Harvard University Endowment made a key rebalancing in Q4 2025, with the core strategy of reducing Bitcoin holdings and increasing Ethereum holdings. Specifically, they reduced their Bitcoin ETF holdings by about 21% (approximately $148 million), and for the first time, they established a position in Ethereum ETF, purchasing about 3.87 million shares worth approximately $86.8 million.

This move is interpreted by the market as institutional investors' "rebalancing" within the crypto asset space. Harvard is not bearish on the crypto market but is taking profits from some Bitcoin holdings and beginning to allocate to Ethereum to capture its growth potential in ecosystems such as DeFi and RWA (Real-World Asset Tokenization).