Recently, Harvard University's investment trends in the Crypto Assets field have attracted widespread attention. According to a document from the SEC in August 2025, Harvard Management Company (HMC) purchased approximately $116.7 million worth of BlackRock iShares Bitcoin Trust (IBIT) shares in the second quarter, becoming the fifth largest Holdings of the fund. This marks the first time that Harvard's endowment fund has clearly entered the Crypto Assets market, and the investment scale even exceeds its holdings in Alphabet.

However, Harvard's strategy regarding Ethereum (ETH) has taken a different approach. The university has not directly purchased ETH on the open market but has chosen to participate indirectly through early-stage venture capital funds. Notably, the Harvard endowment fund is one of the early investors in the crypto venture capital fund Paradigm. Founded in 2018 with an initial capital of $400 million, it includes endowment funds from renowned universities such as Harvard, Yale, and Stanford. The fund has invested all its capital into ETH and BTC and subsequently invested in several Ethereum ecosystem projects, such as Uniswap, Compound, and Lido.

The difference in this investment strategy reflects Harvard's attitude towards different crypto assets. The direct investment in Bitcoin indicates the school's confidence in it as digital gold, while participation in the Ethereum ecosystem through venture capital funds shows a long-term optimism about the prospects of blockchain technology and decentralized applications.

Although Harvard's specific returns and current holdings as a limited partner (LP) of Paradigm have not been disclosed, this indirect involvement provides the university with greater flexibility and risk diversification. Through a professional venture capital fund, Harvard can share in the potential growth of the Ethereum ecosystem without directly holding Crypto Assets.

Harvard University's investment actions not only reflect a change in traditional institutions' attitudes towards Crypto Assets, but may also have a demonstration effect on other large institutional investors. As more institutions participate, the cryptocurrency market, especially Bitcoin and Ethereum, may see more capital inflows and price stability.

However, it is important to note that the participation of institutional investors also brings new challenges. For example, issues such as how to manage risks in an environment of regulatory uncertainty and how to balance portfolios between traditional assets and emerging digital assets need to be carefully considered by institutional investors.

Overall, Harvard University's investment strategy in the crypto assets field demonstrates a balanced and cautious attitude. By combining direct and indirect approaches, Harvard has engaged in the most mainstream crypto assets while leaving room for future technological developments. This strategy may serve as a reference template for other large institutional investors when entering the cryptocurrency market.