According to the Harvard Crimson, fourth-quarter portfolio filings show Harvard Management Company (HMC) cut nearly 1.5 million shares of the iShares Bitcoin Trust , a 21% reduction , and opened an $86.8 million stake in BlackRock's iShares spot Ethereum ETF. The endowment has not provided a rationale for these moves, and Bitcoin remained HMC's largest publicly reported equity holding following the changes.