Harvard University’s endowment retained its stake in BlackRock’s iShares Bitcoin Trust (IBIT) as of June 30, halting a two-quarter selling trend despite a $15.6 million drop in the position’s value. The university held 3,044,612 IBIT shares worth $101.4 million, representing 2.4% of its $4.26 billion portfolio, while its gold-related ETF holdings exceeded bitcoin investments.
The pause in divestment contrasts with broader market volatility, as IBIT’s net assets stood at $47.35 billion as of August 13, despite a 50% price decline since its peak. Harvard’s gold holdings, including $149.5 million in iShares Gold Trust (IAU) and $21.7 million in SPDR Gold Trust (GLD), totaled $171.2 million, surpassing its bitcoin exposure.
Other institutional investors showed divergent strategies, with Mubadala holding 14.7 million IBIT shares worth $490.1 million and Abu Dhabi Investment Council (ADIC) owning 8.2 million shares valued at $273.6 million. Morgan Stanley reduced its IBIT stake by 4.5% in share count and 17.3% in value, while JPMorgan increased holdings to 10.4 million shares.
Bloomberg Senior ETF Analyst Eric Balchunas noted growing institutional interest in IBIT, citing Harvard, Mubadala, and Tudor Investment Corporation’s purchases, but questioned the significance of major firms such as JPMorgan and Goldman Sachs avoiding the ETF. The 13F filings, which exclude private funds, may understate Harvard’s full crypto exposure.
The Block, publisher of the report, disclosed financial ties to Foresight Ventures and Bitget, raising questions about potential conflicts of interest in coverage of institutional crypto holdings. Harvard’s largest investment remains SpaceX, valued at $2.21 billion, underscoring the university’s diversified approach to risk management.
Written by Oliver Grant
Markets Desk
