Harvard Management Company decreased its holdings in the iShares Bitcoin Trust by 21% during the fourth quarter of 2025, reducing shares to 5.35 million valued at $265.8 million. Concurrently, it established a new $86.8 million position in BlackRock’s iShares Ethereum Trust. By year-end, the endowment's combined exposure to bitcoin and ether ETFs totaled $352.6 million.