Harvard University’s endowment manager has dramatically increased its investment in BlackRock’s iShares Bitcoin Trust (IBIT), according to a new regulatory filing. Harvard Management Company, which oversees the university’s $57 billion fund, expanded its holdings by over 250% during the third quarter. The endowment now holds more than 6.8 million shares valued at $442.8 million as of September.

This move builds on an initial position first disclosed in August, which consisted of approximately 1.9 million shares worth $116.6 million at the time. The substantial increase makes IBIT the largest single investment listed on Harvard’s filing and elevates the university to the 16th-largest holder of the fund.

A Significant Institutional Signal

According to Bloomberg ETF analyst Eric Balchunas, securing an investment from an endowment is a major validation for an exchange-traded fund. He described the move as “super rare,” noting that endowments are traditionally “the hardest institution to hook” for ETF products. While the Bitcoin ETF position accounts for just 1% of Harvard’s total endowment, Balchunas stated, “It’s as good a validation as an ETF can get.”

Broadening Exposure to Tech and Gold

The updated filing reveals that Harvard’s Bitcoin investment is part of a wider strategy that includes significant exposure to major U.S. technology companies like Amazon, Meta, Microsoft, and Alphabet. The endowment also initiated new positions, acquiring a $16.8 million stake in the financial technology firm Klarna and $59.1 million worth of shares in the Taiwan Semiconductor Manufacturing Company.

In addition to its digital asset and tech holdings, Harvard nearly doubled its investment in gold. The university increased its ownership in the SPDR Gold Shares (GLD), a gold-backed ETF, to 661,391 shares valued at $235.1 million.