Harvard Triples Bitcoin Holdings to $443M While Retail Investors Panic Sell

"The timing shows a strategy. Harvard accumulated between July and September while Bitcoin crashed, traders got liquidated, and fear hit levels not seen since FTX collapsed in 2022. That volatility continued into December, with Bitcoin dropping as low as $83,824 on December 1 before rebounding to around $93,000 this week. Through it all, Harvard's move shows what separates institutional strategy from retail panic."

"Institutions usually buy during fear-driven selloffs when prices disconnect from fundamentals. Harvard did exactly that. Stanford professors Joshua Rauh and Darrell Duffie told The Harvard Crimson that Harvard's Bitcoin allocation "makes sense as a small, diversified bet on an emerging asset class." Rauh noted Bitcoin's low correlation with traditional assets could provide portfolio benefits, while Duffie emphasized keeping exposure measured given the volatility."

"Harvard Management Company-which manages Harvard University's $57 billion endowment-held 1.9 million shares of BlackRock's iShares Bitcoin Trust worth $116.7 million in the second quarter of 2025. By the third quarter, that position jumped to 6.8 million shares worth $443 million. The timing reveals a deliberate strategy. Harvard accumulated as Bitcoin fell 17% through November, eventually bottoming around $84,000 by late November rather than chasing the October peak near $126,000."

Harvard Management Company increased its holding in BlackRock's iShares Bitcoin Trust from 1.9 million shares ($116.7 million) in Q2 2025 to 6.8 million shares ($443 million) by Q3 2025. The purchases occurred largely between July and September during a severe market selloff as Bitcoin fell about 17% through November and hit a low near $84,000. The accumulation reflects institutional strategy to buy during fear-driven price dislocations rather than chase peaks. Stanford professors noted the allocation can act as a small, diversified bet with low correlation to traditional assets, but recommended measured exposure given volatility. Regulatory progress and institutional custody options have improved.

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