Harvard University's endowment fund has further reduced its exposure to Bitcoin and completely exited Ethereum, according to regulatory filings reported by Detik Finance.

The university's cryptocurrency holdings have declined in value for three consecutive quarters, with the latest moves signaling a cautious approach to digital assets.

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Bitcoin ETF Holdings Reduced

Harvard's endowment now holds $117 million in BlackRock's IBIT Bitcoin ETF, down from a peak of $442 million in the third quarter of 2025.

The university sold 2.3 million shares of the fund since the previous quarter, contributing to the reduced valuation.

Despite the cuts, Harvard remains among the 25 largest holders of the IBIT fund, according to Quiver Quantitative data, though its stake is smaller than those of sovereign wealth funds and major banks.

Ethereum Position Liquidated

The endowment completely sold off its Ethereum ETF holdings, which it had built up in late 2025.

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Harvard had emerged as the largest new buyer of BlackRock's Ethereum ETF in the fourth quarter of 2025, but the subsequent price decline of 29% over the past year likely influenced the decision to exit.

Bitcoin, by comparison, fell 12% over the same period and has historically outperformed Ethereum over a five-year trajectory.

Bloomberg analyst Eric Balchunas noted that crypto ETF inflows have shown resilience despite market slumps, adding that many investors are taking a long-term view.

"Most people seem to be giving this a couple years," Balchunas said.

"For Harvard, they own a bunch of other stocks, and stocks have done really well, so it might make it easier to absorb the losses in [Bitcoin], and sort of keep their position for a while hoping it comes back."

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Small Portion of Larger Portfolio

The crypto assets represent only a small fraction of Harvard's total $57 billion endowment fund.

Regulatory filings show the university holds shares in 16 different public equities, led by a $232 million stake in TSMC and approximately $200 million in gold.

Harvard initially entered the Bitcoin ETF market in the second quarter of 2025 under endowment head N. P.

Narvekar.

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Leadership changes may be on the horizon, as Narvekar has discussed a potential retirement date for late 2027 with the university board.