Harvard endowment loses over $150M on crypto in one year

Harvard Management Company, which manages Harvard University's endowment, has lost over $150 million (225.8 billion won) on its cryptocurrency investments over the past year, according to on-chain analyst Ai Yi. The firm first made an indirect investment in crypto-related assets during a market upswing in the second quarter of last year and expanded its position in the third quarter as the price of BTC neared its all-time high. At the time, BlackRock's spot Bitcoin ETF (IBIT) was its largest holding, comprising roughly 20% of the portfolio. In the fourth quarter, the endowment manager sold some of its Bitcoin ETF holdings and purchased Ethereum (ETH) ETFs. However, it reportedly sold its entire ETH ETF position at a loss just one quarter later.