Harvard Management Company, an asset management firm at Harvard University, submitted its Q1 2026 13F filing to the SEC showing that its holdings of BlackRock’s spot Bitcoin ETF (IBIT) fell by approximately 43%, with the position dropping to $117 million. Its holding in BlackRock’s spot Ethereum ETF, originally valued at about $68.8 million, has been fully liquidated.
Confirmed Q1 2026 13F Position Changes for Harvard
Bitcoin ETF (IBIT, BlackRock):
Q1 2026 holdings: about $117 million
Quarter-over-quarter change: down about 43%
Background: At the start of 2026, Harvard had reduced its exposure to the Bitcoin ETF while, for the first time, establishing an Ethereum ETF position
Ethereum ETF (ETHA, BlackRock):
Q1 2026 holdings: 0 (fully liquidated)
Q4 2025 original position: about $68.8 million
First established: Q4 2025; after holding for one quarter, it exited fully
Mubadala increases its stake as institutional strategies diverge
Public filings confirm that the Abu Dhabi sovereign wealth fund Mubadala continued to increase its IBIT holdings during the same period. Its position size has risen to about $566 million, making it one of the most aggressive sovereign funds globally in holding Bitcoin ETFs.
Harvard’s stake reduction alongside Mubadala’s stake increase reflects a clear divergence in institutional strategies for crypto ETF allocations after entering 2026. Market participants noted that following the full add-on phase after spot ETF approvals in 2024, allocations have shifted toward more fine-tuned positioning based on each party’s risk appetite and liquidity needs.
Structural barriers facing Ethereum ETFs
Staking yield competition: U.S. spot Ethereum ETFs currently do not support directly providing Staking rewards (staking yield). By contrast, holding Ethereum directly or participating in on-chain yield strategies can generate this type of yield. For some institutions, the ETF format is therefore less attractive than holding on-chain or holding ETH directly.
Regulatory uncertainty: The progress of U.S. crypto regulatory legislation has been back and forth. Citigroup has also cut its forecasts for the next 12 months’ price outlook for Bitcoin and Ethereum due to slower regulatory momentum.
Common questions
Why did Harvard fully liquidate its Ethereum ETF after holding it for only one quarter?
Harvard Management Company did not disclose specific reasons for the full liquidation in the filing. Market analysis points to needs for rebalancing, risk management, and liquidity allocation. Structural factors include: U.S. spot Ethereum ETFs do not offer staking rewards, and increasing regulatory uncertainty has kept institutions’ stance toward Ethereum allocations conservative.
After Harvard cut 43%, how much Bitcoin ETF exposure does it still have?
Based on the 13F filing, Harvard’s current IBIT position is about $117 million, which remains a substantial institutional allocation. A 13F only discloses holdings subject to required reporting obligations; Harvard Management Company’s complete crypto asset allocation may exceed what is shown in the filing.
What market signals does the strategic divergence between Mubadala and Harvard represent?
Mubadala (a $566 million increase) and Harvard (a $117 million reduction) took opposite directions in the same timeframe, indicating strategy differences between university funds and sovereign funds in crypto ETF allocations. The differences mainly stem from variations in investment horizon, capital scale, and overall strategic objectives: sovereign funds typically have longer investment horizons and higher risk tolerance.
