Harvard University boosted its investment in BlackRock’s Bitcoin Exchange-Traded Fund (ETF) by more than 250% in the third quarter after the Ivy League School first bought into the fund earlier this year.
Harvard Management Company, the business that manages the university’s $57 billion endowment fund, reported In a regulatory filing Friday it held more than 6.8 million shares in the iShares Bitcoin Trust ETF (IBIT) worth $442.8 million as of Sept. 30.
The university revealed in August That it has a position Ibit for the first time, holding around 1.9 million shares then worth $ 116.6 million.
“Super rare” for a university to buy an ETF
Bloomberg ETF analyst Eric Balchunas said on Friday that it’s “very rare/hard to get an endowment to bite into an ETF.”
“It’s as good a validation as an ETF can get,” he added, but noted that Harvard’s Ibit investment is “only 1% of the total endowment.”
It will go Harvard’s largest investment in its filing and the “biggest increase in its position in Q3,” it now ranks as the 16th largest ETF holder, according to Balchunas.
Balchun said in August after the initial Harvard Ibit bought Those endowments are “notably anti-ETF” and the “hardest institution to hook” when it comes to ETFs.
Harvard adds gold, tech exposure
The rest of Harvard’s investments are mainly in major US technology companies, including Amazon, Meta, Microsoft and Alphabet, Google’s parent company.
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The university also purchased a new $16.8 million buy-now, pay-later position Fintech Klarna and $59.1 million worth of shares in Taiwan Semiconductor Manufacturing Company.
Harvard also nearly doubled its exposure to gold, bolstering its share ownership in the Gold backed ETF.
Will evaluate out Bitcoin (BTC) ETFs saw net outflows of $1.11 billion in the trading week ending Friday, as the price of Bitcoin fell below $100,000.
Bitcoin is now trading under $95,000 after falling to a low of $93,029 in the past 24 hours, which Gains are briefly removed It has been done so far.
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