Harvard Management Company, the entity that manages Harvard University’s endowment, sold all of its holdings in Ether (ETH) after the first quarter, according to a U.S. Securities and Exchange Commission (SEC) filing for the first quarter of 2026.
The fund no longer holds $87 million in shares of the BlackRock iShares Ethereum Trust exchange-traded fund (ETF), which held according to the SEC for the first quarter of 2026 in the fourth quarter of 2025 filing.
Harvard also reduced its exposure to Bitcoin (BTC) in the first quarter of 2026, withdrawing approximately 2.3 million Bitcoin ETF shares. The annuity fund still holds more than 3 million shares of BlackRock’s iShares Bitcoin Trust ETF, worth almost $117 million.
Harvard’s assets as of Q1 2026 Source: KNOT
The portfolio change comes after a tumultuous year for ETH, which has fallen more than 50% from its record high of almost $5,000 reached in August 2025, and several high-profile departures from the Ethereum Foundation (EF), the organization that oversees the ecosystem.
Related: The Dartmouth Endowment invests in the Solana ETF and has $14 million in cryptocurrency exposure
Key staff are leaving the Ethereum Foundation as the organization receives criticism
Julian Ma and Carl Beek, two EF researchers, recently announced their departure from the organization, bringing the total number of departures in 2026 to eight.
Josh Stark, a longtime researcher and former project manager at the Foundation, also left the organization in April. The departures follow several organizational and leadership changes at EF that began in January 2025.
Source: Josh Stark
In March, EF published a mandate outlining its goals and focus on maintaining decentralization, privacy, open source software code and censorship resistance.
However, the organization’s mandate and overall stance have been met with mixed reactions from the crypto community.
According to journalist Laura Shin, the core pillars set out in the EF mandate are “great” and “worth fighting for,” but EF should also focus on tokeneomics and raising the prices of its domestic assets, she added.
“The Ethereum Foundation seems to want to rest on its laurels and overperform while all its competitors fall and dirty on the pitch to gain market share” – Shin he said.
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