Key Takeaways
- Harvard cut its Bitcoin ETF exposure by 21%, while initiating an $86.8 million position in BlackRock’s Ethereum Trust.
- It comes as Bitcoin volatility is forcing institutional caution.
- Tom Lee recently said crypto may be nearing the end of its “winter.”
Harvard University has cut its exposure to Bitcoin by over 20% while boosting its holdings of Ethereum by millions.
The move has sparked online chatter and celebrations among Ethereum traders — but what does it actually represent?
Harvard University Cuts Bitcoin, Opens Ethereum
The university’s $56.9 billion endowment, which is in part made up by “thousands of philanthropic gifts donated since Harvard’s early history,” made its first investment in Ethereum during the fourth quarter.
Harvard Management Company (HMC), which oversees the endowment, purchased nearly 3.9 million shares of BlackRock’s iShares Ethereum Trust, a spot exchange-traded fund tracking the price of ETH.
The stake was valued at approximately $86.8 million at the end of the quarter.
At the same time, HMC reduced its position in BlackRock’s iShares Bitcoin Trust by about 21%, selling roughly 1.5 million shares.
Despite the reduction, the Bitcoin ETF remains Harvard’s largest publicly disclosed crypto-related holding, valued at $265.8 million.
Harvard Bitcoin: Risk Management or Rotation?
Harvard’s move stands in contrast to some corporate strategies that have doubled down on Bitcoin despite mounting paper losses — a dynamic that has become increasingly visible in recent months as prices swung sharply.
Japan-listed Bitcoin treasury firm Metaplanet said it remains committed to accumulating BTC even after reporting more than $600 million in unrealized valuation losses for the fiscal year ended 2025.
The company posted revenue of 8.9 billion yen ($58 million), up 738% year-on-year, and operating profit of 6.3 billion yen, according to its earnings report.
But it also booked an unrealized loss of about 102.2 billion yen ($660 million) tied to the year-end market value of its Bitcoin holdings.
Despite the losses, Metaplanet said it remains on track to accumulate 1% of Bitcoin’s total supply by 2027 — a target that would require buying roughly 175,000 more bitcoins over the next two years.
Metaplanet’s experience highlights the risks, even without selling, large drawdowns can translate into headline losses, accounting hits and increased scrutiny.
That risk may help explain why some large allocators, including university endowments, are opting for more diversified exposure through regulated vehicles, rather than concentrating wholly on Bitcoin.
Bitcoin Price Fall
Harvard’s portfolio adjustment came during a prolonged downturn for Bitcoin and the wider crypto community.
Bitcoin fell dramatically from an all-time high of around $125,000 in October to end the quarter just below $90,000.
At the time of reporting, Bitcoin was trading at around $67,897, down roughly 28% in the last month.
On Monday, CCN analyst Victor Olanrewaju said a break below $62,800 would likely “trigger accelerated selling.”
“However, if bulls manage to invalidate the pennant with a strong breakout above $71,300 and hold that level, the pattern would fail, and short covering could push the price toward 78,800,” he added.
Nearing Bottom?
Harvard’s portfolio shift comes as some market strategists argue the steep selloff in major tokens may be nearing exhaustion.
Fundstrat co-founder Tom Lee said deteriorating sentiment and persistent weakness in price action suggest the market is in the late stages of capitulation.
“We should be pretty close, because sentiment is terrible. The price action’s been bad,” Lee said in an interview.
Lee pointed to technical analysis from strategist Tom DeMark, who has forecast Bitcoin sliding toward $60,000 and Ethereum bottoming near $1,890 after failing to hold support around $2,400.
The Fundstrat founder said Ethereum has effectively reached that level and may require “one more undercut” before establishing a durable low.
He added that the downturn could end by April at the latest.
“So I think we’re almost through the winter,” he said.
However, Lee has faced criticism in recent months after making bullish projections that did not materialize.
In March 2025, he said Bitcoin could finish the year above $150,000, later raising the target to $200,000.
He also forecast that Ethereum would reach between $7,000 and $9,000 by late January.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
