Overview
- Regulatory disclosures show Harvard increased its iShares Bitcoin Trust stake by 257% in Q3 2024, making it the endowment’s largest disclosed position as of September 30.
- The allocation left Bitcoin roughly twice the size of Harvard’s SPDR Gold Shares stake after the university also lifted its gold ETF holdings by about 99%.
- The Bitcoin position represents roughly 0.75% of the endowment and places Harvard among the top 20 holders of BlackRock’s fund, according to reported holdings data.
- The purchases came before a subsequent downturn and outflows in spot Bitcoin ETFs, with market data noting many holders at a loss and traders cautious around options expiries.
- Academics and columnists criticized the move over volatility, lack of yield, limited payment utility, and energy use, while some analysts see potential signaling effects for other institutional allocators.