Harvard University has made a notable move to increase its exposure to Bitcoin through BlackRock”s IBIT fund, as revealed by recent filings. This strategic shift comes at a time when the cryptocurrency market is experiencing considerable outflows and volatility.
According to a new SEC filing, Harvard now holds 6,813,612 shares of the iShares Bitcoin Trust, valued at approximately $442.8 million as of September 30. This represents a staggering 257% increase from the 1.9 million shares reported at the close of June, positioning Harvard among the top institutional investors in IBIT.
In addition to its Bitcoin holdings, Harvard has also expanded its investments in gold, reporting 661,391 shares of the GLD gold ETF with a value nearing $235 million, nearly doubling its previous position of 333,000 shares. These moves suggest a broader strategy aimed at diversifying into assets beyond traditional equity markets.
Crypto ETF analyst Eric Balchunas noted that such large-scale allocations in ETF structures are uncommon for endowments, calling it “a strong validation” for the product, particularly amid market stress. This new position now ranks as Harvard”s largest ETF holding, as indicated in its 13F report.
The increase in Harvard”s allocation occurs during a week marked by significant outflows from Bitcoin ETFs, with data from SoSoValue showing withdrawals totaling $492 million. On Thursday alone, Bitcoin funds experienced outflows of $869.9 million, the second-largest since their inception.
Currently, Bitcoin is trading near $96,261 after a dip to around $95,000, stabilizing somewhat. Despite the recent outflows, long-term metrics for Bitcoin ETFs remain robust, with over $60 billion in net inflows recorded since the beginning of 2024 and cumulative trading volume exceeding $1.5 trillion. Notably, BlackRock”s IBIT now commands more than half of the U.S. Bitcoin ETF market.
Other institutions are also increasing their positions; for instance, Al Warda Investments has raised its IBIT holdings to 7.96 million shares, valued at $517.6 million, reflecting a 230% increase since June.
This shift in Harvard”s investment strategy underscores the growing institutional support for Bitcoin and highlights the evolving landscape of cryptocurrency investments amid fluctuating market conditions.
