The Harvard Management Co. added new investments in a Bitcoin exchange-traded fund and a gold ETF during the second quarter of 2025, according to its most recent 13F filing. The $51 billion endowment also ventured back into Amazon stock, acquiring 1 million shares of the ecommerce giant for $235 million.
The Harvard University endowment bought new positions in the iShares Bitcoin Trust ETF, buying more than 1.9 million shares worth approximately $117 million, as of the end of June. It also invested for the first time in the SPDR Gold Shares ETF, acquiring 333,000 shares worth approximately $101.5 million.
Meanwhile, Harvard sharply cut back its positions in several large- and mega-cap technology stocks during the quarter. It slashed its Meta Platforms holdings by 67% from the end the first quarter and sold 40% of its Broadcom shares. It also sold 73,000 shares of Google-parent Alphabet’s stock, reducing its holding in the tech giant by 10%.
The endowment also bailed out of rideshare company Uber Technologies, selling all of its 885,000 shares of the company worth approximately $65 million at the time of the sale. It also sold off all 132,111 shares of cybersecurity firm Rubrik, which were worth approximately $8.1 million, and dumped 41% of its shares in gaming manufacturer Light & Wonder.
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However, the endowment also bought shares of a pair of tech companies: Harvard’s managers added more than 200,000 shares of Microsoft, which increased its holdings in the company by 48%, and boosted its allocation to Nvidia Corp. by 30%.
At the same time, it dumped all of its 211,820 shares of ETF Invesco QQQ in the first quarter of the year, which were worth $99.3 million at the end of March. The ETF tracks the performance of the 100 largest nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. It also reduced its exposure to travel services company Booking Holdings by 16% and reduced its holdings in Purecycle Technologies, which produces recycled polypropylene, by 24%.
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Tags: Asset Allocation, Bitcoin, Endowments, Equities, ETFs, exchange-traded funds, gold, Harvard Management Co., tech stocks
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