Harvard Endowment Invests $116.7 Million in Bitcoin and Gold ETFs

BOSTON, Massachusetts — Harvard Management Company (HMC) has made a significant investment in exchange-traded funds tracking Bitcoin and gold during the second quarter of 2025, demonstrating a notable shift from its previous investments in Big Tech. The university’s endowment purchased 1.9 million shares of BlackRock‘s iShares Bitcoin Trust, valued at approximately $116.7 million, and 333,000 shares of SPDR Gold Trust, totaling around $101.5 million, according to filings with the U.S. Securities and Exchange Commission.

These ETFs allow institutional investors to gain exposure to Bitcoin and gold without the complexities of direct ownership. SPDR Gold Trust is among the largest gold ETFs globally, backed by physical gold in London vaults, while the iShares Bitcoin Trust holds Bitcoin on behalf of its shareholders.

HMC’s total public equity investments amounted to about 14 percent of its endowment, which was valued at $53.2 billion for fiscal year 2024. Direct holdings have risen to $1.43 billion, up from $1.13 billion in the first quarter of 2025.

Rutgers Business School professor John M. Longo commented, “Investors have turned to gold and cryptocurrencies as stores of value amid inflation fears,” linking the investment trend to increased money supply since the pandemic. He noted that supportive policy measures have helped elevate Bitcoin’s value.

The investment aligns with rising prices for both assets. Gold prices surged past $3,400 per ounce in April, while Bitcoin reached $123,000 by July after hitting a low of $75,000. HMC did not provide comments on the new investment strategy.

This strategy comes after HMC reduced its exposure to major tech companies in the first quarter, including complete exits from Apple and Tesla, coupled with increased positions in Amazon and Microsoft in the second quarter. The investments indicate HMC’s willingness to adopt higher-risk assets in search of substantial returns.

According to finance professor Avanidhar Subrahmanyam, while ETFs are preferred for their liquidity, Bitcoin remains speculative without intrinsic value. Accounting expert Howard Bunsis noted that Harvard’s shift suggests it is seeking higher returns, despite the associated risks.

The move into Bitcoin and gold reflects a broader trend among institutional investors as they explore digital assets, with Harvard now fully committing to cryptocurrencies as part of its investment strategy.