Harvard Increases Bitcoin and Gold ETF Holdings
Harvard University significantly increased its Bitcoin ETF holdings in its latest SEC filing. The university now owns 6,813,612 shares of BlackRock’s IBIT, valued at about $442.8 million. This is a 257% rise from the previous quarter’s 1,906,000 shares, worth around $117 million.
Along with Bitcoin ETFs, Harvard also nearly doubled its holding in the GLD gold ETF. The filing shows 661,391 shares of GLD, valued at approximately $235 million, up from 333,000 shares reported in June.
This move signals Harvard’s shift toward alternative assets amid ongoing market volatility. Market analyst MacroScope commented, “These are important long-term flows happening with BTC despite short-term price moves.”
Bloomberg analyst Eric Balchunas confirmed this shift, saying, “$IBIT is now Harvard’s largest position and its biggest increase in Q3.” He noted it is rare for top endowments to hold ETFs at such scale, calling it “as good a validation as an ETF can get.”
Bitcoin ETF Flows Show Volatility Impact
Harvard’s increased Bitcoin ETF position contrasts with broader market trends. Spot Bitcoin ETFs listed in the U.S. faced record outflows amid price dips. Investors withdrew $869 million on November 13, 2025, the second largest outflow ever. Net outflows continued with $492 million pulled on November 14.
Earlier in 2024 and into 2025, investors added substantial capital to Bitcoin ETFs. Large inflows occurred from February to April 2024 and again from October 2024 to early 2025. On some days, inflows exceeded $500 million, and occasionally topped $1 billion as Bitcoin’s price rose from the mid-$40,000s to over $110,000.
However, as volatility increased mid-2024 and mid-2025, investors withdrew nearly $1 billion on some days. ETF assets peaked above $150 billion earlier in 2025 but fell closer to $120 billion during heavy sell-offs. Current ETF assets stand at about $125.34 billion, with Bitcoin near $96,000, according to CoinMarketCap.
Changing Views on Bitcoin’s Market Role
Harvard’s growing Bitcoin allocation contrasts with past skepticism from its former economist Kenneth Rogoff. In 2018, Rogoff predicted Bitcoin was more likely to be worth $100 than $100,000 by 2028. In August 2025, he admitted underestimating regulatory responses, demand from underground markets, and policy shifts.
Rogoff tweeted, “I was far too optimistic about the US coming to its senses about sensible cryptocurrency regulation; why would policymakers want to facilitate tax evasion?”
The rise of Bitcoin ETFs since early 2024 has created a regulatory-compliant pathway for large institutions. Pensions, insurers, sovereign wealth funds, and elite endowments now see Bitcoin as a strategic asset, not just speculation.
