Harvard's investment strategy in the cryptocurrency market led to significant losses over the past year. Initially entering the market in Q2 2025 during a market upswing, Harvard increased its Bitcoin holdings by 257% in Q3 2025 as prices neared historical highs, making Bitcoin its largest public holding with a peak allocation of 20% in IBIT. However, as the market declined in Q4 2025, Harvard began reducing its Bitcoin position over two consecutive quarters while simultaneously acquiring Ethereum. Despite this shift, Harvard liquidated all Ethereum holdings after just one quarter, exiting with losses. The institution reportedly purchased Bitcoin at prices between $107,000 and $114,000 and Ethereum at $4,000, culminating in a total loss exceeding $150 million in the crypto market.