Harvard Management Company kept its Bitcoin ETF position unchanged in the second quarter, with share counts flat compared to the prior quarter. This "no action" is itself telling — just last quarter, Harvard had cut its IBIT (iShares Bitcoin Trust) holdings by 43%, yet this time around it chose to sit tight for the entire quarter, neither adding to the position nor continuing to sell.
Within the same batch of public disclosures, another set of numbers offers a contrast. Mubadala Investment Company and Abu Dhabi Investment Council, both from the United Arab Emirates, held a combined 22.9 million shares of IBIT — and that figure also stayed unchanged this quarter.
Two institutions, two different rhythms: Harvard made a big cut before going still, while the two Abu Dhabi sovereign funds stayed put from start to finish. As for whether new moves will come next quarter, there isn't enough information yet to say.
