Harvard University increased its investment in BlackRock's Bitcoin exchange-traded fund (ETF) by more than 250% in the third quarter, having first purchased the fund earlier this year.
The Harvard Management Company, which manages the university's $57 billion endowment, disclosed in a regulatory filing on Friday that as of September 30, it held over 6.8 million shares of the iShares Bitcoin Trust ETF (IBIT), valued at $442.8 million.
The university revealed its initial position in IBIT in August, when it held approximately 1.9 million shares, valued at $116.6 million.
Bloomberg ETF analyst Eric Balchunas stated on Friday that it is "extremely rare/difficult" for endowments to be willing to invest in ETFs.
He added, "This is the best endorsement for ETFs," but also noted that Harvard's investment in IBIT "only accounts for 1% of the total endowment."
According to Balchunas's data, IBIT is the largest single investment in Harvard's current filing and is also its "most increased position in the third quarter," now becoming the 16th largest holder of the ETF.
Balchunas mentioned that after Harvard's initial purchase of IBIT in August, university endowments are "generally averse to ETFs" and are among the hardest institutions to attract.
Aside from the above, most of Harvard's remaining investments are primarily concentrated in large U.S. tech companies, including Amazon, Meta, Microsoft, and Google's parent company Alphabet.
Additionally, the university established a new $16.8 million position in the buy now, pay later fintech company Klarna and acquired $59.1 million in shares of TSMC.
Harvard also nearly doubled its holdings in gold, increasing its stake in the gold-backed ETF—SPDR Gold Shares (GLD) to 661,391 shares, valued at $235.1 million, up from 333,000 shares in August.
According to SoSoValue data, as of Friday's close, the Bitcoin spot ETF saw a net outflow of $1.11 billion for the week, with Bitcoin prices dropping below the $100,000 mark.
Bitcoin has now fallen below $95,000, hitting a low of $93,029 in the past 24 hours, erasing all gains made this year.
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Original article: “Filing shows Harvard University triples stake in BlackRock Bitcoin (BTC) ETF”
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