Harvard University is experiencing a paper loss of approximately $40 million on its Bitcoin ETF holdings following a recent market downturn. The university's latest SEC filing reveals that its investment in the iShares Bitcoin Trust ETF, which was increased last quarter to nearly $500 million, has been significantly impacted by a more than 20% drop in Bitcoin prices this quarter. Despite a brief rebound in Bitcoin prices, Harvard's holdings, including 4.9 million shares purchased last quarter, are showing a potential 14% loss if acquired at the quarter's lowest prices. The university's earlier purchase of 1.9 million shares in the second quarter may result in a small loss or slight profit, contingent on the purchase timing. However, this loss is minimal relative to Harvard's $57 billion endowment, with Bitcoin holdings representing less than 1% of its total assets.