INSTITUTIONAL | Havard University Fund Sold Off Entire Ethereum Holdings and Almost Half its Bitcoins in Q1 2026

Harvard University’s endowment fund sold its entire position in BlackRock’s spot Ethereum exchange-traded fund in the first quarter, exiting the investment just months after disclosing the stake, according to a regulatory filing.

The filing showed Harvard Management Company fully divested its holdings in the BlackRock iShares Ethereum Trust ETF, a position previously valued at roughly $87 million. The endowment also reduced its exposure to BlackRock’s iShares Bitcoin Trust by about 43% during the quarter.

The move comes amid a difficult period for Ether, the native token of the Ethereum Foundation ecosystem, which has struggled to regain momentum after falling sharply (50%) from highs reached in 2025.

The Ethereum ecosystem has also faced leadership turbulence following several high-profile departures from the Ethereum Foundation in 2026.

Harvard had emerged as one of the largest institutional holders of spot crypto ETFs among U.S. universities after disclosing significant exposure to BlackRock’s Bitcoin and Ethereum products in 2025. At its peak in Q3 2025, the university’s Bitcoin ETF holdings were valued at more than $440 million, according to prior filings.

The latest filing marks the third consecutive quarter in which the value of Harvard’s crypto-related holdings declined reflecting both portfolio reductions and broader weakness across digital asset markets.

Harvard is funded, in part, by an endowment.

The endowment includes thousands of philanthropic gifts donated since Harvard’s early history, many of which were given to support specific aspects of Harvard’s teaching and research work. Together, these gifts form a permanent source of funding that connects scholars and learners from many diverse backgrounds with opportunities at Harvard, now and into the future.

As of 2025 fiscal year, the size of the fund is $56.9 billion.

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