Svmuu reported that according to on-chain analyst Ai Yi's monitoring, Harvard Management Company first established a cryptocurrency position during the market rally in Q2 2025; in Q3, when BTC prices were near all-time highs, it significantly increased its holdings, boosting the number of shares by 257%, with IBIT once accounting for 20% of its portfolio, making it the largest public holding. In Q4, as the market declined, it reduced its BTC holdings while establishing an ETH position, only to clear all ETH after holding for just one quarter and exiting at a loss. Its BTC cost basis ranged from $107,000 to $114,000, while the ETH cost basis was $4,000. Over the year, it incurred losses exceeding $150 million in the crypto space.