Harvard shakes up its crypto strategy by selling Bitcoin and purchasing Ethereum

Core Insights - Harvard University has made significant investments in cryptocurrency, purchasing approximately $87 million in BlackRock's iShares Ethereum Trust (ETHA) while selling 21% of its holdings in the iShares Bitcoin Trust (IBIT) for around $72 million [1][2] Investment Activity - The recent transactions indicate a continued commitment to crypto investments despite a prolonged downturn in the sector [2] - Harvard's total investment in crypto ETFs exceeds $350 million, which is more than its investments in major tech stocks like Alphabet and Microsoft, although it represents less than 1% of its $57 billion endowment [3] Market Context - The prices of Bitcoin and Ethereum have significantly decreased, with Bitcoin down approximately 47% from its all-time high of about $67,000 and Ethereum down roughly 58% to around $1,975 [4] - At its peak, Harvard's investment in Bitcoin was nearly half a billion dollars, which has been reduced as the value of Bitcoin has declined and the university has decreased its stake in the Bitcoin ETF [4] Broader Trends - Other elite universities, including Dartmouth, Brown, and Emory, have also disclosed investments in Bitcoin and Ethereum ETFs, indicating a trend among prestigious institutions to engage in cryptocurrency investments [5]