In a significant move, Harvard University has dramatically increased its investments in Bitcoin during the third quarter of 2023, signaling a shift in its investment strategy. According to a Form 13F filing with the U.S. Securities and Exchange Commission, Harvard Management Company now holds 6.8 million shares of BlackRock“s iShares Bitcoin Trust, valued at approximately $443 million. This represents a substantial increase from the 1,906,000 shares reported at the end of June.
Although this allocation is relatively small compared to Harvard”s massive $56.9 billion endowment, it underscores a growing trend among educational institutions toward adopting Bitcoin as a viable asset. The university”s decision reflects a broader acceptance of Bitcoin investments, which have become more accessible following the introduction of spot Bitcoin ETFs, allowing endowments to hold these assets similarly to stock.
Meanwhile, Emory University has also expanded its exposure to Bitcoin through ETFs. In its latest filing, Emory reported holding 1 million shares of the Grayscale Bitcoin Mini Trust, valued at $52 million, a significant increase from less than half that amount in the previous quarter. Additionally, Emory disclosed a smaller holding of 4,450 shares in the iShares Bitcoin Trust, worth about $289,000.
This trend among universities comes at a time when spot Bitcoin ETFs have faced significant outflows. Reports indicate that these funds lost nearly $867 million in a single day last week, marking the second-largest decline since the SEC approved such products earlier this year, with an additional $462 million exiting the following day.
The recent adjustments in university endowments highlight a long-term investment perspective, as both Harvard and Emory appear to be positioning themselves for future growth despite the recent volatility in the Bitcoin market. As of last week, Bitcoin had seen a sharp decline, starting the week at $107,000 before dropping to under $95,000 by Friday.
