Harvard Management Co. (HMC) recently disclosed a significant investment in BlackRock’s iShares Bitcoin Trust (IBIT) amounting to $116,666,260. This revelation came through a Form 13F filing with the US Securities and Exchange Commission (SEC) on August 8, revealing that HMC held 1,906,000 shares of IBIT as of June 30.
The Bitcoin allocation makes up approximately 8% of the total portfolio value reported in the filing, which amounts to over $1.4 billion. This places Bitcoin in the same league as some of Harvard’s largest US-listed holdings, such as Microsoft, Amazon, Booking Holdings, Meta, Alphabet, and Nvidia.
Interestingly, Harvard now holds more Bitcoin than gold, as the value of its shares in the SPDR Gold Trust stood at around $102 million at the end of the second quarter. This strategic move signals a shift in Harvard’s approach towards cryptocurrency investments, moving from exploratory exposure to a substantial allocation within its US-reportable assets.
Harvard has been actively involved in the digital asset space for several years, with reports suggesting investments in crypto-focused venture funds in 2018 and participation in Blockstack’s qualified token sale in 2019. Additionally, there were indications in 2021 that Harvard had been directly purchasing cryptocurrencies through exchange accounts.
The inclusion of IBIT as a core component of Harvard’s public-markets book for this quarter signifies the institution’s growing confidence in Bitcoin as an asset class. While the Form 13F filing only covers specific US-listed securities and does not reflect Harvard’s entire portfolio, the strategic placement of Bitcoin alongside traditional blue-chip equities and gold underscores its importance in Harvard’s investment strategy.
In conclusion, Harvard’s sizable investment in Bitcoin through IBIT highlights the institution’s evolving approach towards digital assets and its recognition of the potential long-term value of cryptocurrencies in its investment portfolio.