Reports on institutional crypto ETFs in Q1 highlighted a split environment among market participants.

Summary

  • Harvard completely divested from BlackRock’s Ether ETF while also decreasing its IBIT holding by 43% in Q1.
  • Mubadala boosted its IBIT stakes by two million shares, sustaining its Bitcoin ETF exposure above $500 million.
  • Dartmouth maintained its Bitcoin exposure but broadened its investments by incorporating shares in a Solana staking ETF, diversifying its crypto portfolio.

The Abu Dhabi-based Mubadala Investment Company raised its investment in BlackRock iShares Bitcoin Trust, while Harvard Management Company scaled back its Bitcoin ETF stake and fully exited its position in BlackRock’s Ether ETF.

The filings emerged after a turbulent quarter for digital assets and ETF activity, showcasing the differing approaches major investors took in navigating regulated funds. Some funds aimed for greater exposure through Bitcoin ETFs, while others chose to reduce risks, switch products, or diversify beyond Bitcoin and Ethereum.

Mubadala Continues to Strengthen its IBIT Holdings

Mubadala’s recent 13F filing revealed 14,721,917 IBIT shares valued at $565.6 million as of March 31. According to Crypto.news, this represents a 16% increase from the 12.7 million shares reported at the end of the previous quarter.

The report indicated that Mubadala has steadily increased its IBIT holdings since late 2024, maintaining a position above $500 million for three consecutive quarters. Furthermore, Abu Dhabi’s exposure remained robust through ADIC, which held 8,218,712 IBIT shares unchanged.

Harvard Decreases Bitcoin and Exits Ethereum

Harvard Management Company took a different path. Its filing as of March 31 showed 3,044,612 IBIT shares valued at $116.97 million, down from the 5.35 million IBIT shares held at the end of 2025.

The document detailed 17 holdings, notably missing an iShares Ethereum Trust position. Harvard had previously established a 3,870,900-share ETHA position in Q4, valued at about $86.8 million at the time. The lack of ETHA in the latest filing indicates the endowment divested from this position during the quarter.

Dartmouth Expands with Solana in Its Portfolio

Dartmouth adopted a distinct strategy. According to Crypto.news, the institution reported approximately $14 million in crypto ETF exposure. The filing reflected around $7.7 million in IBIT, about $3.5 million in the Grayscale Ethereum Staking ETF, and roughly $3.3 million in the Bitwise Solana Staking ETF.

The inclusion of Solana was particularly significant, as it broadened the endowment’s exposure beyond the two primary crypto assets. Although Dartmouth’s overall endowment remains considerably larger than the disclosed ETF positions, this allocation is still limited. Nonetheless, the filing indicates the growing adoption of regulated crypto products in mainstream portfolios.

Other institutions also adjusted their holdings. The Block reported that Brown University retained 212,500 IBIT shares, while Emory University divested from a minor IBIT position and increased its investment in the Grayscale Bitcoin Mini Trust.