not investment advice.