Harvard Management Company (HMC), the investment arm overseeing Harvard University’s $56.9 billion endowment, disclosed acquiring about $87 million worth of iShares Ethereum Trust (ETHA) in Q4 2025, its first reported position tied to the second-largest crypto asset, according to a recent SEC filing.

In contrast, the endowment reduced its Bitcoin exposure during the quarter, cutting its holdings in the iShares Bitcoin Trust from about 6.8 million shares to 5.4 million. The stake was valued at nearly $266 million at the time of reporting.

Overall, HMC held $352.6 million in crypto-linked investments at quarter’s end, making up around 1% of total assets.

Bitcoin continues to rank as its biggest disclosed equity position despite its reduced exposure. The university first revealed Bitcoin fund exposure in Q2 2025, with a $117 million stake.

Harvard recorded a $113 million deficit in fiscal year 2025 as spending grew nearly twice as fast as revenues amid mounting political and economic pressures.

Leadership signaled that future strains could intensify due to shrinking federal research partnerships, tighter student mobility, and looming endowment tax increases.

Despite the deficit, strong investment returns and a surge in donor support helped lift the endowment to $56.9 billion, providing critical financial resilience as Harvard braces for structural and political headwinds.