Recent SEC filings reveal that Harvard University has experienced substantial losses on its Bitcoin exchange-traded fund (ETF) holdings. The value of these holdings has declined by approximately $40 million, a result of the volatile cryptocurrency market. Last quarter, Harvard increased their stake in the iShares Bitcoin Trust ETF to almost $500 million, but recent price declines have eroded this investment. While the cryptocurrency rebounded briefly on Tuesday, it has nevertheless fallen over 20% in this quarter, resulting in further losses for the university. Had they sold their holdings during early October, Harvard could have potentially avoided these losses or even generated a small profit. However, the actual purchase price of the shares remains undisclosed. Based on a hypothetical scenario and assuming Harvard still holds all or some of their 4.9 million shares acquired last quarter, the most optimistic estimation suggests an 14% loss. This calculation presumes that Harvard purchased these shares in early July when Bitcoin was trading at its lowest point for the quarter, leading to an estimated value decline from $294 million to approximately $255 million. Beyond this notable drop, Harvard’s additional acquisition of 1.9 million shares in the second quarter also potentially incurred losses or small gains. The impact on Harvard’s balance sheet is minimal because its Bitcoin holdings represent less than 1% of its overall assets.