The Harvard Endowment invested heavily in Bitcoin and gold during the second quarter of 2025. Harvard Management Company made significant investments in Exchange Traded Funds (ETFs) that track the value of both assets. This marks a sharp shift in the fund’s strategy after it had previously divested from several major tech funds.
The endowment purchased 1.9 million shares of the iShares Bitcoin Trust, valued at $116.7 million, and 333,000 shares of the SPDR Gold Trust, valued at $101.5 million. The SPDR Gold Trust, one of the world’s largest gold ETFs, is backed by physical gold held in vaults in London. The iShares Bitcoin Trust, which began operating in January 2024 after US regulators approved spot Bitcoin ETFs, holds Bitcoin on behalf of its shareholders.
Unlike buying physical gold or holding cryptocurrency directly, these funds are traded on public exchanges, allowing institutions to gain exposure without the operational challenges of direct ownership. As geopolitical tensions ease and risk appetite increases, investors continue to turn to the cryptocurrency market. Bitcoin, the world’s most valuable cryptocurrency, has once again approached its all-time high. The cryptocurrency, which pulled back from the $122,300 level during the day, is expected to continue its upward trend.
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