Harvard University significantly expanded its Bitcoin exchange-traded fund (ETF) holdings in the third quarter, increasing its stake by 257% to 6.8 million shares. Valued at approximately $442.8 million as of September 30, this investment now represents Harvard’s largest disclosed position.
This move highlights a notable institutional embrace of cryptocurrency exposure within elite university endowments. Harvard ranks as the 16th-largest holder of BlackRock’s iShares Bitcoin Trust, reflecting a growing trend among major investors.
Harvard’s Bitcoin and Gold ETF Stakes Grow Substantially
According to the latest 13F filing, Harvard raised its Bitcoin ETF shares from 1.9 million reported in June. Simultaneously, the university increased its gold ETF holdings by 99%, acquiring 661,391 shares worth $235 million.
Bloomberg ETF analyst Eric Balchunas described the investment as a rare institutional endorsement, calling it “as good a validation as an ETF can get.”
Shift Contrasts With Prior Academic Skepticism
Harvard’s considerable Bitcoin allocation contrasts with earlier pessimistic views from its own economics faculty. Kenneth Rogoff, a Harvard professor and former IMF chief economist, predicted in 2018 that Bitcoin would likely trade closer to $100 than $100,000 within a decade.
Rogoff argued that Bitcoin’s value would shrink significantly after addressing issues like money laundering and tax evasion, and that government regulation would depress its price. However, he recently acknowledged his earlier misjudgments regarding Bitcoin’s role in the underground economy and regulatory challenges.
In his book Our Dollar, Your Problem, Rogoff noted, “I was far too optimistic about the US coming to its senses about sensible cryptocurrency regulation.” He also highlighted regulatory conflicts of interest involving cryptocurrency holdings.
Balchunas referenced Rogoff’s past skepticism, suggesting Bitcoin advocates find Harvard’s endorsement validating.
Harvard’s Bitcoin ETF Position in Context
The $443 million Bitcoin ETF holding accounts for roughly 0.75% of Harvard’s $57 billion endowment. Bitwise analyst Ryan Rasmussen forecasts this allocation could rise to 1% and eventually 5% as other institutions increase crypto exposure.
University and State Pension Funds Increase Crypto Investments
Harvard joins a growing list of institutional investors acquiring cryptocurrency exposure via regulated investment products.
- The State of Michigan Retirement System tripled its Bitcoin ETF holdings to 300,000 shares, valued at $11.4 million in Q2, while maintaining a $13.6 million Ethereum position through the Grayscale Ethereum Trust.
- The State of Wisconsin Investment Board holds over 6 million shares of BlackRock’s iShares Bitcoin Trust, worth about $387.3 million, ranking among the largest state pension Bitcoin allocations.
- Emory University disclosed a $15 million stake in the Grayscale Bitcoin Mini Trust in 2024, marking it as one of the first major U.S. endowments with crypto ETF exposure.
- The University of Austin launched a dedicated $5 million Bitcoin fund within its $200 million endowment in February, becoming the first U.S. university to establish a Bitcoin-focused investment vehicle.
Since 2018, Pantera Capital reported an eightfold increase in endowment and foundation clients investing in crypto. Yale University also invested in crypto venture funds during earlier Bitcoin price cycles.
Institutional Caution Remains
Despite rising adoption, some institutional investors maintain a cautious stance. Cornell University professor Eswar Prasad described cryptocurrency as a “purely speculative financial asset” with volatility exceeding traditional risky assets and limited hedging benefits.
Brian Neale of the University of Nebraska Foundation told the Financial Times that he does not view cryptocurrency as an “institutionally investable” asset class due to its limited adoption among traditional allocators.
