Harvard University has cut back on this Bitcoin (CRYPTO: BTC) position and dove in Ethereum (CRYPTO:ETH) for the first time, according to the latest 13F filing released Friday.
Harvard Loses Significant Portion of Bitcoin ETF
Harvard Management Companya wholly owned subsidiary of Harvard University that manages its financial assets reported that it owns 5.35 million shares iShares Bitcoin Trust ETF (NASDAQ:IBIT) as of December 31, down 21% from the previous quarter.
The stake was worth $265.80 million, based on the IBIT price of 49.65 on December 31.
Despite the reduced exposure, IBIT holdings remained Harvard’s largest holding, accounting for 12.78% of the total portfolio.
New Ethereum ETF position
On the other hand, Harvard bought in iShares Ethereum Trust ETF (NASDAQ:ETHA) for the first time, raising 3,870,900 shares worth $86.82 million, based on ETHA’s share price of $22.43 on December 31.
Interestingly, both ETFs came under pressure last year, exacerbated by the broader cryptocurrency market slump.
What now?
The rotation from Bitcoin to Ethereum was the reason Binance (CRYPTO: BNB) founder Changpeng Zhao to speculate whether the Ivy League institution would shift to altcoins next.
Price promotion: At the time of writing, BTC was exchanging hands at $68,873, up 1% in the past 24 hours, according to data from Benzinga Pro. ETH traded
Benzinga’s Edge Stock Rankings show IBIT ETF lagging in short-, medium- and long-term price movements, with a weak Momentum score.
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