Core Insights - Harvard Management Company reduced its holdings in the iShares Bitcoin Trust while establishing a new position in BlackRock's Ethereum-based fund [1][4] Group 1: Holdings and Valuation - As of December 31, 2025, Harvard held 5,353,612 shares of the BlackRock Bitcoin fund, valued at approximately $265.8 million, reflecting a decrease of about 21% from the previous quarter's 6.81 million shares [2] - The endowment purchased 3,870,900 shares in the iShares Ethereum Trust, with a market value of approximately $86.8 million at year-end [3] Group 2: Market Trends and Institutional Behavior - The portfolio adjustments indicate a rotation of capital within the cryptocurrency sector, suggesting a strategic shift rather than a complete exit from the asset class [4] - Institutional flows into spot cryptocurrency products faced challenges early in 2026, with Bitcoin ETFs experiencing significant outflows, including over $1.1 billion in a three-day period in January [5]