Harvard Management Company has added bitcoin exposure to its public portfolio, reporting a $116 million position in BlackRock’s iShares Bitcoin ETF. A recent regulatory filing shows Harvard held about 1.9 million shares of the fund as of June 30, 2025, placing bitcoin fifth among its reported positions, behind Microsoft, Amazon, Booking Holdings, and Meta.
The stake is small relative to Harvard’s overall resources—roughly 0.22% of the $53.2 billion endowment reported in mid-2024—but symbolically significant. Endowments are among the most scrutinized institutional allocators; even a modest allocation can signal growing acceptance of bitcoin as a mainstream, diversifying asset within a broader portfolio.
Harvard’s move aligns with an emerging trend in higher education finance. Emory University disclosed exposure to digital assets in 2024, purchasing 2.7 million shares of the Grayscale Bitcoin Mini Trust. More endowments have been evaluating bitcoin’s role as a potential diversifier, while emphasizing the importance of risk controls and long horizons. As Harvard professor Robert Kaplan has put it, “The endowment and its asset allocation is set up to anticipate you’re gonna have some volatile periods.”
Institutional access has improved since spot bitcoin ETFs won U.S. approval in January 2024. BlackRock’s iShares Bitcoin ETF has grown to more than $86 billion in net assets, reflecting steady demand for a regulated, exchange-traded vehicle. In a further development that could deepen liquidity, the maximum number of allowed options contracts on certain ETFs—including the iShares Bitcoin ETF—was recently raised from 25,000 to 250,000. The higher limits give professional investors more capacity to hedge and manage risk, which can enhance market participation and potentially reduce trading frictions over time.
Why this matters
– Normalization: A leading endowment allocating to a spot bitcoin ETF helps reduce career and headline risk for other institutions considering similar exposure.
– Portfolio construction: Even a sub-1% allocation can influence risk/return characteristics due to bitcoin’s historically low correlation at times with traditional assets, though volatility remains elevated.
– Market structure: Larger options limits may support tighter spreads and higher volumes, making the ETF more practical for institutions that require robust hedging tools.
What to watch
– Future filings from Harvard and peer endowments for changes in position size or additional digital asset exposure.
– Liquidity metrics for bitcoin ETFs, including options open interest and trading volumes, as institutions scale risk management.
– Policy and regulatory updates that could further shape institutional participation.
A constructive takeaway is that disciplined, transparent vehicles are making it easier for long-term investors to size and manage digital asset exposure prudently. For universities, that can mean participating in innovation-driven upside while maintaining the safeguards expected of permanent capital.
Summary: Harvard disclosed a $116 million stake (about 1.9 million shares) in BlackRock’s iShares Bitcoin ETF as of June 30, 2025, making bitcoin its fifth-largest reported holding behind Microsoft, Amazon, Booking Holdings, and Meta. The endowment was $53.2 billion in mid-2024, putting the bitcoin position at roughly 0.22% of total assets. The move follows broader institutional adoption since spot bitcoin ETFs were approved in January 2024; BlackRock’s fund has surpassed $86 billion in assets. A recent increase in options position limits on ETFs, including the bitcoin fund, may further boost institutional participation by improving hedging capacity and liquidity.