Harvard University Expands Bitcoin and Gold ETF Exposure
Harvard University has significantly increased its stake in the iShares Bitcoin Trust (IBIT), expanding its Bitcoin exposure by 257% to a total of $442.8 million. The Harvard Management Company's filing revealed a rise to 6.8 million IBIT shares, indicating a strategic response to evolving market conditions and broader institutional investment trends.
The latest 13F filing demonstrated that Harvard's IBIT holdings grew from 1.9 million shares in June to 6.8 million shares by September 30. This substantial increase positions IBIT as Harvard's top reported holding, signaling a notable shift in the university's investment strategy. According to Bloomberg ETF analyst Eric Balchunas, such a move is uncommon among major endowments, which typically exhibit more conservative approaches to ETF investments.
The updated allocation shows IBIT now outranking other significant holdings such as Microsoft, Amazon, Alphabet, and Nvidia within Harvard's disclosed portfolio. The SEC document indicates that IBIT represents 20.97% of the reported portfolio, underscoring its prominent position. This strategic adjustment is further contextualized by Harvard's simultaneous increase in its exposure to alternative assets.
Increased Gold Holdings Reflect Hedge Strategy
In parallel with its expanded Bitcoin investments, Harvard nearly doubled its gold exposure. The university raised its position in the SPDR Gold Shares (GLD) from 333,000 shares to 661,391 shares, bringing the total stake to $235 million, a 99% increase from the previous quarter. This concurrent expansion into both Bitcoin and gold suggests a strategic focus on assets considered hedges against monetary uncertainty.
These dual investment shifts have also elevated Harvard's standing among institutional holders of IBIT. The university moved from 29th place in the previous quarter to a more prominent position among reported holders. This trend aligns with a growing number of pension funds and university endowments that have increased their regulated cryptocurrency exposure throughout 2025.
Broader Institutional Adoption of Bitcoin ETFs
Harvard's recent filing arrives as several other U.S. institutions also report increased Bitcoin-linked holdings. The State of Michigan Retirement System, for instance, expanded its IBIT position to 300,000 shares, valued at $11.4 million.
Similarly, the State of Wisconsin Investment Board holds over 6 million IBIT shares, approximately $387.3 million, according to its filing, making it one of the largest state-level holders of Bitcoin ETF products.
Further evidence of this trend comes from other universities. Emory University reported a $15 million position in the Grayscale Bitcoin Mini Trust earlier in 2024, and the University of Austin established a dedicated $5 million Bitcoin fund in February.
These collective actions signify a notable shift in how academic endowments are approaching regulated digital-asset products. However, some institutions maintain a cautious stance. Cornell professor Eswar Prasad continues to view cryptocurrency as a speculative asset. Brian Neale of the University of Nebraska Foundation expressed concerns to the Financial Times regarding crypto's institutional investability due to limited adoption among traditional allocators, a perspective that contrasts sharply with Harvard's recent investment decisions.
Previous Academic Forecasts and Future Outlook
Harvard's increased Bitcoin stake also stands in contrast to earlier predictions from some of its own faculty. Kenneth Rogoff, a Harvard economist and former IMF chief economist, had predicted in 2018 that Bitcoin's price would likely trend toward $100 rather than $100,000 by 2028. Rogoff later acknowledged in his book, "Our Dollar, Your Problem," that he had underestimated global regulatory conflicts and misjudged the dynamics of the underground economy.
Balchunas highlighted this contrast, suggesting the filing would be well-received by Bitcoin advocates. Harvard's IBIT position currently represents approximately 0.75% of the endowment's estimated $57 billion portfolio. Bitwise analyst Ryan Rasmussen predicts that this allocation could potentially rise to 1% or even 5% if other peer institutions begin to adjust their holdings, a scenario that aligns with the observed pace of institutional adoption in 2025.
In summary, Harvard's recent filing reveals a significant increase in its IBIT stake, now valued at $442.8 million after a 257% quarterly surge. The endowment also nearly doubled its gold ETF holdings, indicating an expansion of its alternative asset exposure. These strategic moves position Harvard among the leading institutional Bitcoin ETF holders and underscore a broader trend of increased investment in regulated digital assets by universities and state pension funds.