Harvard Management Company (HMC) has significantly reduced its cryptocurrency investments, resulting in an estimated loss of over $150 million. According to its latest 13F filing with the U.S. Securities and Exchange Commission, HMC fully liquidated its holdings in BlackRock's Ethereum ETF (ETHA) and reduced its position in the Bitcoin ETF (IBIT) by 43%. This marks a sharp decline from a peak of $443 million in crypto assets to approximately $117 million. The decision comes amid financial pressures, including a $113 million operating loss in fiscal year 2025 and increased tax burdens due to recent legislative changes. Despite these reductions, HMC still holds $117 million in IBIT. The move contrasts with other institutions like Abu Dhabi's Mubadala, which increased its IBIT holdings, highlighting differing strategies in the face of market volatility.