In a significant move reflecting changing attitudes towards cryptocurrency investments, Harvard University has dramatically increased its exposure to Bitcoin through its investment in BlackRock’s iShares Bitcoin Trust. According to a recent filing with the U.S. Securities and Exchange Commission, the Harvard Management Company reported holding 6.8 million shares of the ETF as of September 30. This represents a substantial increase from the 1.9 million shares held on June 30, pushing the total value of Harvard’s Bitcoin holdings to approximately $442.8 million. While this amount is relatively small compared to Harvard’s enormous $56.9 billion endowment, it marks a notable shift in the university’s investment strategy towards cryptocurrencies.
Harvard’s action is part of a broader trend in which universities are beginning to allocate funds toward Bitcoin and other digital assets, especially as the advent of spot Bitcoin ETFs has made it easier for institutional investors to engage in this market. Other universities have followed suit; for instance, Brown University has invested $13.8 million in IBIT shares. Similarly, Emory University has reported an increase in its own Bitcoin exposure during the same quarter. In its third-quarter filing, Emory disclosed that it holds 1 million shares of the Grayscale Bitcoin Mini Trust, valued at about $52 million, which is up from just under half that amount in the previous quarter. Additionally, Emory noted a smaller position of 4,450 shares in the iShares Bitcoin Trust, valued at around $289,000.
These investment moves come at a time when spot Bitcoin ETFs have experienced significant outflows. Reports indicate that nearly $867 million left the 11 spot Bitcoin ETFs on a single day, marking one of the largest withdrawals since the SEC approved such funds in January 2024. The following day saw an additional $462 million pull out of these ETFs, reflecting a challenging period for the cryptocurrency market.
Bitcoin itself has faced volatility, with its price declining from approximately $107,000 at the week’s start to below $95,000 by Friday. Despite these fluctuations, the recent disclosures from universities suggest a longer-term perspective on investing in Bitcoin, backed by the increasing legitimacy and popularity of BlackRock’s ETF among institutional investors. The trend indicates that, even in light of short-term market challenges, academic endowments are willing to explore increasing their cryptocurrency investments, recognizing the potential for long-term returns in the evolving digital asset landscape.
