TLDR
- Harvard Management Company increased its BlackRock Bitcoin ETF (IBIT) holdings by 257% in Q3 2025, from 1.9 million to 6.8 million shares
- The position was worth $442.8 million as of September 30 and represents Harvard’s largest declared U.S. investment holding
- IBIT now makes up roughly 0.6% of Harvard’s $57 billion endowment and ranks as the university’s 16th-largest ETF position overall
- Emory University also expanded its bitcoin ETF holdings by 91%, while Abu Dhabi’s Al Warda Investments grew its IBIT stake by 230%
- ETF analysts note that endowments rarely invest in ETFs, making Harvard’s move particularly uncommon for institutional investors
Harvard University has substantially expanded its bitcoin exposure through BlackRock’s spot bitcoin exchange-traded fund. The Ivy League institution now holds 6.8 million shares of the iShares Bitcoin Trust ETF (IBIT), according to a regulatory filing submitted Friday.
The investment represents a 257% increase from Harvard’s previous position of 1.9 million shares disclosed in August. Harvard Management Company, which oversees the university’s $57 billion endowment, valued the holdings at $442.8 million as of September 30, 2025.
The IBIT position now stands as Harvard’s largest declared U.S. investment. It surpasses the university’s holdings in major technology companies including Microsoft and Amazon. The bitcoin ETF investment also exceeds Harvard’s position in SPDR Gold Shares.
Just checked and yeah $IBIT is now Harvard's largest position in its 13F and its biggest position increase in Q3. It's super rare/difficult to get an endowment to bite on an ETF- esp a Harvard or Yale, it's as good a validation as an ETF can get. That said, half a billion is a… https://t.co/oTiSL29llB pic.twitter.com/yw0tRcD1ad
— Eric Balchunas (@EricBalchunas) November 15, 2025
Bloomberg ETF analyst Eric Balchunas called the investment “super rare” for university endowments. He noted that institutions like Harvard are typically resistant to ETF investments. “It’s as good a validation as an ETF can get,” Balchunas wrote on social media.
The bitcoin ETF holdings represent approximately 0.6% of Harvard’s total endowment value. Harvard first disclosed its IBIT position in August when it held $116.6 million worth of shares. The university has not publicly commented on its investment strategy or rationale.
Other Universities Join Bitcoin ETF Trend
Emory University in Atlanta also increased its bitcoin ETF exposure during the same period. The institution now holds over one million shares of Grayscale’s Bitcoin Mini Trust ETF (BTC), representing a 91% increase from June.
Emory’s total bitcoin ETF holdings, which include 4,450 shares of IBIT, are valued at $42.9 million. Emory was the first U.S. university to publicly disclose spot bitcoin ETF investments. Associate professor Matthew Lyle previously explained the university chose established fund managers to reduce custody risks.
Al Warda Investments, an Abu Dhabi sovereign wealth fund, reported holding 7.96 million IBIT shares worth $517.6 million. This represents a 230% increase from its June position of 2.4 million shares. The fund is managed by the Abu Dhabi Investment Council within the Mubadala group.
ETF Market Performance
BlackRock’s IBIT remains the leading spot bitcoin ETF by assets under management. The fund has experienced recent volatility along with bitcoin’s price movements. SoSoValue data shows bitcoin ETFs recorded net outflows of $1.11 billion in the trading week ending Friday.
Bitcoin’s price fell below $95,000 after dropping to $93,029 in a 24-hour period. The decline temporarily erased year-to-date gains for the cryptocurrency. IBIT’s share price has decreased since September 30, reducing Harvard’s position value to approximately $364.4 million.
Harvard also expanded other investment positions during the third quarter. The university nearly doubled its gold exposure through SPDR Gold Shares, increasing holdings to 661,391 shares worth $235.1 million. The institution added new positions in fintech company Klarna worth $16.8 million and Taiwan Semiconductor Manufacturing Company valued at $59.1 million.
