Harvard Bailed on Its Entire Ethereum ETF in Just 90 Days — Here’s What the Filing Shows

TLDR

• Harvard Management Company sold its entire $87 million Ethereum ETF position after holding it for just one quarter
• The endowment also cut its Bitcoin ETF holdings by roughly 2.3 million shares, but still holds over $116 million in Bitcoin ETF shares
• Ethereum has dropped more than 50% from its all-time high near $5,000, reached in August 2025
• Eight researchers and staff have left the Ethereum Foundation so far in 2026
• Other institutions showed a mixed picture — Mubadala added Bitcoin ETF shares while Dartmouth added Solana ETF exposure

Harvard Management Company, which oversees Harvard University’s endowment fund, sold all of its Ethereum ETF shares during the first quarter of 2026. The exit was confirmed in a filing with the U.S. Securities and Exchange Commission.

The endowment held 3,870,900 shares of BlackRock’s iShares Ethereum Trust at the end of Q4 2025, valued at around $86.82 million. Those shares no longer appear in the Q1 2026 filing. Harvard had only first reported the position in the previous quarter.

Harvard also reduced its Bitcoin ETF exposure. The fund cut its iShares Bitcoin Trust holdings from 5,353,612 shares to 3,044,612 shares. The remaining position was valued at around $116.97 million as of March 31.

The filings do not give a reason for the sales. 13F reports do not capture private positions or intraday trades, so the full picture of Harvard’s strategy is not visible from the filing alone.

Ethereum Under Pressure in 2026

Ethereum has had a difficult stretch heading into 2026. The asset hit an all-time high near $4,954 in August 2025. By May 22, 2026, it was trading around $2,137, putting it more than 50% below that peak.

The Ethereum Foundation has also been in the spotlight. Eight staff members have left the organization since the start of 2026. Recent departures include researchers Julian Ma and Carl Beek, as well as Josh Stark, a longtime researcher and former project manager who left in April.

In March, the Ethereum Foundation published a mandate focused on decentralization, censorship resistance, privacy, and open-source software. The statement drew a range of reactions from the crypto community.

Journalist Laura Shin said the core goals were “great” and “worth fighting for.” But she also questioned whether the foundation was focused enough on tokenomics and growing the value of Ether. She said the foundation appeared to “sit back on its laurels” while competitors pushed harder for market share.

Institutional Crypto ETF Holdings Show a Mixed Picture

Harvard’s move does not reflect a single trend across all institutions. Some funds have continued building or holding crypto ETF positions while others have reduced them.

Abu Dhabi’s Mubadala added iShares Bitcoin Trust shares during the same period. Dartmouth’s endowment added Solana ETF exposure and holds around $14 million in total crypto exposure.

JPMorgan has warned separately that Ethereum upgrades may not be enough to lift the price if network demand and token burns stay weak. That warning adds to the pressure already visible in Ethereum’s price performance.

Harvard’s filing only confirms what the fund held and sold. It does not give reasons, and it does not confirm a long-term view on Ethereum, Bitcoin, or the broader ETF market.

The endowment’s Bitcoin position remains active. With over $116 million still in the iShares Bitcoin Trust as of the end of Q1 2026, Harvard has not exited crypto entirely. The Ethereum position, however, is gone.

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