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Trims Bitcoin, buys into Ether ETF

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Trims Bitcoin, buys into Ether ETF

Harvard Management Company (HMC), the investment arm of Harvard University’s endowment, reduced its stake in a major Bitcoin exchange-traded fund (ETF) by roughly 21 %.

Summary

  • Harvard Management Company cut its Bitcoin ETF holdings by approximately 21%, trimming around 1.5 million shares of the iShares Bitcoin Trust (IBIT), according to its latest SEC 13F filing.
  • Despite the reduction, Bitcoin remains one of the endowment’s largest publicly disclosed positions, valued at roughly $265 million at the end of Q4 2025.
  • The filing also shows a new $86.8 million position in the iShares Ethereum Trust (ETHA), marking Harvard’s first disclosed allocation to an Ether-linked ETF.

Harvard rotates into ETH as Bitcoin ETF holdings shrink 21%

Simultaneously, HMC established a new multimillion-dollar position in an Ethereum (ETH) ETF, according to a quarterly 13F filing with the U.S. Securities and Exchange Commission.

The filing, which discloses Harvard’s U.S.-listed equity holdings as of December 31, 2025, shows that the endowment cut close to 1.5 million shares of the iShares Bitcoin Trust (IBIT) compared with the previous quarter.

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Despite this reduction, Bitcoin (BTC) remains HMC’s largest publicly disclosed holding with a reported market value of approximately $265.8 million at year-end.

In a notable strategic move, Harvard initiated a new position in the iShares Ethereum Trust (ETHA) acquiring about 3.87 million shares valued at an estimated $86.8 million during the same period. This represents the university’s first publicly disclosed allocation into an Ether-linked ETF.

While the filing primarily highlights the adjustment in digital-asset ETFs, it also shows broader shifts in HMC’s publicly reported equity holdings, including both increases and reductions across major tech and industrial names. However, the crypto positions, even after trimming, remain among the most significant individual line items disclosed.

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Crypto World

Telegram Has Been Downloaded Over 50M Times in Iran, Despite Ban: Durov

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Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov

The Iranian government’s attempt to block the Telegram messaging application in the country has backfired, as users find ways to circumvent national firewalls and online controls, according to Telegram co-founder Pavel Durov.

“Iran banned Telegram years ago,” Durov said on Friday; however, tens of millions of users in the country have managed to access the application via virtual private networks (VPNs) and other similar tools, he added.

VPNs route web traffic through servers distributed around the globe to mask the true Internet Protocol (IP) addresses of users and obscure their locations. This allows individuals with VPN access to bypass national online restrictions. Durov said:

“The government hoped for mass adoption of its surveillance messaging apps, but got mass adoption of VPNs instead. Now, 50 million members of the digital resistance in Iran are joined by over 50 million more in Russia.”

Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov
Source: Pavel Durov

Decentralized technologies like blockchain, crypto and encrypted messaging applications can mitigate or neutralize state-imposed online restrictions and surveillance infrastructure, promoting individual liberty, proponents of decentralized technology say.

Related: Global turmoil pushes uptake of decentralized messengers, social media

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Users turn to decentralized alternatives amid online blackouts

The government of Iran imposed a nationwide internet blackout in January 2026, amid growing protests and civil unrest, which is still in effect due to the ongoing war between Israel, the United States and Iran.

Residents in the country can still access the internet through Starlink, a satellite-based network, or communicate via BitChat, a messaging application that uses Bluetooth radio waves to form a mesh network between devices.

BitChat’s mesh network transforms each device into a relay node that transfers data to other devices running the application within range, bypassing online and satellite-based systems entirely.

Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov
The components of the BitChat messaging application tech stack. Source: GitHub

The government of Nepal imposed a social media ban in September 2025 amid growing protests, causing a spike in BitChat downloads.

Bitchat was downloaded over 48,000 times in Nepal the week of the social media ban, and the government of Nepal was toppled by protestors that same month.

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The application recorded a similar download spike in Madagascar amid protests, which also occurred around the same time as the political revolution in Nepal.

Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in