Finance

Harvard, Emory, and Brown: How Top Universities Are Quietly Buying Bitcoin ETFs Amid Market Volatility

Harvard and Emory boosted Bitcoin holdings via ETFs, signaling institutional acceptance despite volatility.

November 16, 2025, 6:47 AM

Physical Bitcoin coins and letter blocks spelling "ETF" resting on US dollar bills.

The letters ETF rest on a Bitcoin coin atop US dollars, symbolizing entering a digital money fund. By K.unshu / Shutterstock.com.

Executive Summary

Harvard University significantly increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) to 6.8 million shares, valued at approximately $442.8 million by September 30.

Other prominent universities, including Emory and Brown, also expanded or established positions in spot Bitcoin ETFs, signaling a broader trend of academic institutions embracing cryptocurrency investment vehicles.

This growing institutional investment in Bitcoin ETFs by university endowments represents a strategic, longer-term approach to asset allocation, occurring despite recent market volatility and outflows in the spot Bitcoin ETF market.

The Story So Far

Major university endowments, including Harvard and Emory, are significantly increasing their allocations to spot Bitcoin ETFs, signaling a growing institutional acceptance of Bitcoin as a long-term investment asset and leveraging regulated investment vehicles to diversify their portfolios, even amidst recent short-term market volatility and outflows from the broader Bitcoin market.

Why This Matters

The substantial increase in Bitcoin ETF holdings by major university endowments such as Harvard and Emory signals a growing institutional acceptance and legitimization of Bitcoin as a long-term investment asset within traditional finance. This strategic move, leveraging regulated investment vehicles, indicates these institutions are taking a long-term view on Bitcoin’s potential, even amidst recent short-term market volatility and outflows.

Who Thinks What?

Harvard University, Emory University, and Brown University are strategically increasing their investments in regulated spot Bitcoin ETFs, viewing Bitcoin as a long-term asset for portfolio diversification despite recent market volatility.

The broader spot Bitcoin ETF market has experienced significant short-term volatility and outflows, with Bitcoin’s price dropping, reflecting a period of market instability among some participants.

Harvard University significantly increased its exposure to Bitcoin during the third quarter, substantially boosting its holdings in BlackRock’s iShares Bitcoin Trust (IBIT). Filings with the U.S. Securities and Exchange Commission (SEC) revealed that Harvard Management Company held 6.8 million IBIT shares, valued at approximately $442.8 million as of September 30. This marks a notable rise from the 1,906,000 shares reported on June 30, underscoring a growing trend among academic institutions to allocate funds to regulated cryptocurrency investment vehicles.

University Endowments Embrace Bitcoin ETFs

Harvard’s move highlights a broader shift in investment strategy among universities, with several institutions now incorporating spot Bitcoin ETFs into their portfolios. These regulated structures allow endowments to hold Bitcoin-related positions in a manner similar to traditional stocks, providing a new pathway for exposure to the digital asset.

Emory University also expanded its Bitcoin holdings during the same period. Its third-quarter filing listed 1 million shares of the Grayscale Bitcoin Mini Trust, valued at $52 million, a substantial increase from the previous quarter. Additionally, Emory disclosed a smaller position of 4,450 IBIT shares, worth around $289,000.

Another prominent example is Brown University, which holds $13.8 million in IBIT shares. These allocations, while small relative to the universities’ vast endowments, signal a strategic, longer-term investment play into Bitcoin.

Market Context Amidst Outflows

The increased university investment comes despite a period of recent volatility and outflows in the spot Bitcoin ETF market. The 11 spot Bitcoin ETFs experienced significant outflows, including nearly $867 million on Thursday and another $462 million on Friday, making it one of the largest single-day totals since their SEC approval in January 2024.

Bitcoin itself saw a turbulent week, dropping from $107,000 to below $95,000. However, analysts suggest that volatility from short-term holders may be subsiding. Despite these market fluctuations, the university endowment disclosures reflect a strategic, longer-term investment approach, leveraging the popularity and accessibility of products like BlackRock’s IBIT.

Key Takeaways

The substantial increase in Bitcoin ETF holdings by major university endowments like Harvard and Emory signifies a growing institutional acceptance of Bitcoin as a long-term investment asset. This trend leverages the regulated structure of spot Bitcoin ETFs, allowing these institutions to diversify their portfolios despite recent short-term market volatility and outflows.