HMC cut IBIT 21% and opened $86.8M ETHA position
Harvard Management Company reduced its iShares Bitcoin Trust (IBIT) position by about 21% in Q4 2025 and opened a new $86.8 million stake in iShares Ethereum Trust (ETHA), as reported by The Block. The disclosure reflects HMC’s end‑of‑quarter U.S. equity holdings under Form 13F crypto-coin-to-buy-right-now-over-cro-ton-and-shib-for-the-2026-bull-run/”>for the period ending Dec. 31, 2025.
The figures indicate IBIT remained sizable despite the trim, with an end‑December value of roughly $265.8 million, down from $442.8 million the prior quarter. ETHA appears as a first‑time entry at about 3.87 million shares, corresponding to the ~$86.8 million position.
Why it matters: diversification within crypto exposure, not exit
The moves signal diversification within existing crypto exposure rather than an exit. Trimming a concentrated Bitcoin stake while adding Ethereum can balance distinct drivers: BTC’s monetary narrative versus ETH’s smart‑contract utility.
Executed via exchange‑traded funds, the shift also suggests preference for on‑ramp liquidity, custody delegation, and transparent daily NAVs over direct token holding. It remains a tactical reweight, not a wholesale strategy change.
Immediate impact: Bitcoin remains top disclosed holding; ETHA initiated
Based on the quarter‑end holdings, Bitcoin remains HMC’s largest publicly disclosed U.S. equity position, and Ethereum exposure is newly established through ETHA. No direct positions in underlying tokens are indicated by this filing.
Position sizes reflect Dec. 31 closing values and share counts, meaning subsequent price moves do not alter the reported totals. Additional portfolio activity outside U.S. equities would not appear here.
Context, expert views, and how to read the filing
SEC filing timing and 13F scope: U.S. equities only
according to Yahoo Finance, HMC’s ETHA initiation and other updates appear in a Form 13F filed on Feb. 13, 2026. The U.S. Securities and Exchange Commission states Form 13F covers U.S.-listed equities and certain ETFs, excluding private vehicles, non‑U.S. securities, and many derivatives.
The snapshot is as of Dec. 31, 2025, so later market moves fall outside the filing’s scope. At the time of this writing, Coinbase Global (COIN) traded around $164.81 after hours, underscoring ongoing crypto‑related market volatility.
Academic and analyst perspectives on crypto risk and valuation
Academic commentators highlight valuation opacity and risk for both assets, even as institutional adoption broadens. As reported by The Harvard Crimson, concerns center on volatility, intrinsic value debates, and endowment‑appropriate valuation methods.
“The valuation methodology is unclear,” said Avanidhar Subrahmanyam, Professor of Finance at UCLA. Bitcoin’s “lack of intrinsic value” remains a risk factor, said Andrew F. Siegel, Emeritus Professor of Finance at the University of Washington.
FAQ about Harvard Management Company
How big are HMC’s IBIT and ETHA positions now, and what share of its reportable U.S. equities do they represent?
IBIT remains HMC’s largest disclosed U.S. equity holding; ETHA is ~$86.8M. ETHA equals about 4.18% of reportable U.S. equities, according to Motley Fool.
What risks and valuation considerations do experts cite for Bitcoin vs. Ethereum exposure in an endowment portfolio?
Experts cite high volatility, unclear intrinsic value, and valuation methodology challenges; Ethereum adds technology, regulatory, and competitive risks versus Bitcoin’s monetary narrative.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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