Harvard Management Company, which oversees the university’s $50 billion endowment, disclosed a $116 million position in BlackRock’s iShares Bitcoin Trust (IBIT) in its latest quarterly filing with the U.S. Securities and Exchange Commission (SEC).

The stake, reported in a Form 13-F on Friday covering holdings as of June 30, 2025, represents one of the largest known bitcoin allocations by a U.S. university endowment. IBIT, launched in January of last year, is a spot bitcoin exchange-traded fund that allows investors to gain exposure to the cryptocurrency without directly holding it.

The position places the university among a growing cohort of institutional investors — from hedge funds to pension systems — adding regulated bitcoin products to their portfolios.

The disclosure comes as total assets across U.S. spot bitcoin ETFs have climbed into the tens of billions of dollars, driven by both retail inflows and large-scale institutional allocations. For endowments, the ETF structure offers daily liquidity and SEC oversight, which can help meet governance and compliance requirements for alternative investments.

Harvard didn’t provide further comment on the filing.

Read more: U.S. Endowments Are Leaning Into Crypto: FT

BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin exchange-traded fund (ETF), saw record-breaking withdrawals on Feb. 26 amid the sector’s prolonged sell-off during the last seven trading days.

Data from SoSoValue shows that IBIT lost 5,002 BTC, valued at $418 million, marking the fund’s highest single-day outflow. This outflow surpassed its previous record of $332 million set in January.

As a result, IBIT, which manages approximately $48 billion in assets, played a significant role in the day’s total sector-wide outflows of $756 million.

Fidelity’s Wise Origin Bitcoin Trust (FBTC) also experienced significant selling pressure, with investors withdrawing $145.69 million worth of Bitcoin. Meanwhile, the Ark 21Shares Bitcoin ETF (ARKB) recorded $60.46 million in outflows, and Grayscale’s Mini Bitcoin Fund saw $55.97 million leave its holdings.

Other funds also faced sell-offs, albeit at lower levels. Grayscale’s GBTC shed $22.66 million, while Invesco Galaxy’s BTCO registered $16.83 million in withdrawals. Bitwise’s ETF lost $13.65 million, while WisdomTree’s BTCW and Franklin Templeton’s EZBC reported outflows of $11.52 million and $9.69 million, respectively.

Meanwhile, this wave of exits followed an even larger outflow of $937.7 million on Feb. 25, extending a seven-day sell-off streak. Over the past week, nearly $3 billion has left Bitcoin ETFs, underlining the growing investor caution amid market uncertainty.