In the third quarter, Harvard's Bitcoin holdings increased by 257% to $443 million, making it their largest public position.

Regulatory documents show that Harvard University significantly increased its holdings of bitcoin-related assets in the third quarter of 2025, with the market value of its holdings in the iShares Bitcoin Trust rising to $442.8 million, a 257% increase from the second quarter, becoming the largest single asset disclosed in its portfolio, surpassing traditional stock holdings such as Microsoft, Amazon, and Nvidia. Harvard Management Company currently holds 6.8 million shares of the bitcoin ETF under BlackRock, a significant increase from the 1.9 million shares disclosed in June, accounting for approximately 21% of its publicly traded stock portfolio, making it the 16th largest holder of the ETF. Harvard also increased its holdings of gold by 99%, acquiring over 660,000 shares of SPDR Gold Trust, valued at approximately $235 million. The "dual allocation" of bitcoin and gold is seen as a defensive layout against macroeconomic uncertainty. This contrasts sharply with the cautious attitude held by some Harvard scholars in the past. Previously, many economists believed that cryptocurrencies were difficult to gain regulatory support, but now they acknowledge that market and policy changes have exceeded expectations. Harvard's latest actions also reflect a trend of more conservative institutions accelerating acceptance of crypto assets. Emory University increased its holdings of bitcoin ETF to $52 million in the third quarter; the Investment Committee of Wisconsin holds approximately $387 million in IBIT; and JPMorgan Chase also increased its holdings by 64% to $343 million. Since its listing in early 2024, the iShares Bitcoin Trust has attracted over $60 billion in net inflows, dominating over half of the U.S. spot bitcoin ETF market.