Harvard University has expanded its Bitcoin ETF holdings by 257% in the third quarter, making the iShares Bitcoin Trust its largest disclosed position with 6.8 million shares valued at $442.8 million as of September 30.
The move represents one of the most significant institutional endorsements of Bitcoin exposure among elite university endowments, ranking Harvard as the 16th-largest holder of the BlackRock-managed fund.
The latest 13F filing shows Harvard increased its stake from 1.9 million shares reported in June, while simultaneously growing its gold ETF holdings by 99% to 661,391 shares worth $235 million.
Bloomberg ETF analyst Eric Balchunas noted the rarity of top-tier endowments purchasing ETFs, calling it “as good a validation as an ETF can get.“
Institutional Shift Marks Reversal of Academic Skepticism
Harvard’s substantial Bitcoin allocation stands in contrast to earlier predictions from its own economics faculty.
Kenneth Rogoff, a Harvard professor and former chief economist of the International Monetary Fund, stated in 2018 that Bitcoin would more likely trade at $100 than $100,000 within a decade.
“I think bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now,” Rogoff told CNBC, adding that removing money laundering and tax evasion would leave Bitcoin with “very small” transaction uses.
He argued that government regulation would trigger price drops, though he acknowledged such frameworks would take time to develop globally.
Rogoff recently reflected on his earlier assessment, acknowledging that he had misjudged Bitcoin’s role in the global underground economy and underestimated the regulatory conflicts of interest.
“I was far too optimistic about the US coming to its senses about sensible cryptocurrency regulation,” he wrote in his new book Our Dollar, Your Problem.
He added that he “did not anticipate a situation where regulators, and especially the regulator in chief, would be able to brazenly hold hundreds of millions (if not billions) of dollars in cryptocurrencies seemingly without consequence given the blatant conflict of interest.“
Balchunas referenced Rogoff’s earlier skepticism, noting it “must feel so great” for Bitcoin advocates to see Harvard’s institutional validation.
The $443 million position represents approximately 0.75% of Harvard’s $57 billion endowment.
However, Bitwise analyst Ryan Rasmussen predicts that this allocation will grow to 1% and eventually 5% as peer institutions follow suit.
University and State Pension Adoption
Harvard joins a widening cohort of institutional investors increasing cryptocurrency exposure through regulated investment vehicles.
The State of Michigan Retirement System tripled its Bitcoin ETF holdings to 300,000 shares valued at $11.4 million in the second quarter, 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 approximately $387.3 million, making it one of the largest state pension allocations to Bitcoin-linked products.
Meanwhile, Emory University disclosed a $15 million stake in the Grayscale Bitcoin Mini Trust in 2024, becoming one of the first major US endowments to reveal crypto ETF exposure.
Beyond traditional universities, the University of Austin launched a dedicated $5 million Bitcoin fund within its $200 million endowment in February, becoming the first US university endowment to establish a Bitcoin-focused investment.
At that time, Pantera Capital reported an eight-fold increase in endowment and foundation clients since 2018, while Yale University invested in crypto venture funds during Bitcoin’s earlier price levels.
Despite growing adoption, some institutional investors remain cautious. Cornell University professor Eswar Prasad warned that cryptocurrency remains “purely speculative financial asset and one that doesn’t provide very much hedging relative to other risky assets,” with volatility exceeding that of traditional risky assets.
Brian Neale of the University of Nebraska Foundation told the Financial Times he does not consider cryptocurrency an “institutionally investable” asset class due to limited adoption among traditional allocators.
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