Harvard University has significantly deepened its exposure to Bitcoin through BlackRock’s iShares Bitcoin Trust (IBIT), expanding its position by more than 250% in the third quarter of 2025. The update comes from Harvard Management Company (HMC), the endowment fund responsible for overseeing one of the world’s largest academic portfolios.
According to the latest filing submitted to the U.S. Securities and Exchange Commission (SEC), Harvard held 6.8 million shares of IBIT as of September 30, with a market value of approximately $442.8 million. This marks a dramatic increase from August, when the institution first disclosed a much smaller position of 1.9 million shares worth around $116.6 million.
The aggressive expansion indicates a sharp rise in Harvard’s interest in Bitcoin-backed exchange-traded products at a time when institutional demand for crypto exposure continues to evolve.
Bloomberg ETF analyst Eric Balchunas emphasized that such participation from long-term institutional funds is “extraordinarily rare,” calling Harvard’s move one of the strongest forms of validation for the ETF’s credibility. However, he also noted that despite the surge, IBIT still accounts for only about 1% of Harvard’s overall endowment, keeping the crypto allocation relatively conservative.
The latest SEC filings show that IBIT became one of the largest disclosed positions in Harvard’s portfolio for the quarter, placing the university among the top 20 holders of the fund — specifically, the 16th-largest.
Harvard’s investment expansion wasn’t limited to crypto. Alongside IBIT, the endowment also increased its exposure to traditional safe-haven and high-liquidity assets. The university nearly doubled its holdings in SPDR Gold Shares (GLD) to 661,000 shares, valued at over $235 million. The portfolio also grew through new allocations to major industry leaders such as Taiwan Semiconductor Manufacturing Company (TSMC) with $59.1 million and fintech company Klarna with $16.8 million.
Tech giants remain a core part of Harvard’s investment strategy, as the university continues to maintain substantial positions in Amazon, Meta, Microsoft, and Alphabet. Analysts believe this balanced approach demonstrates a strategic blend of highly liquid technology stocks and fast-growing digital assets like Bitcoin.
These changes come amid broader market volatility. Just days earlier, investors collectively withdrew over $1.1 billion from Bitcoin ETFs between November 10 and 14, 2025. Yet Harvard’s increased allocation suggests that long-term institutions may view the current market landscape as an opportunity rather than a risk.
