The divergence highlights contrasting institutional approaches. Harvard's endowment, whose largest reported positions now include Taiwan Semiconductor, Alphabet, Microsoft, and the SPDR Gold Trust, has reduced crypto exposure for multiple consecutive quarters. Abu Dhabi's sovereign funds, by contrast, have treated the drawdown as a holding period rather than an exit signal.
IBIT's net asset value per share fell 13.31% in the second quarter alone, tracking a 13.25% decline in bitcoin's price. For the first half of 2026, the ETF's NAV dropped 32.51% as bitcoin fell from $87,463 to $59,101. Net assets contracted 35.6% to $43.4 billion, with redemptions outpacing creations by 62.6 million shares. The fund closed Thursday at $35.88 per share.
Other institutional flows were mixed. UBS grew its IBIT holding to about 2.5 million shares worth nearly $90 million by June 30, a 355% increase in share count from year-end 2025, though the filing notes the position may include client assets. Bank of America, Morgan Stanley, and several smaller managers also adjusted positions during the quarter.
The 13F snapshot captures only quarter-end holdings, leaving intra-quarter trades invisible. With bitcoin trading near $62,900 — roughly 29% below its 2026 starting level and 50% off the October 2025 peak above $126,000 — the question becomes whether Harvard's steady hand signals a floor or a prelude to further reduction, and whether Abu Dhabi's sovereign conviction withstands another quarter of drawdown.
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
