The recent May 15 deadline for the U.S. Securities and Exchange Commission’s (SEC) 13F institutional holdings reports has provided a crucial window into how the world’s leading sovereign wealth funds, university endowments, and Wall Street investment banks are navigating the volatile cryptocurrency ETF landscape. The filings reveal a striking divergence in sentiment among traditional financial giants, with Middle Eastern funds exhibiting robust confidence while some top American academic institutions have significantly scaled back their crypto exposure.
Notably, Harvard University, which made headlines in late 2025 for its substantial Bitcoin spot ETF holdings, opted to take profits during the first quarter of this year.
Harvard Trims Bitcoin ETF, Liquidates Ethereum ETF Positions
According to filing data, as of March 31, Harvard Management Company’s holdings in the BlackRock iShares Bitcoin Trust ETF (IBIT) plummeted to 3.04 million shares, valued at approximately $117 million. This represents a sharp 43% reduction from the 5.35 million shares held at the end of 2025, marking Harvard’s second consecutive quarter of IBIT divestment. Furthermore, the prestigious university completely liquidated its BlackRock Ethereum spot ETF position, an investment it had only initiated the previous quarter.
This shift signals a broader portfolio rebalancing for Harvard, as digital assets seemingly lost some of their luster. Taiwan Semiconductor Manufacturing Company (TSMC) has now surpassed IBIT to become Harvard University’s largest publicly disclosed holding, followed by tech giants Alphabet and Microsoft, and the SPDR Gold Trust ETF.
Diverse Strategies Among Elite Universities: Dartmouth Bets on Solana Staking ETF
Other elite universities, however, showcased a more nuanced and flexible approach to their digital asset allocations. Dartmouth College maintained its approximately 200,000 shares of IBIT. More notably, it strategically converted its entire Grayscale Ethereum Mini Trust holdings into the Grayscale Ethereum Staking ETF, aiming to capitalize on staking rewards. Dartmouth also made a significant new disclosure, revealing a substantial holding of 304,000 shares in the Bitwise Solana Staking ETF, valued at approximately $3.67 million.
Brown University adopted a more cautious “wait and see” stance, keeping its approximately 212,000 IBIT shares unchanged. Meanwhile, Emory University slightly reduced its IBIT holdings but strategically reallocated capital to expand its Grayscale Bitcoin Mini Trust position to 1.35 million shares, concentrating its exposure within a different Bitcoin-linked product.
Abu Dhabi Sovereign Fund Boosts Holdings to Nearly $660 Million
In stark contrast to the academic retreats, the Abu Dhabi sovereign wealth fund Mubadala emerged as one of the largest institutional holders, demonstrating strong conviction in crypto ETFs. Data indicates that as of the end of the first quarter, Mubadala substantially increased its IBIT position from 12.7 million shares to an impressive 14.72 million shares. This significant boost pushes the estimated value of its IBIT holdings to nearly $660 million at current market prices.
Concurrently, the Abu Dhabi Investment Authority (ADIC), a subsidiary of Mubadala, maintained a steady course, holding 8.21 million shares of IBIT, valued at approximately $315 million.
Traditional financial institutions also exhibited sophisticated strategies amidst the Q1 crypto market fluctuations. The Royal Bank of Canada (RBC) not only expanded its IBIT holdings but also cleverly incorporated call and put options for hedging purposes. Bank of Nova Scotia, after divesting its Bitcoin holdings associated with the “Donald Trump concept,” promptly acquired over 210,000 IBIT shares. Barclays, in addition to holding 4.46 million shares of Bitcoin spot ETFs, also strategically deployed a substantial options position, highlighting a multi-faceted approach to managing crypto exposure.
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