- Harvard University increased Bitcoin investments to $443 million in Q3 2023, surpassing gold ETF allocations
- Bitcoin now leads Harvard’s portfolio, with BlackRock’s IBIT ETF accounting for 21% of its holdings.
- Bitcoin price shows strong growth, rising 2.78% in 24 hours.
Harvard University is shifting its investment focus from gold to Bitcoin, according to Bitwise CIO Matt Hougan. The school has ramped up its Bitcoin holdings while still maintaining its position in gold ETFs.
Harvard University Bitcoin Portfolio Flips Gold
In the third quarter of 2023, Harvard University increased its Bitcoin investments from $117 million to approximately $443 million. The university also increased its allocation to gold ETFs, but by a smaller margin, growing from $102 million to $235 million. This suggests a strong preference for Bitcoin, with a 2-to-1 allocation favoring the cryptocurrency over gold.
“Harvard ramped its Bitcoin investment in Q3 from $117m ot $443m. It also boosted its gold ETF allocation from $102m to $235m. Think about that for a second: Harvard decided to put on a debasement trade and it allocated to bitcoin 2-to-1 over gold.,” said Hougan in his December 8 post. The larger allocation to Bitcoin reflects a belief in its potential to outperform traditional assets like gold in the current economic climate.
IBIT Bitcoin ETF Is Takes the Top Spot at Harvard
Harvard Management Company (HMC), which manages the university’s endowment, holds 6.81 million shares of BlackRock’s iShares Bitcoin ETF (IBIT). This position makes IBIT the largest holding in HMC’s portfolio, representing 21% of its total investments. As Bitcoin continues to gain traction, HMC’s preference for this investment is clear.
Alongside Bitcoin, HMC holds 0.66 million shares of SPDR Gold Shares (GLD), valued at $235.10 million. GLD ranks as the fourth-largest holding in the portfolio, behind only Microsoft and Amazon stocks. HMC’s total portfolio value stands at $2.10 billion, with Bitcoin holding a major share.
Harvard’s Investment Choices Influence Market Trends
Harvard University’s investment decisions are watched closely by both traditional and crypto-focused investors. As one of the largest academic institutions, its investment choices often influence other major institutional investors. This trend toward Bitcoin suggests an evolving view on digital assets among traditional investors. Last week, an update that was done by SoSoValue reveals that, Bitcoin ETFs saw a net outflow of $87.77 million, with BlackRock’s IBIT recording a net outflow of $48.99 million.
This comes amid uncertainty in the crypto market as investors await the Federal Open Market Committee’s decision on interest rates. A potential rate cut could lead to a more favorable environment for Bitcoin. As ETF continues to see a positive trend, so is Bitcoin. Despite the recent bearish trend that lasted for months, Bitcoin has reclaimed a lot. According to CoinMarketCap data at the time of press, The Bitcoin price chart shows a steady increase over the 24-hour period.
The Bitcoin price rose from $89,200 to $91,818.94, marking a 2.78% gain. The market cap reached $1.83 trillion, up 2.78%. The 24-hour trading volume surged to $56.83 billion, reflecting a 65.54% increase. The chart displays upward momentum, with a gradual climb throughout the day, peaking at over $91,800. There was a slight dip earlier in the day, but the price recovered quickly. Overall, the trend shows a strong positive movement, with Bitcoin showing notable gains in both price and trading activity.
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