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Harvard Management Company reduced its position in the iShares Bitcoin Trust by about 21 percent in the fourth quarter of 2025, holding 5.35 million shares valued at roughly $265.8 million. During the same period, the endowment initiated a new $86.8 million stake in the iShares Ethereum Trust, marking its first reported exposure to an Ethereum‑based ETF. As of December 31, 2025, Harvard’s combined Bitcoin and Ether ETF holdings totaled $352.6 million, reflecting a rebalancing within its digital asset allocations.