Harvard University's endowment slashed its Bitcoin ETF holdings by 43%, liquidated its Ethereum ETF, and TSMC became its largest holding.

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The U.S. SEC 13F filing deadline reveals Q1 institutional holdings: Harvard's endowment slashed IBIT by 43%, with TSMC vaulting to its largest disclosed holding; meanwhile, Abu Dhabi's sovereign wealth fund Mubadala bucked the trend by adding to its position. (Background: BlackRock CEO: Sovereign wealth funds are "buying the dip" on Bitcoin! BTC, as a fear asset, has been used for long-term hedging) (Context: Franklin Templeton acquires 250 Digital, establishing a new division "Franklin Crypto" to expand its crypto business) Friday was the deadline for institutional investment managers to file their Q1 equity holdings with the SEC. This round of 13F filings offers a glimpse into how university endowments, sovereign funds, and banks adjusted their crypto ETF exposure during the first three months of the year. Harvard University's Q1 13F filing shows that as of March 31 this year, the endowment's Bitcoin IBIT holdings dropped to 3,044,612 shares, with a market value of approximately $117 million. This follows a 21% reduction in Q4 2025, with Harvard once again slashing its position (this time by a sharp 43%). After the reduction, IBIT is no longer Harvard's largest disclosed holding. According to the filing, TSMC ADR has climbed to first place, with Alphabet, Microsoft, and the SPDR Gold ETF also ranking ahead of the Bitcoin ETF. In addition, Harvard simultaneously liquidated its position in BlackRock's spot Ethereum ETF, which it had just established in Q4 with a market value of approximately $86.8 million, now exiting at a loss. In stark contrast to Harvard is Abu Dhabi. The Q1 13F filing of its sovereign wealth fund Mubadala shows its IBIT holdings increased from 12.7 million shares in the previous quarter to 14.72 million shares, with a market value of nearly $660 million at current prices, making it one of the largest known institutional holders. The Abu Dhabi Investment Council (ADIC), under Mubadala, maintained its position unchanged. The filing shows that as of March 31, it held 8,218,712 shares of IBIT, with a market value of approximately $315.8 million. The book value shrank by approximately $92 million compared to the previous period, but this reflects IBIT's own quarterly decline rather than any selling activity. Traditional financial institutions' operational strategies are more diverse. The Royal Bank of Canada (RBC) expanded its direct IBIT holdings while simultaneously increasing put and call option positions as hedging tools, indicating that large banks have begun using derivatives to manage crypto ETF risk exposure. Barclays' 13F filing reveals a more complex holding structure: approximately 4.46 million shares of IBIT spot positions, paired with a large number of put and call options linked to the ETF. Compared to approximately 2.47 million shares at the end of 2024, the spot scale has clearly expanded, but the overall strategy has shifted toward composite positions with protective layers. The Bank of Nova Scotia (Scotiabank), after liquidating its Trump-related American Bitcoin shares, added 214,370 shares of IBIT, completing a "ticker swap" operation. Looking at the overall landscape, institutional attitudes toward crypto ETFs have shifted from collective experimentation in 2024 to a phase of active divergent management in 2025-2026. According to market data, the proportion of Bitcoin ETFs held by institutions has risen from 24% in the same period last year to 38%, with total holdings exceeding $40 billion; Q1 global crypto ETP net inflows were approximately $18.7 billion, of which Bitcoin ETFs absorbed over $12.4 billion. However, current institutional operations are rapidly diverging: Harvard reduced, Abu Dhabi's sovereign wealth fund increased, and banks shifted from direct holdings to derivative hedging, once again reminding investors to be mindful of risks.

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