Harvard Management Company, which oversees Harvard University’s $53.2 billion endowment, has disclosed a major investment in BlackRock’s iShares Bitcoin Trust (IBIT), marking one of the most significant endorsements of Bitcoin by a U.S. academic institution to date.
In a filing with the U.S. Securities and Exchange Commission (SEC) released Friday, Harvard reported holding approximately 1.9 million shares of the BlackRock Bitcoin ETF as of June 30, 2025. The position, valued at over $116 million, ranks as the endowment’s fifth-largest holding after Microsoft, Amazon, Booking Holdings, and Meta.
This move places Harvard among a growing list of institutional players embracing Bitcoin exposure through regulated financial products. The iShares Bitcoin ETF was one of 11 spot Bitcoin funds approved by the SEC in January 2024 and has since grown to over $86 billion in net assets, according to BlackRock.
While Harvard’s endowment has traditionally emphasized long-term, diversified investments across private equity, real estate, and tech stocks, interest in digital assets has been quietly building. Internal discussions around crypto exposure date back to at least 2018, and peer institutions like Emory University made similar moves in 2024, investing in the Grayscale Bitcoin Mini Trust.
The decision reflects broader shifts in institutional attitudes toward crypto, especially as regulatory clarity improves. This week, the SEC also announced it would increase the cap on options contracts for ETFs from 25,000 to 250,000—a move that could further boost liquidity and demand for funds like BlackRock’s.
Although known for cautious, strategic asset allocation, Harvard’s embrace of Bitcoin through a regulated ETF sends a strong signal of institutional confidence in crypto as a maturing asset class. The move may encourage other endowments and pension funds to follow suit, adding further credibility to Bitcoin’s role in traditional finance portfolios.
