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Harvard Management Company, which manages the university’s $53.2 billion endowment, has revealed a $116 million investment in BlackRock’s iShares Bitcoin ETF, positioning it as one of the largest institutional investments in the fund thus far.
Key Takeaways:
- Harvard announced a $116M investment in BlackRock’s iShares Bitcoin ETF, marking its fifth-largest holding.
- This action underscores the increasing adoption of Bitcoin among leading US universities.
- The iShares Bitcoin ETF has expanded to $86B in assets, with anticipated increases in options limits likely to boost demand further.
As per a filing with the US Securities and Exchange Commission on Friday, Harvard possessed approximately 1.9 million shares of the ETF as of June 30.
This Bitcoin investment was the endowment’s fifth-largest holding during the period, following Microsoft, Amazon, Booking Holdings, and Meta.
Harvard Investment Indicates Rising Bitcoin Adoption Among Leading Universities
This investment represents one of the most significant indicators of increasing institutional acceptance of Bitcoin-related financial products among prestigious US universities.
Although Harvard reportedly considered investing in crypto funds as early as 2018, its portfolio in 2025 has been predominantly focused on technology firms.
In 2024, Emory University became one of the first major US endowments to disclose exposure to crypto ETFs, with a $15 million investment in the Grayscale Bitcoin Mini Trust.
The BlackRock iShares Bitcoin ETF has experienced rapid growth since the US Securities and Exchange Commission approved it and 10 other spot Bitcoin ETFs for trading in January 2024.
JUST IN: Harvard officially acquired $117 million of BlackRock’s spot Bitcoin ETF — SEC filing pic.twitter.com/Q4gvypdeU4
— Bitcoin Magazine (@BitcoinMagazine) August 8, 2025
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As of Thursday, the fund reported over $86 billion in net assets, according to BlackRock data, making it the largest Bitcoin ETF worldwide.
This week, the SEC took steps to increase the cap on options contracts for all ETFs with options, including the iShares Bitcoin ETF, from 25,000 to 250,000.
Market analysts anticipate that this adjustment could generate additional demand for the fund, which has become a vital entry point for institutional and retail investors seeking regulated Bitcoin exposure.
Michigan State Pension Triples Bitcoin ETF Holdings
As previously reported, the State of Michigan Retirement System has also augmented its Bitcoin exposure, tripling its holdings in the ARK 21Shares Bitcoin ETF to 300,000 shares, valued at $11.4 million in Q2.
As of March 31, the $19.3 billion pension fund held 100,000 shares.
In addition to Bitcoin, Michigan maintains a consistent Ethereum allocation through 460,000 shares of the Grayscale Ethereum Trust (ETHE), currently valued at approximately $13.6 million, a position it has held since September 2024.
This development positions Michigan among a growing number of U.S. state pension funds increasing their exposure to crypto-related assets.
The State of Wisconsin Investment Board, for example, now possesses over 6 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at around $387.3 million.
Meanwhile, Bloomberg’s senior ETF analysts have assigned a 95% likelihood that the SEC will approve spot ETFs for Solana, XRP, and Litecoin this year, raising their previous estimates from 90% amid increasing optimism for institutional crypto products.
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