Harvard Management Company switched up its crypto exposure in the fourth quarter of fiscal year 2025, establishing its first position in an Ethereum exchange-traded fund while cutting back its Bitcoin holdings, according to a regulatory filing released Friday.

The endowment’s investment manager purchased 3.87 million shares of BlackRock’s iShares Ethereum Trust, a stake valued at $86.8 million as of Dec. 31. The move marked Harvard’s first publicly disclosed investment tied to Ethereum.

At the same time, Harvard reduced its position in BlackRock’s iShares Bitcoin Trust. The firm held 5.35 million shares worth $265.8 million at quarter’s end, down from 6.81 million…

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