In the second quarter of 2025, Harvard University’s $53 billion endowment, managed by Harvard Management Company (HMC), made some of its boldest moves in years. SEC filings show that Harvard initiated new positions in three strikingly different assets: Bitcoin (via the iShares Bitcoin Trust, ticker IBIT), Amazon (AMZN), and the SPDR Gold Trust (GLD). Together, these moves highlight a portfolio strategy that blends innovation, conviction in tech, and classic defensive hedges. Here’s a closer look at why Harvard is buying Bitcoin, Amazon, and gold.

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Bitcoin: Harvard's $116 Million Bet on Digital Gold

Harvard’s most surprising move was its $116.7 million purchase of BlackRock’s iShares Bitcoin Trust (IBIT). This gave the endowment exposure to about 1.9 million shares of IBIT, instantly making Bitcoin one of its largest publicly reported positions.

So, why Bitcoin – and why now?
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• Inflation Hedge: With global money supply expansion and persistent inflation worries, Harvard appears to view Bitcoin as a modern-day store of value, much like gold. Bitcoin’s limited supply and recent rally – from $75,000 in April to record highs above $120,000 by July – reinforced that perception.
• Institutional Access: The SEC’s approval of spot Bitcoin ETFs in 2024 provided a regulated, liquid way for big institutions to invest. Harvard used IBIT to avoid the custody challenges of holding crypto directly.
• Signaling Effect: Historically, Ivy League endowments avoided ETFs. Harvard’s move into Bitcoin signals that even the most conservative institutions are warming up to digital assets. Other schools, including Brown University, also disclosed Bitcoin ETF holdings in Q2.

In short, Harvard isn’t just hedging inflation; it’s aligning itself with a new era of institutional adoption of crypto.

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Amazon: Harvard is Back Into Big Tech With Conviction

Harvard also added a $235 million stake in Amazon (AMZN) in Q2 2025, reversing course after having sold its Amazon shares in the previous quarter. This put Amazon back among its top five equity holdings.

Why the reversal?
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• Strong Earnings: In Q2, Amazon posted 13% year-over-year revenue growth, with AWS cloud sales up nearly 18% and digital advertising surging over 20%. These results highlighted Amazon’s ability to grow across multiple business lines.
• Cloud and AI Momentum: Amazon Web Services is a key player in the global AI boom, providing the infrastructure that powers everything from generative AI to enterprise machine learning. Harvard likely wanted exposure to these secular growth themes.
• Selective Tech Strategy: Harvard trimmed exposure to some big tech names like Meta but doubled down on Amazon, Microsoft, and Nvidia. This shows a strategy of focusing on high-conviction winners rather than spreading thin across the sector.

By reentering Amazon, Harvard positioned itself to ride both near-term earnings strength and long-term digital transformation.

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Harvard's $101 Million Classic Gold Hedge

Harvard also disclosed a new $101.5 million investment in the SPDR Gold Trust (GLD), equivalent to 333,000 shares. This move almost mirrored the size of its Bitcoin stake – suggesting Harvard sees value in holding both digital and physical gold.

The rationale is clear:
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• Inflation and Currency Hedge: Gold prices hit all-time highs above $3,400 per ounce in April 2025 as investors sought safe havens from inflation and market volatility.
• Geopolitical Uncertainty: Trade tensions with China, Middle East conflicts, and divergent central bank policies all fueled gold demand. Central banks themselves have been record buyers of gold since 2024.
• Diversification: Gold has a low correlation with equities and bonds, making it a natural stabilizer in a portfolio. For Harvard, GLD offers liquidity and quick exposure without the logistical challenges of storing bullion.

Gold provided Harvard with a reliable defensive anchor to balance out higher-risk bets like Bitcoin.

Harvard Management's Bigger Picture

Together, these three moves paint a clear picture of Harvard’s evolving investment playbook in 2025:

• Innovation: A bold bet on Bitcoin as digital gold and a high-upside diversifier.
• Conviction: Renewed faith in Amazon as a long-term tech leader in cloud and AI.
• Defense: A return to gold as a hedge against inflation and global instability.

It’s a strategy that embraces both new opportunities and timeless protections – a mix of risk-taking and risk-managing that reflects today’s uncertain, rapidly shifting financial landscape.

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Want to See What Institutions like Harvard Are Buying?

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