Harvard Exits Ether ETF as Abu Dhabi Invests Heavily in Bitcoin
Filings for institutional crypto ETFs in Q1 revealed a divided landscape among buyers and sellers.
Summary
- Harvard fully divested from BlackRock’s Ether ETF while additionally reducing its IBIT position by 43% in Q1.
- Mubadala increased its IBIT holdings by two million shares, maintaining its Bitcoin ETF exposure over $500 million.
- Dartmouth kept its Bitcoin exposure stable but expanded its investments by adding shares in a Solana staking ETF, diversifying its crypto allocations.
Mubadala Investment Company from Abu Dhabi augmented its position in BlackRock iShares Bitcoin Trust, whereas Harvard Management Company decreased its stake in Bitcoin ETFs and completely exited its position in BlackRock’s Ether ETF.
The filings surfaced following a tumultuous quarter for digital assets and ETF movements, illustrating how major investors navigated regulated funds in varying manners. Some funds sought additional exposure through Bitcoin ETFs, while others opted to minimize risks, change products, or diversify their allocations to include assets beyond Bitcoin and Ethereum.
Mubadala Continues to Enhance its IBIT Position
Mubadala’s recent 13F filing detailed 14,721,917 IBIT shares valued at $565.6 million as of March 31. According to Crypto.news, this position reflected a 16% increase from the 12.7 million shares held at the end of the previous quarter.
The report noted that Mubadala has consistently added to its IBIT holdings since late 2024, keeping its position above $500 million for three consecutive quarters. Additionally, Abu Dhabi’s exposure remained significant through ADIC, which retained 8,218,712 IBIT shares without change.
Harvard Reduces Bitcoin and Exits Ether
Harvard Management Company took a contrasting approach. Its filing as of March 31 revealed 3,044,612 IBIT shares worth $116.97 million, a decrease from the 5.35 million IBIT shares held at the end of 2025.
The document outlined 17 holdings, notably lacking an iShares Ethereum Trust position. Harvard had previously opened a 3,870,900-share ETHA position in Q4, valued at approximately $86.8 million at that time. The absence of ETHA in the recent filing suggests the endowment divested from this position during the quarter.
Dartmouth Integrates Solana into Its Portfolio
Dartmouth adopted a different strategy. According to Crypto.news, the school reported around $14 million in crypto ETF exposure. The filing indicated roughly $7.7 million in IBIT, about $3.5 million in the Grayscale Ethereum Staking ETF, and approximately $3.3 million in the Bitwise Solana Staking ETF.
The addition of Solana was particularly noteworthy, as it expanded the endowment’s exposure beyond the two leading crypto assets. Although Dartmouth’s overall endowment remains substantially larger than the disclosed ETF positions, this allocation is limited. Nonetheless, the filing signifies the increasing penetration of regulated crypto products into more public portfolios.
Other institutions also adjusted their holdings. The Block reported that Brown University retained 212,500 IBIT shares, while Emory University divested from a minor IBIT position and increased its stake in the Grayscale Bitcoin Mini Trust.