Harvard University's bitcoin investment portfolio is currently facing an unrealized loss of about 40 million USD after the market crash.

According to ChainCatcher, market sources reveal that the latest disclosure filed by Harvard University with the US SEC shows that after the sharp downturn in the crypto market led to a significant shrinkage in the value of its bitcoin ETF holdings, the university has now lost approximately $40 million in its bitcoin ETF positions.

Last quarter, the university increased its holdings in the iShares Bitcoin Trust ETF, with the position once approaching $500 million. Even though bitcoin experienced a brief rebound on Tuesday, it is still down more than 20% this quarter. If Harvard had sold at the beginning of October, it might have avoided losses or even made a small profit before prices fell further. However, the university's average purchase price has not been disclosed.

If the university still holds some or all of the 4.9 million shares purchased last quarter, the most optimistic scenario currently still shows a 14% loss. This calculation assumes Harvard bought in early July, when bitcoin traded at its lowest point for the quarter. Based on this timing, the shares purchased for about $294 million are now worth approximately $255 million.

In the second quarter of this year, before the bitcoin market heated up in 2025, Harvard also purchased 1.9 million shares, and this portion of the position may currently be experiencing a smaller loss or a slight profit, depending on the timing of the purchase. On paper, this holding loss has minimal impact on Harvard's balance sheet. The university manages an endowment fund of $57 billion, the largest in the United States. As of September 30, its bitcoin holdings accounted for less than 1% of total assets.