- Harvard University now holds the equivalent of $443 million in cryptocurrencies – twice as much as in gold.
- It is an indication of the growing institutional recognition of digital assets, even from organizations that are considered more conservative.
Harvard University has significantly increased its Bitcoin holdings and tripled its ETF investments in the third quarter of 2025. The $53 billion foundation now has twice as much money invested in Bitcoin as in gold, showing it is moving heavily away from traditional investments toward digital assets.
Harvard Management Company has increased its Bitcoin investments by $443 million, bringing its total to $117 million. This is the largest allocation of digital assets the university has ever made. Harvard’s decision to add BTC to its core assets shows that major institutions are beginning to recognize cryptocurrencies as legitimate financial assets.
Gold investments also saw an increase, doubling from $102 million to $235 million over the same period. However, the share of Bitcoin investments is twice that of gold, showing that cryptocurrencies are preferred over traditional safe-haven assets such as gold.
University foundation invests in Bitcoin instead of gold
Bitwise CIO Matt Hougan described Harvard’s action as a “blatant debasement trade,” suggesting the university sees Bitcoin as a hedge against the erosion of fiat currency. He also noted that the move reflects a broader trend of digital currencies becoming a recognized part of diversified investment portfolios.
Harvard ramped its bitcoin investment in Q3 from $117m ot $443m. It also boosted its gold ETF allocation from $102m to $235m.
Think about that for a second: Harvard decided to put on a debasement trade and it allocated to bitcoin 2-to-1 over gold.
—Matt, December 8, 2025
The surge in BTC investments comes at a time of market volatility, leading to retail outflows. Despite this volatility, Harvard’s institutional investment exposure appears robust, with Bitcoin being one of the largest single investments by a university endowment.
Harvard’s 2:1 Bitcoin-Gold allocation highlights the strong institutional preference for cryptocurrencies. A prospect that was once considered a fringe investment is now widely accepted among sophisticated investors. The ratio shows the belief that Bitcoin is a more effective hedge against inflation than gold.
Bitcoin traded above $126,000 for much of 2025 amid tightening liquidity in global markets. The Harvard allocation that has now become known supports the view that Bitcoin is suitable as a tool for managing the foundation’s assets.
Germany, through Deutsche Digital Assets, has launched the DDA Physical Bitcoin ETP, the first regulated exchange-traded Bitcoin product on the Nortia marketplace. It gives public companies and asset managers access to Bitcoin in a regulated environment and increases confidence in wider acceptance of cryptocurrencies.
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