Harvard Management Company trimmed its Bitcoin ETF exposure while increasing its allocation to Ethereum in the fourth quarter of 2025.
This is according to its latest Form 13F filing, signaling a rotation within crypto assets rather than a broader exit from the sector.
The rebalancing comes as U.S. spot Bitcoin and Ethereum ETFs both experienced sustained outflows toward the end of 2025, providing context on how large institutional investors adjusted their positioning during a volatile period for digital assets.
Bitcoin ETF reduced after heavy Q3 accumulation
In Q3 2025, Harvard emerged as an aggressive buyer of Bitcoin exposure. Its stake in the iShares Bitcoin Trust ETF [IBIT] increased by $318.99 million, making it the single largest crypto-related addition to the portfolio during the quarter.
Source: 13radar
That positioning shifted in Q4 2025. The filing shows Harvard reduced its IBIT exposure by $72.49 million, ranking the Bitcoin ETF among its top sells by value in the quarter.
The reduction coincided with deteriorating ETF flows. Monthly data shows Bitcoin spot ETFs recorded net outflows of $677.98 million, with total net assets falling to approximately $87.04 billion, as Bitcoin prices declined toward the high-$60,000 range.
Ethereum ETF added despite broader market weakness
While trimming Bitcoin exposure, Harvard increased its allocation to Ethereum. The filing shows a $86.82 million addition to the iShares Ethereum Trust ETF [ETHA] in Q4. The move makes it one of the largest crypto-related buys in the portfolio for the quarter.
Source: 13radar
The shift occurred even as Ethereum ETFs also began to see pressure. Monthly data indicates Ethereum spot ETFs posted net outflows of $326.96 million, with total net assets around $11.72 billion, as ETH traded near $2,000.
However, earlier in 2025, Ethereum ETFs experienced a sharper accumulation phase than Bitcoin. This suggests that Harvard’s Q4 positioning may reflect relative asset preferences rather than a directional view on short-term flows.
Rotation, not a crypto exit
Viewed together, the Q3–Q4 transition points to a rotation within crypto exposure, not a withdrawal.
Harvard scaled back a portion of its Bitcoin position after heavy accumulation and reallocated capital toward Ethereum, maintaining meaningful exposure to digital assets through regulated ETF vehicles.
The filing underscores how large institutional portfolios continue to actively rebalance crypto allocations in response to market conditions, liquidity trends, and relative asset performance—rather than treating crypto exposure as a static, long-term holding.
Final Summary
- Harvard reduced Bitcoin ETF exposure by $72.49 million in Q4 after adding nearly $319 million in Q3.
- The institution simultaneously increased Ethereum ETF exposure by $86.82 million, signaling a rotation rather than a crypto exit.
