Mubadala Raises Bitcoin ETF Stake as Harvard Exits Ethereum ETF

Abu Dhabi’s Mubadala increased its holding in BlackRock’s iShares Bitcoin Trust (IBIT) to 14,721,917 shares as of March 31, worth about $660 million. The filing is part of institutional 13F reports due to the Securities and Exchange Commission filing deadline on Friday.

Mubadala’s consolidated IBIT position rose from 12,702,323 shares in the prior reporting period. A related Mubadala entity, the Abu Dhabi Investment Council, reported an unchanged IBIT holding of 8,218,712 shares valued at $315.8 million. The filings show a reporting consolidation between the council and a Mubadala subsidiary; the beneficial owner remained the same. The lower value shown on ADIC’s filing reflects the ETF’s price decline during the quarter, not sales.

Harvard Management Company reduced the university’s IBIT stake to 3,044,612 shares as of March 31, down 43% from 5.35 million shares at the end of 2025. The endowment also fully exited a roughly $86.8 million position in BlackRock’s spot Ethereum ETF that it had opened in the prior quarter. After the changes, IBIT is no longer the largest publicly disclosed holding in Harvard’s 13F portfolio.

Several university endowments reported modest changes. Dartmouth College held 201,531 IBIT shares, valued at just over $9 million, and moved its ether exposure from the Grayscale Ethereum Mini Trust into Grayscale’s Ethereum Staking ETF while keeping a 178,148-share position. Dartmouth opened a new position of 304,803 shares in the Bitwise Solana Staking ETF, worth nearly $3.67 million. Brown University reported 212,500 IBIT shares. Emory University sold a 4,450-share IBIT position and increased its holdings in the Grayscale Bitcoin Mini Trust to 1,354,148 shares from about 1 million.

Banks and other financial firms adjusted spot holdings and option exposure. The Royal Bank of Canada increased its direct IBIT stake and expanded put and call option positions tied to the ETF. The Bank of Nova Scotia added 214,370 IBIT shares after ending a prior position in American Bitcoin Shares. Barclays disclosed roughly 4.46 million IBIT spot shares alongside significant put and call option positions linked to the ETF.

Some large holders reduced positions after a quarterly price decline. An offshore entity registered in Hong Kong, Laurore, cut its IBIT holdings from 8,786,279 shares to 6,846,279 shares during the quarter. Other institutional filings showed a mix of increases, decreases and reporting consolidations as managers adjusted allocations at quarter end.

The 13F filings provide a snapshot of institutional equity holdings as of March 31 and show how sovereign wealth funds, university endowments, banks and other managers rebalanced exposures to bitcoin, ether and staking-focused ETFs during the first quarter.