Harvard University's endowment kept its stake in BlackRock's iShares Bitcoin Trust unchanged during the second quarter, ending two consecutive quarters of aggressive selling even as the cryptocurrency continued its steep decline from last year's record highs.
Harvard Management Company reported 3,044,612 shares of the ETF, worth $101.4 million as of June 30, according to a 13F filing. The share count matched the figure disclosed three months earlier, signaling a pause in what had been a sharp retreat from the asset class. The position lost roughly $15.6 million in value during the quarter, a decline driven entirely by the drop in the fund's market price rather than additional divestment.
The decision to hold steady follows a dramatic reduction in the university's exposure. Harvard held 6,813,612 shares at the end of September 2025, trimmed that stake by 21% in the fourth quarter, then slashed it by another 43% during the first three months of 2026. The endowment has also exited its position in BlackRock's spot Ethereum ETF, an $86.8 million holding that no longer appears in its latest filing.
Sovereign Funds and Universities Hold the Line
Harvard was not alone in leaving its Bitcoin ETF share count untouched. Abu Dhabi's sovereign investors took the same approach. Mubadala Investment Company reported 14,721,917 shares worth $490.1 million as of June 30, making the Bitcoin fund its second-largest disclosed 13F holding. The Abu Dhabi Investment Council held 8,218,712 shares valued at $273.6 million, with the ETF remaining its largest reported position.
Together, the two Gulf institutions owned roughly 22.9 million shares valued at about $764 million. Their combined position declined approximately $118 million in value during the quarter, but neither fund reduced its share count. Dartmouth College followed a similar pattern, reporting no changes to its holdings across three crypto ETFs. The combined value of its Bitcoin, Ethereum and Solana positions slipped from $14.6 million to $12.4 million solely because of weaker market prices.
