In a recent regulatory filing, Harvard Management Company has revealed significant changes to its cryptocurrency portfolio during the fourth quarter of fiscal year 2025. The organization has ventured into the Ethereum market by acquiring its first position in an Ethereum exchange-traded fund, specifically purchasing 3.87 million shares of BlackRock’s iShares Ethereum Trust. This stake is valued at approximately $86.8 million as of December 31, marking Harvard’s inaugural public investment connected to Ethereum.
Simultaneously, the endowment reduced its holdings in BlackRock’s iShares Bitcoin Trust. At the close of the quarter, Harvard held 5.35 million shares worth $265.8 million, a decrease from 6.81 million shares in the previous quarter, representing a cut of roughly 1.48 million shares or about 21%. Despite this reduction, Bitcoin continues to be Harvard’s largest publicly disclosed equity holding, surpassing investments in prominent technology companies such as Alphabet, Microsoft, and Amazon. Overall, the combined exposure to the two cryptocurrency funds amounted to $352.6 million by the end of the quarter.
These portfolio adjustments occurred against a backdrop of considerable volatility in the digital asset market. Bitcoin reached a peak near $126,000 in October 2025 before declining to $88,429 by December 31. During the same period, Ethereum experienced a drop of approximately 30%. Concerns about the cryptocurrency market are echoed by critics, including Andrew F. Siegel, an emeritus professor of finance at the University of Washington. He pointed out the intrinsic risks associated with Bitcoin, particularly its 22.8% decline year-to-date and the argument that it lacks intrinsic value.
Beyond cryptocurrency, Harvard also made headlines with a new $141 million investment in Union Pacific Corporation, one of the largest freight rail operators in the U.S. This move followed Union Pacific’s announcement in July 2025 regarding a planned merger with Norfolk Southern, a deal that aims to create the first transcontinental railroad network in the country.
The quarter also featured exits from several previous holdings. Harvard completely sold its 1.1 million shares in Light & Wonder, a gambling products manufacturer that had been one of its largest positions. Additionally, the endowment liquidated a smaller stake in Maze Therapeutics, a biotechnology firm specializing in precision medicines.
On the technology front, Harvard expanded its investments by significantly increasing its stake in Broadcom, more than tripling its previous holdings. The endowment also raised its investments in Google and Taiwan Semiconductor Manufacturing Company while downsizing positions in Amazon, Microsoft, and Nvidia. This blend of strategic investments and divestments marks a critical moment in Harvard’s financial portfolio, reflecting a well-considered approach to navigating both traditional and digital assets in a fluctuating economic landscape.
