Key Highlights
- •Harvard’s larger Bitcoin and gold ETF positions indicate a clear shift toward alternative assets during a period of stronger market uncertainty.
- •ETF data shows inflows earlier in the year turning into notable outflows as volatility increased and Bitcoin retreated from its highs.
- •Rogoff’s updated view reflects changing assumptions about regulation, demand patterns, and the broader role Bitcoin now plays in global markets.
Harvard University’s latest Securities and Exchange Commission (SEC) filing has revealed a major jump in its Bitcoin ETF holdings. The university now holds 6,813,612 shares of BlackRock’s IBIT, worth about $442.8 million. The investment sits far above the 1,906,000 shares reported in the previous quarter, which were valued at around $117 million.
The filing reveals that, besides the massive Bitcoin allocation, Harvard also boosted its position in the GLD gold ETF. The filing shows 661,391 GLD shares worth roughly $235 million. This marks a 99% jump from the 333,000 shares reported in June.
Harvard’s activity shows a wider move toward alternative assets during heightened market volatility. MacroScope, a popular market commentator, highlighted the significance of Harvard’s portfolio, stating, “These are the types of important long-term flows happening with BTC despite short-term price moves.”
Bloomberg analyst Eric Balchunas also confirmed the shift. He noted, “Just checked and yeah $IBIT is now Harvard’s largest position in its 13F and its biggest position increase in Q3.” Moreover, he emphasized how rare it is for elite endowments to take ETF positions of this scale. “It’s as good a validation as an ETF can get,” Balchunas added.
Institutional Flows Strengthen Long-Term Thesis
Harvard’s repositioning comes during record outflows across U.S.-listed spot Bitcoin ETFs. Investors pulled about $869 million from Bitcoin ETFs on November 13, the second largest in history. Additionally, total spot Bitcoin ETFs recorded net outflows of around $492 million on November 14. Consequently, institutional players reduced exposure as Bitcoin faced sharp volatility near the $94,000 level.
Sosovalue’s data shows that a significant amount of capital flowed into Bitcoin ETFs several times earlier in the year. Big inflows were recorded from February to April 2024 and then again from October 2024 into early 2025. On some days, investors added more than $500 million, and a few days even saw over $1 billion come in. These spikes happened while Bitcoin’s price climbed from the mid-$40,000 range all the way past $110,000 in 2025.
However, things changed when the market became more volatile. During the middle of 2024, and again around the middle of 2025, investors pulled out a lot of money. Some of those days had nearly $1 billion leaving the ETFs. Total ETF assets had grown above $150 billion earlier in 2025, but heavy selling pushed that number back down toward $120 billion. The latest data shows ETF assets sitting around $125.34 billion, with Bitcoin trading near $96,000, as per data.
Shifting Narratives Around Bitcoin’s Role
Harvard’s expansion also adds irony to the long-standing criticism from its own former economist Kenneth Rogoff. In 2018, he claimed Bitcoin was more likely to hit $100 than $100,000 by 2028. Rogoff recently reflected, “Almost a decade ago I was the Harvard economist that said that bitcoin was more likely to be worth $100 than 100k. What did I miss?” He then admitted he underestimated regulatory behavior, underground economy demand, and shifting policymaker incentives.
Moreover, the rise of Bitcoin ETFs since early 2024 created a compliant pathway for pensions, insurers, sovereign funds, and now elite endowments to enter the market. Hence, institutions now treat Bitcoin as a strategic allocation rather than speculative noise.