Harvard's endowment kept its BlackRock bitcoin ETF stake unchanged in the second quarter after cutting the position 43% in the prior quarter, according to its latest 13F filing. Abu Dhabi's Mubadala and JPMorgan also held or grew their IBIT stakes, while Morgan Stanley trimmed and Harvard's gold holdings now exceed its bitcoin exposure.
Harvard Management Company reported holding 3,044,612 shares of BlackRock's iShares Bitcoin Trust (IBIT), worth $101.4 million as of June 30, the same share count it disclosed three months earlier. The $15.6 million drop in the position's value tracked IBIT's decline in price over the quarter.
Position stabilizes after two rounds of cuts
The endowment held 6,813,612 IBIT shares at the end of September 2025, then cut it to 5,353,612 in the fourth quarter and to 3,044,612 in the first quarter of 2026. Harvard's IBIT position first appeared in Q2 2025, an initial purchase of roughly 1.9 million shares worth $116.7 million, and grew to a peak of 6.81 million shares worth $442.8 million by the end of Q3 2025 before the pullback began. Harvard also fully exited its $86.8 million BlackRock spot Ethereum ETF position and has not added any ether holdings since.
Gold now outweighs bitcoin in the endowment
Harvard held $149.5 million of the iShares Gold Trust and $21.7 million of the SPDR Gold Trust for a combined $171.2 million in gold exposure against $101.4 million in IBIT. IBIT ranked 11th among Harvard's 19 disclosed positions and made up 2.4% of its $4.26 billion disclosed portfolio, while SpaceX was the largest holding at $2.21 billion, or 52% of the total.
Other institutions split between adding and trimming
Abu Dhabi's Mubadala reported 14,721,917 IBIT shares worth $490.1 million as of June 30, unchanged from March 31, and the Abu Dhabi Investment Council held 8,218,712 shares worth $273.6 million, also unchanged. Morgan Stanley, however, reported about 16.5 million IBIT shares worth $548.6 million, down from 17.3 million shares worth $663.3 million three months earlier. JPMorgan moved the other way, increasing its IBIT position to about 10.4 million shares, up from 8.3 million.
Tudor Investment Corporation, the macro fund founded by Paul Tudor Jones, reported 688,529 IBIT shares worth $22.9 million, an increase of 109,446 shares over the quarter. According to Bloomberg Senior ETF Analyst Eric Balchunas: "IBIT's 13f list is now 1,500 deep even after 50% pullback".
Sources: The Block, Crypto Briefing
Trading involves risk.
Risk Disclaimer
