Harvard Triples Its Bitcoin Position as Emory Expands BTC ETF Holdings

In brief

Harvard’s endowment reported holding 6.8 million IBIT shares valued at about $443 million.
Emory University also increased its Bitcoin exposure via ETFs during the quarter.
Both endowments show universities are expanding their positions even as recent spot Bitcoin ETF outflows increase.

Harvard University sharply increased its Bitcoin exposure in the third quarter, substantially boosting its position in BlackRock’s market-leading crypto ETF.

According to a Form 13F filed with the U.S. Securities and Exchange Commission, Harvard Management Company held 6.8 million shares of BlackRock’s iShares Bitcoin Trust as of September 30. The position was valued at about $442.8 million, with its holdings up from 1,906,000 shares reported on June 30.

The allocation was small relative to Harvard’s $56.9 billion endowment, but it highlights a shift in the school’s investment strategy and view towards Bitcoin.

While corporations and governments have been more willing to establish Bitcoin treasuries, direct Bitcoin-related positions began appearing in filings after spot Bitcoin ETFs offered a regulated structure that endowments could hold like any other stock.

Harvard is one of a growing number of universities allocating funds to invest in Bitcoin ETFs. Others include Brown University, which holds $13.8 million in IBIT shares, while Emory University recently reported a similar adjustment to Harvard’s.

Emory’s third-quarter filing listed 1 million shares of the Grayscale Bitcoin Mini Trust valued at $52 million, up from just under half that amount in the prior quarter. Emory also disclosed a small position of 4,450 in iShares Bitcoin Trust shares worth around $289,000.

Spot Bitcoin ETFs saw sharp outflows this week. The 11 spot Bitcoin ETFs lost nearly $867 million on Thursday, the second-largest single-day total since the SEC approved them in January 2024. Another $462 million fled the funds on Friday, per data from Farside Investors.

Despite a rocky week for Bitcoin, which started the week at $107,000 before dropping under $95,000 on Friday, the university endowment disclosures reflected a longer-term investment play backed by BlackRock’s popular ETF.