Harvard Invests $116 Million in Bitcoin ETF

Harvard University has invested $116 million in BlackRock's iShares Bitcoin Trust (IBIT), revealing ownership of 1.9 million shares as of June 30.

The Harvard Management Company, which oversees the university's $50 billion endowment, now holds its fifth-largest investment in IBIT, even surpassing its investment in Alphabet (Google).

IBIT, a spot bitcoin ETF, allows investors to gain exposure to the cryptocurrency without direct ownership. It has amassed $86 billion in assets under management.

Brown University has also increased its position in IBIT, while the State of Michigan Retirement System holds shares in ARK 21Shares Bitcoin ETF.