Harvard University has cut back on its Bitcoin (CRYPTO: BTC) position and dived into Ethereum (CRYPTO: ETH) for the first time, according to its latest 13F filing released on Friday.
Harvard Loses Significant Chunk Of Bitcoin ETF
Harvard Management Company, a wholly owned subsidiary of Harvard University that manages its financial assets, reported holding 5.35 million shares of iShares Bitcoin Trust ETF (NASDAQ:IBIT) as of Dec. 31, down 21% from the previous quarter.
The stake was worth $265.80 million based on IBIT’s price of 49.65 on Dec. 31.
Despite the reduced exposure, IBIT holdings remained Harvard’s largest position, making up 12.78% of the total portfolio.
New Ethereum ETF Position
On the other hand, Harvard bought into the iShares Ethereum Trust ETF (NASDAQ:ETHA) for the first time, scooping up 3,870,900 shares, worth $86.82 million, based on ETHA’s price of $22.43 on Dec. 31.
Interestingly, both ETFs faced pressures last year, compounded by the broader cryptocurrency market slump.
What Next?
The rotation from Bitcoin to Ethereum prompted Binance (CRYPTO: BNB) founder Changpeng Zhao to speculate whether the Ivy League institution would shift toward altcoins next.
Price Action: At the time of writing, BTC was exchanging hands at $68,873, up 1% in the last 24 hours, according to data from Benzinga Pro. ETH traded
Benzinga’s Edge Stock Rankings show IBIT ETF lagging in price trends across short, medium, and long terms, with a weak Momentum score.
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