Harvard University disclosed a nearly $442 million position in BlackRock’s iShares Bitcoin Trust (IBIT), filings show, making the spot crypto ETF one of the endowment’s largest single holdings by dollar value. The investment, while under 1% of Harvard’s roughly $57 billion endowment, signals growing institutional acceptance of crypto‑linked instruments and raises governance questions for chief investment officers balancing innovation, risk and fiduciary duty. Endowment officials and trustees face scrutiny over volatility, liquidity and the fit of crypto ETFs within spending and liability models; rival institutions have also disclosed smaller crypto ETF positions, suggesting the sector’s growing but cautious adoption in higher education portfolios.