Harvard’s Crypto Dip: A Rather Large Purchase

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It’s a curious thing, isn’t it, to think of Harvard University, that bastion of academic rigor and collegiate history, dabbling in the frankly bewildering world of cryptocurrency? One imagines a room full of tweed-clad professors nervously explaining blockchain technology to each other. Apparently, they’re not just explaining it; they’re putting a considerable amount of money where their mouths are. Harvard Management Co., which handles the university’s investments, recently revealed a purchase of 3,870,900 shares of the iShares Ethereum Trust ETF (ETHA +6.78%). That works out to around $86.82 million, which, if you stacked it in dollar bills, would reach… well, a considerable height. Probably requiring a permit.

This isn’t some whimsical side bet, either. It represents 4.18% of the fund’s U.S. equity holdings as of December 31st, 2025. Which, when you consider the sheer volume of investments Harvard juggles, is a rather significant statement. As of the filing, their top holdings looked like this: IBIT ($265.81 million), Google ($252.87 million), Gold ($248.27 million), Microsoft ($236.82 million), and Booking Holdings ($180.25 million). So, nestled amongst the titans of industry, there’s a healthy chunk of digital ether. It’s like inviting a particularly eccentric guest to a very formal dinner party.

Now, let’s address the elephant in the room – or perhaps the digital whale in the blockchain. ETHA hasn’t exactly been a stellar performer lately. As of February 14th, 2026, shares were trading at $15.44, down a rather disheartening 23.90% over the past year. It’s underperforming the S&P 500 by a margin that would make even the most optimistic investor wince. But, and this is a crucial but, Harvard doesn’t seem overly concerned. They’re playing the long game, presumably believing that the future of finance will involve more than just traditional currencies and well-established companies.

As of the filing, Harvard Management reported a portfolio of 19 positions totaling $2.08 billion. It’s a surprisingly lean portfolio, considering the university’s immense wealth. They’re not spreading their bets across a vast landscape of investments; they’re carefully selecting a few key areas. And, as it happens, one of those areas is digital assets. They also hold a position in the iShares Bitcoin ETF Trust (IBIT +5.18%), which, if you haven’t been following, is basically the same idea as ETHA, but with Bitcoin instead of Ether.

Here’s a quick snapshot of the numbers, just to keep things clear:

Metric Value
AUM $6.17 billion
Price $15.44
One-year price change -23.90%

(Price and one-year change data as of February 14, 2026.)

The iShares Ethereum Trust ETF, for the uninitiated, offers a way for both institutional and retail investors to gain exposure to Ether (ETH 6.05%), the cryptocurrency that powers the Ethereum blockchain. It’s a rather complex system, really, involving cryptography and distributed ledgers and things that would likely give a medieval accountant a headache. But the idea is to provide a scalable and regulated way to participate in the digital asset market without having to worry about the technical complexities of owning Ether directly.

It’s worth remembering that Harvard’s investments aren’t just about making a quick buck. They’re managing an endowment – a long-term fund used to support the university’s mission, things like faculty salaries, scholarships, research, and keeping the lights on. It’s a weighty responsibility, and they’re not likely to make rash decisions based on the latest crypto hype. Interestingly, Bitcoin’s ETF has climbed around 40% since its launch in January 2024, while ETHA has dipped 41.32%. A reminder that even in the realm of digital finance, past performance is no guarantee of future results. Still, if Harvard believes in the long-term potential of crypto, ETHA remains a viable option, even if it’s currently experiencing a bit of a wobble.

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2026-02-16 01:13