Harvard Management Company (HMC), the investment arm that oversees Harvard University’s $56.9 billion endowment, revealed that it acquired approximately $87 million of iShares Ethereum Trust (ETHA) in the fourth quarter of 2025, its first reported position tied to the second-largest crypto asset, according to a recent SEC filing.
In contrast, the endowment reduced its exposure to Bitcoin during the quarter, reducing its holdings in iShares Bitcoin Trust from about 6.8 million shares to 5.4 million. The stake was valued at nearly $266 million at the time of writing.
Overall, HMC held $352.6 million in crypto-related investments at the end of the quarter, or about 1% of total assets.
Bitcoin continues to rank as its the biggest equity position disclosed despite its reduced exposure. The university first revealed its exposure to the Bitcoin fund in the second quarter of 2025, with a stake of $117 million.
Harvard posted a $113 million deficit in fiscal year 2025 as expenses grew nearly twice as fast as revenues amid mounting political and economic pressures.
Leaders signaled that future tensions could intensify due to shrinking federal research partnerships, tighter student mobility and looming increases in taxes on endowments.
Despite the shortfall, strong investment returns and an increase in donor support helped increase the endowment to $56.9. billion, providing critical financial resilience as Harvard prepares to face structural and political headwinds.
