Harvard Invests $116M in Bitcoin ETF, Marking Bold Shift in Endowment Strategy
Harvard University’s endowment fund has gone big on digital assets, revealing a $116 million stake in BlackRock’s iShares Bitcoin ETF...
Quick overview
- Harvard University's endowment fund has invested $116 million in BlackRock's iShares Bitcoin ETF, making Bitcoin its 5th largest holding.
- This investment marks Harvard's largest allocation to crypto, reflecting a growing trend among blue chip institutions towards digital assets.
- The SEC's recent decision to increase the cap on options contracts for ETFs could enhance trading activity and benefit Harvard's investment.
- Harvard's endowment, the largest in the US at $53.2 billion, aims to withstand market volatility, aligning with the nature of crypto assets.
Harvard University’s endowment fund has gone big on digital assets, revealing a $116 million stake in BlackRock’s iShares Bitcoin ETF. The investment, disclosed in a U.S. Securities and Exchange Commission (SEC) filing on Friday, is roughly 1.9 million shares as of June 30, 2024.
Bitcoin is now the 5th largest holding in Harvard’s $53.2 billion endowment, behind Microsoft, Amazon, Booking Holdings and Meta. Harvard joins the growing list of blue chip institutions that are betting on crypto’s long term future.
Harvard’s endowment is the largest in the US, bigger than Yale, Stanford and Princeton. Officials have said the portfolio is designed to withstand market volatility, which is in line with the nature of crypto assets.
From Early Interest to Big Allocation
This is Harvard’s largest crypto investment to date, but the university reportedly looked into digital assets as far back as 2018. Emory University, which disclosed 2.7 million shares of the Grayscale Bitcoin Mini Trust in 2024 valued at over $15 million at the time, was the first to make a big move.
The iShares Bitcoin ETF, which launched in January 2024 after SEC approval along with 10 other spot Bitcoin ETFs, has become a giant in the crypto space. BlackRock data shows the fund now has over $86 billion in net assets.
SEC Moves to Boost ETF Demand
In a move that could benefit Harvard’s position, the SEC announced on Tuesday it will raise the cap on options contracts for ETFs from 25,000 to 250,000. This applies to all ETFs with options, including the iShares Bitcoin ETF, which could increase trading activity and investor participation.
Key Facts:
- Investment Value: $116 million
- Shares Held: ~1.9 million
- Endowment Size: $53.2 billion
- Fund Net Assets: $86 billion (as of August 2024)
- Ranking in Portfolio: 5th largest holding
It’s clear institutional finance is shifting and digital assets are being seen as a legitimate part of a diversified portfolio. If the SEC’s expanded options framework brings more liquidity, Harvard’s investment will benefit.
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