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Harvard Management Company (HMC) reduced its iShares Bitcoin Trust (IBIT) position by about 21% in Q4 2025 and opened a new $86.8 million stake in iShares Ethereum Trust (ETHA), according to a report by The Block. The disclosure is based on HMC’s end-of-quarter U.S. equity holdings under Form 13F for the period ending Dec. 31, 2025.
The filing shows IBIT remained a sizable holding even after the cut. HMC’s end-December IBIT value was roughly $265.8 million, down from $442.8 million in the prior quarter. ETHA appears as a first-time entry at about 3.87 million shares, corresponding to the approximately $86.8 million position.
The shift suggests diversification within existing crypto exposure rather than a full exit. By trimming a concentrated Bitcoin stake and adding Ethereum exposure, HMC is effectively rebalancing between assets with different underlying narratives—Bitcoin’s monetary framing versus Ethereum’s smart-contract and platform focus.
Because the positions are held through exchange-traded funds, the change also reflects an approach that relies on ETF structure rather than direct token ownership. The use of ETFs can provide on-ramp liquidity, delegated custody, and daily NAV transparency.
The Form 13F snapshot is limited to U.S.-listed equities and certain ETFs. It excludes private vehicles, non-U.S. securities, and many derivatives. The filing referenced here was reported as filed on Feb. 13, 2026, and the holdings shown are as of Dec. 31, 2025, meaning subsequent market moves are not captured.
At the time of this writing, Coinbase Global (COIN) traded around $164.81 after hours, reflecting ongoing volatility in crypto-related markets.
Based on the quarter-end holdings, Bitcoin remains HMC’s largest publicly disclosed U.S. equity position. Ethereum exposure is newly established through ETHA, and the filing does not indicate direct positions in underlying tokens.
Academic and analyst commentary cited in the coverage points to valuation opacity and risk for both assets, even as institutional adoption expands. Concerns include volatility, debates over intrinsic value, and the difficulty of applying endowment-appropriate valuation methods.
Avanidhar Subrahmanyam, Professor of Finance at UCLA, is quoted saying, “The valuation methodology is unclear,” while Andrew F. Siegel, Emeritus Professor of Finance at the University of Washington, is quoted noting Bitcoin’s “lack of intrinsic value” as a risk factor.
IBIT remains HMC’s largest disclosed U.S. equity holding. ETHA is about $86.8 million. ETHA is reported as about 4.18% of reportable U.S. equities.
Experts cite high volatility and unclear intrinsic value, along with challenges in valuation methodology. For Ethereum, additional considerations include technology, regulatory, and competitive risks relative to Bitcoin’s more monetary narrative.
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