Harvard Management Company has reduced its Bitcoin ETF holdings by over 20% in Q4 2025, reflecting a strategic shift amid market volatility. The firm decreased its shares in BlackRock’s iShares Bitcoin Trust from 6.81 million to 5.35 million, now valued at approximately $265.8 million. Despite this reduction, Bitcoin remains Harvard's largest publicly disclosed asset, surpassing investments in major tech stocks like Alphabet and Microsoft. In a notable diversification move, Harvard has made its first investment in an Ether ETF, acquiring $86.8 million worth of shares in the iShares Ethereum Trust. This marks a strategic pivot towards Ethereum, the second-largest cryptocurrency by market cap, as the firm seeks to balance its digital asset portfolio. The decision comes as Bitcoin's price has seen significant fluctuations, dropping from a high of $126,000 in October 2025 to around $68,000 currently. Meanwhile, Ethereum is trading at approximately $1,970.