Harvard Management Company exited its Ethereum ETF position after one quarter and cut its Bitcoin ETF stake, new SEC filings show. Summary Harvard sold $87M Ethereum ETF stake after one quarter, ending ETHA exposure during Q1 filing. The endowment also cut its Bitcoin ETF holdings, reducing IBIT shares from 5.35M to 3.04M. Ethereum Foundation exits and ETH price weakness add pressure to the wider institutional ETF story. The Q4 filing showed Harvard held 3,870,900 shares of BlackRock’s iShares Ethereum Trust, valued at $86.82 million. The Q1 filing no longer lists the Ethereum fund among Harvard’s reported public equity holdings. Meanwhile, the sale came less than a quarter after Harvard first reported the ETHA position. The Q1 filing instead shows 3,044,612 shares of BlackRock’s iShares Bitcoin Trust, valued at $116.97 million. That marks a reduction from 5,353,612 IBIT shares at the end of Q4, when the Bitcoin ETF position was valued at $265.81 million. The filing does not explain why Harvard sold ETHA or reduced IBIT. 13F reports also do not show intraday trades or private positions. Bitcoin exposure remains in Harvard portfolio Harvard’s move does not show a full crypto ETF exit. The endowment still held more than $100 million in IBIT as of March 31, even after selling about 2.31 million shares during Q1. The cut places Harvard among institutions that trimmed crypto ETF risk during a weak period for digital assets. Related coverage found a mixed institutional picture, with Abu Dhabi’s Mubadala adding IBIT shares while Dartmouth added Solana ETF exposure. Ethereum pressure adds market context Ethereum has been under pressure since reaching an all-time high near $4,954. According to crypto.news data, Ethereum traded near $2,137 on May 22, leaving the asset down by more than 50% from that peak. Ethereum (ETH) price chart, source: crypto.new The Ethereum Foundation has also faced debate after several departures and a new mandate. In March, the foundation said Ethereum must remain censorship resistant, open source, private, and secure. Those goals drew support, but some community voices questioned whether the foundation should pay more attention to tokenomics and ETH’s market position. Laura Shin described the core goals as “great” and “worth fighting for,” but raised doubts about the EF’s stance toward competition. She said the foundation seemed to “sit back on its laurels” while rivals fought for market share. I think Ethereum’s original sin was not considering tokenomics with every move it made from Dencun on.The ultrasound money thesis was a good one and with Dencun (or the L2 roadmap generally) they should have stopped to say that this was going to hurt the ultrasound money thesis…— Laura Shin (@laurashin) May 21, 2026 ETF filing shows wider institutional split The filing adds another data point to a wider shift in crypto ETF holdings. Some institutions have continued using ETFs for Bitcoin exposure, while others have rotated, reduced risk, or tested altcoin products. A recent crypto.news report also said JPMorgan warned that Ethereum upgrades may not be enough to lift ETH if network demand and token burns remain weak. For Harvard, the filing only confirms portfolio changes. It does not prove a long-term view on Ethereum, Bitcoin, or crypto ETFs.
