Key Takeaways
- • Harvard Management Company bought 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, in Q2 2025, according to SEC filings.
- • HMC's directly held public equity portfolio rose to $1.43 billion from $1.13 billion in Q1 2025, even though direct holdings are only a fraction of its total public equity exposure, which was about 14% of its $53.2 billion endowment in fiscal 2024.
- • HMC reentered Amazon with a $235 million stake and made Microsoft its largest directly held public equity position at $310 million, a 48% increase, displacing Meta.
- • HMC cut Meta 67% to $120.5 million and boosted Nvidia 30% to $104 million, while fully exiting Uber, Invesco QQQ Trust, and Rubrik.
- • Critics including Eastern Michigan University accounting professor Howard Bunsis and UCLA finance professor Avanidhar Subrahmanyam questioned the risk profile of the crypto and gold allocations.
Summary
Harvard Management Company made substantial new investments in exchange-traded funds tracking gold and Bitcoin during the second quarter of 2025, according to filings with the Securities and Exchange Commission. The purchases mark a sharp shift in the endowment's directly held public equities portfolio after it had retreated from many Big Tech positions in the prior quarter. The endowment bought 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 is backed by physical gold stored in London vaults, while the iShares Bitcoin Trust, launched in January 2024 after U.S. regulators approved spot Bitcoin ETFs, holds Bitcoin on behalf of shareholders.
The investments were made during a quarter of strong performance for both assets. Gold surged to record highs above $3,400 per ounce in April before stabilizing, while Bitcoin hit a 2025 low of $75,000 in April and climbed to an all-time high of $123,000 by July, according to The Crimson. Rutgers Business School professor John M. Longo attributed investor interest in gold and cryptocurrencies to inflation fears and money supply expansion, and pointed to pro-crypto policies from the Trump administration as well as growing offerings from major financial firms.
The University's directly held public equity portfolio increased in value to $1.43 billion from $1.13 billion in the first quarter. Direct holdings represent only a fraction of HMC's total public equity investments, which amounted to about 14% of its $53.2 billion endowment in fiscal 2024. Most of Harvard's assets are not included in public filings. HMC spokesperson Patrick S. McKiernan did not respond to a request for comment.
UCLA Anderson professor Avanidhar Subrahmanyam called Bitcoin "an extremely speculative asset" and said it was not suitable for a university endowment. Eastern Michigan University accounting professor Howard Bunsis, who has audited university endowments, said the new strategy reflects HMC's appetite for risk and noted that a plain vanilla strategy has yielded more positive returns in recent years.
The quarter also included significant changes to equity holdings. After exiting Apple, Amazon, and Tesla in Q1, HMC reentered Amazon with a $235 million stake in Q2. It cut Meta by 67% to $120.5 million and boosted Nvidia by 30% to $104 million. Microsoft holdings rose 48% to $310 million, making it HMC's largest directly held public equity investment. The endowment fully exited Uber, Invesco QQQ Trust, and Rubrik Inc., and reduced Light & Wonder and Broadcom by just over 40%. Booking Holdings holdings fell 16% by shares but rose in value to $180 million; investments in Booking have drawn criticism from student activists over reported operations in Israeli settlements in the West Bank.
The investments were made during a quarter of strong performance for both assets. Gold surged to record highs above $3,400 per ounce in April before stabilizing, while Bitcoin hit a 2025 low of $75,000 in April and climbed to an all-time high of $123,000 by July, according to The Crimson. Rutgers Business School professor John M. Longo attributed investor interest in gold and cryptocurrencies to inflation fears and money supply expansion, and pointed to pro-crypto policies from the Trump administration as well as growing offerings from major financial firms.
The University's directly held public equity portfolio increased in value to $1.43 billion from $1.13 billion in the first quarter. Direct holdings represent only a fraction of HMC's total public equity investments, which amounted to about 14% of its $53.2 billion endowment in fiscal 2024. Most of Harvard's assets are not included in public filings. HMC spokesperson Patrick S. McKiernan did not respond to a request for comment.
UCLA Anderson professor Avanidhar Subrahmanyam called Bitcoin "an extremely speculative asset" and said it was not suitable for a university endowment. Eastern Michigan University accounting professor Howard Bunsis, who has audited university endowments, said the new strategy reflects HMC's appetite for risk and noted that a plain vanilla strategy has yielded more positive returns in recent years.
The quarter also included significant changes to equity holdings. After exiting Apple, Amazon, and Tesla in Q1, HMC reentered Amazon with a $235 million stake in Q2. It cut Meta by 67% to $120.5 million and boosted Nvidia by 30% to $104 million. Microsoft holdings rose 48% to $310 million, making it HMC's largest directly held public equity investment. The endowment fully exited Uber, Invesco QQQ Trust, and Rubrik Inc., and reduced Light & Wonder and Broadcom by just over 40%. Booking Holdings holdings fell 16% by shares but rose in value to $180 million; investments in Booking have drawn criticism from student activists over reported operations in Israeli settlements in the West Bank.
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