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Harvard University has cut back on its Bitcoin (CRYPTO: BTC) position and dived into Ethereum (CRYPTO: ETH) for the first time, according to its latest 13F filing released on Friday.

Harvard Management Company, a wholly owned subsidiary of Harvard University that manages its financial assets, reported holding 5.35 million shares of iShares Bitcoin Trust ETF (NASDAQ:IBIT) as of Dec. 31, down 21% from the previous quarter.

The stake was worth $265.80 million based on IBIT’s price of 49.65 on Dec. 31.

Despite the reduced exposure, IBIT holdings remained Harvard’s largest position, making up 12.78% of the total portfolio.

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