In a notable shift of strategy, Harvard University’s endowment has opted to maintain its stake in BlackRock’s iShares Bitcoin Trust (IBIT), keeping its holdings unchanged at 3,044,612 shares valued at $101.4 million as of June 30, 2026. This decision halts two consecutive quarters of reductions, during which the endowment had cut its position by 21% in Q4 2025 and a further 43% in Q1 2026.
The recent stability in Harvard’s Bitcoin holdings coincides with a broader market downturn, as Bitcoin trades around $63,000—down nearly 30% year-to-date and significantly below its October 2025 peak of over $126,000. Interestingly, the decline in the dollar value of Harvard’s Bitcoin position is attributed to the cryptocurrency’s price decrease rather than a reduction in share count.
Despite its pause on Bitcoin, Harvard has not ventured back into Ethereum investments after fully exiting its BlackRock Ethereum ETF earlier this year. The endowment has instead increased its allocations in gold-related products, which now total $171.2 million—surpassing its investments in Bitcoin.
Gold Surpasses Bitcoin in Harvard’s Portfolio
With $149.5 million in the iShares Gold Trust and an additional $21.7 million in the SPDR Gold Trust, gold has become a more substantial asset in Harvard’s portfolio. The IBIT currently ranks 11th among the endowment’s disclosed holdings, comprising 2.4% of its overall $4.26 billion in reported assets. While the entire endowment is valued at approximately $57 billion, much of it is invested in private funds that are not captured in publicly available filings.
Harvard’s largest disclosed investment is its $2.21 billion stake in SpaceX, accounting for 52% of its total reported holdings. This position was solidified before the company’s public listing in June, which valued SpaceX at around $1.8 trillion based on an initial share price of $135.
In related developments, Dartmouth College also reported no changes in its cryptocurrency ETF holdings. The combined value of its investments in IBIT, a Grayscale Ethereum staking fund, and a Bitwise Solana fund decreased from $14.6 million to $12.4 million, reflecting market price fluctuations rather than adjustments to share count.
Institutional Movement in IBIT Holdings
In the realm of institutional investments, key players have shifted their positions in the IBIT. Abu Dhabi sovereign wealth funds, Mubadala and the Abu Dhabi Investment Council, reported a combined holding of $764 million in IBIT without any changes in share count. Meanwhile, JPMorgan has ramped up its stake from 8.3 million to 10.4 million shares, significantly increasing its investment in BlackRock’s Ethereum ETF as well. In contrast, Morgan Stanley reduced its IBIT holdings by 4.5%, maintaining roughly 16.5 million shares.
Tudor Investment Corporation, led by Paul Tudor Jones, has expanded its IBIT position by adding 109,446 shares, bringing its total to 688,529 shares worth $22.9 million. The firm also holds IBIT put options valued at $23.8 million.
As of mid-August, BlackRock’s IBIT boasts approximately $47.35 billion in net assets and has garnered attention from around 1,500 institutional holders according to the latest 13F filings.
