Harvard University has significantly expanded its exposure to digital asset investment vehicles, reaching nearly half a billion dollars. However, recent filings suggest a potential shift in focus towards gold exchange-traded funds.
The Massachusetts-based educational institution, renowned for its law studies, increased its Bitcoin position to over $442 million through BlackRock’s iShares Bitcoin Trust during the third quarter. This is according to filings submitted to the Securities and Exchange Commission in November.
This substantial increase places the digital asset fund above Harvard's stakes in major public companies such as Nvidia, Microsoft, and Amazon. The reported position grew from $117 million in the previous quarter.
Bitcoin and Gold Allocations: A Comparative Analysis
Matt Hougan, Chief Investment Officer at Bitwise Invest, noted on X that Harvard not only increased its Bitcoin holdings but also boosted its gold ETF allocation from $102 million to $235 million.
Hougan commented, "Think about that for a second: Harvard decided to put on a debasement trade, and it allocated bitcoin 2-to-1 over gold."
Gold prices saw an increase above $4,210 per ounce on Monday, following a weekly decline that occurred in reaction to the Federal Reserve’s final policy meeting of the year. Market participants anticipate interest rate cuts from officials, and historical data indicates that rate reductions have consistently supported demand for gold.
The precious metal has gained 2.38% in recent sessions and is currently 58.39% higher than it was at this time last year, based on trading data for a contract for difference that tracks the benchmark commodity.
After reaching an all-time high record above $4,380 per ounce in October, gold experienced a decline in value due to concerns surrounding the US budget and the growing national debt. Following the conclusion of a 43-day US government shutdown on November 12, the precious metal recouped some of its losses and is now trading above $4,200 per ounce, approximately 3% below its peak.
Despite gold trading significantly higher year-on-year, Bitcoin, the largest cryptocurrency by market capitalization, has seen a decline of 9.6% since December 8, 2024, when it was valued at slightly above $101,000. Nevertheless, many institutions and members of the crypto community remain optimistic about a potential Christmas rally that could push Bitcoin back above the $100,000 mark.
Harvard's Bitcoin exposure experienced losses due to the digital asset market's downturn this quarter, which saw prices fall below $90,000. Its position in the iShares Bitcoin Trust depreciated by approximately $40 million.
Bitcoin had dropped more than 10% this quarter. However, a brief recovery last Tuesday shifted its price trend to a 2% profit since October 1. Had the university exited its position in early October, it likely would have broken even or achieved a modest gain before the subsequent downturn accelerated.
According to analysis from Investtech, Bitcoin has recently broken above the ceiling of a short-term falling trend channel, indicating slower declines. However, a sideways pattern is currently forming, and a slightly negative technical outlook is anticipated in the short term.
Increased Crypto Exposure Among Educational Institutions
Harvard is not alone in allocating funds to cryptocurrency investment products. Brown University in Rhode Island disclosed approximately $14 million in crypto ETF holdings at the end of Q3 2025.
Additionally, the State of Michigan Retirement System tripled its holdings of a Bitcoin ETF during the second quarter. Michigan's pension fund now holds 300,000 shares, valued at approximately $9.8 million, and has a $12.2 million allocation to Ethereum through the Grayscale Ethereum Trust.
The State of Wisconsin Investment Board holds one of the largest known state pension exposures to cryptocurrency funds. It possesses over 6 million shares of BlackRock’s iShares Bitcoin Trust, valued at more than $350 million, representing one of the most significant public pension investments in Bitcoin-related financial products.
Emory University, a private research institution in Georgia, disclosed a $15 million stake in the Grayscale Bitcoin Mini Trust in 2024, making it one of the earliest US endowments to reveal exposure to a crypto ETF.
The university initially held just under 500,000 shares of the trust at the end of the second quarter. By the close of September, Emory reported holding more than 1 million shares of the same trust, valued at approximately $52 million at that time.