Emre Yumlu 
Harvard University, one of the world’s most prestigious academic institutions, has taken a bold step into the digital asset space. During the third quarter, the university increased its Bitcoin ETF exposure by an impressive 257%, bringing its total position to approximately $443 million. What makes this move even more striking is that Harvard now holds twice as much Bitcoin exposure as gold, signaling a meaningful shift in its long-term asset allocation strategy.
This development places Bitcoin in a leading position within Harvard’s disclosed investment portfolio for the first time, overtaking one of the most traditional safe-haven assets in financial history.
iShares Bitcoin Trust Becomes Harvard’s Largest Position
Harvard’s Bitcoin exposure is primarily held through the iShares Bitcoin Trust, managed by BlackRock. As of September 30, the university’s position in the fund reached $442.8 million, making it its largest publicly disclosed holding. At the same time, Harvard also increased its gold ETF exposure by 99% to $235 million, yet Bitcoin received a substantially higher allocation.
The $443 million Bitcoin position represents about 0.75% of Harvard’s $57 billion endowment, placing the university among the top 20 institutional holders of BlackRock’s Bitcoin ETF.
Poor Timing: Market Correction Hits After Accumulation
Despite the scale of the investment, the timing has sparked debate. Shortly after Harvard expanded its Bitcoin position, the market entered a sharp correction. Since the end of the third quarter, Bitcoin has dropped by more than 20%, falling from around $114,000 to near $92,000.
Even under the most optimistic assumptions, Harvard’s recent purchases are estimated to be down roughly 14%, translating into an unrealized paper loss of about $89 million on the newest portion of the investment alone.
Academic Skepticism Meets Institutional Exposure
Harvard’s move stands in contrast to earlier views expressed by some of its own faculty members. In 2018, economist Kenneth Rogoff famously predicted that Bitcoin would be far more likely to trade near $100 than $100,000 within a decade. He has since acknowledged that his expectations were overly optimistic regarding regulatory developments.
Nevertheless, criticism has intensified. Environmental concerns, energy consumption, and Bitcoin’s lack of dividend yield remain among the most frequently cited objections from academic circles.
Bitcoin Outlook Remains Uncertain
Market sentiment around Bitcoin continues to weaken. Over the past five weeks, more than $2.7 billion has exited Bitcoin ETF products. Analysts highlight heavy selling pressure between $96,000 and $100,000, as many holders attempt to exit at break-even levels.
A sustained breakout above $100,000 could reignite momentum toward $120,000, while failure to do so may open the door for a deeper pullback toward the $82,000–$88,000 range.
This content is for informational purposes only and does not constitute investment advice.
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