Harvard University endowment’s decision to trim its bitcoin holdings while adding exposure to ether (ETH) has raised a familiar question: Is the endowment making a bet on Ethereum over Bitcoin, or simply adjusting risk?
The answer may be less dramatic than it appears and potentially bullish for the sector.
Michael Markov, co-founder and chairman of Markov Processes International, who studies university endowments, said crypto is likely the most volatile part of Harvard’s public markets portfolio. In the fourth quarter of 2025, price swings in both bitcoin and ether surged, with both assets losing around 25% of their value.
These sharp price swings have, at least in part, led Harvard to rebalance its portfolio, even if it…
