Institutional crypto ETF filings for the first quarter showed a split between buyers and sellers.
Summary
- Harvard fully exited BlackRock’s Ether ETF while cutting its IBIT position another 43% in Q1.
- Mubadala added two million IBIT shares, keeping Abu Dhabi’s Bitcoin ETF exposure above $500 million.
- Dartmouth kept Bitcoin exposure flat but added Solana staking ETF shares, widening endowment crypto allocations.
Abu Dhabi’s Mubadala Investment Company raised its BlackRock iShares Bitcoin Trust position, while Harvard Management Company reduced its Bitcoin ETF stake and removed its BlackRock Ether ETF holding.
The filings came after a volatile quarter for digital assets and ETF flows. They also showed how large investors used regulated funds in different ways. Some funds added exposure through Bitcoin ETFs. Others cut risk, shifted products, or widened allocations beyond Bitcoin and Ethereum.
Mubadala keeps building its IBIT position
Mubadala’s latest 13F filing listed 14,721,917 IBIT shares worth $565.6 million as of March 31. Crypto.news reported that the position rose 16% from 12.7 million shares at the end of the fourth quarter.
The same report said Mubadala has kept adding to IBIT since late 2024. The position has remained above $500 million for three straight quarters. Abu Dhabi-linked exposure also stayed visible through ADIC, which The Block reported kept 8,218,712 IBIT shares unchanged.
Harvard lowers Bitcoin and exits Ether
Harvard Management Company moved in the other direction. Its March 31 filing listed 3,044,612 IBIT shares worth $116.97 million. That was below the 5.35 million IBIT shares it held at the end of 2025.
The filing listed 17 holdings and no iShares Ethereum Trust position. Harvard had opened a 3,870,900-share ETHA position in the fourth quarter, valued at about $86.8 million at the time. The absence of ETHA in the new filing indicates the endowment exited that position during the quarter.
Dartmouth adds Solana to the mix
Dartmouth took a different route. Crypto.news reported that the school disclosed about $14 million in crypto ETF exposure. The filing showed about $7.7 million in IBIT, about $3.5 million in the Grayscale Ethereum Staking ETF, and about $3.3 million in the Bitwise Solana Staking ETF.
The Solana position stood out because it moved the endowment beyond the two largest crypto assets. Dartmouth’s reported endowment remains much larger than the disclosed ETF positions, so the allocation is small. Still, the filing shows regulated crypto products are reaching more public portfolios.
Other institutions also changed their positions. The Block reported that Brown University kept 212,500 IBIT shares, while Emory University exited a small IBIT position and increased its Grayscale Bitcoin Mini Trust holding.
