Institutional crypto ETF filings for the first quarter revealed a clear divide between large investors increasing exposure to digital assets and others reducing risk.
Mubadala Investment Company increased its holdings in BlackRock iShares Bitcoin Trust (IBIT), while Harvard Management Company reduced its Bitcoin ETF position and fully exited its Ether ETF investment.
The filings came during a volatile quarter for crypto markets and ETF flows, showing that institutional investors are taking different approaches toward digital asset exposure.
Mubadala continued expanding its Bitcoin ETF position during the quarter.
Its latest 13F filing showed holdings of 14,721,917 IBIT shares worth about $565.6 million as of March 31. That represented a 16% increase from the 12.7 million shares it held at the end of the previous quarter.
The Abu Dhabi-based fund has now maintained more than $500 million in Bitcoin ETF exposure for three consecutive quarters.
Additional exposure linked to Abu Dhabi Investment Council also remained stable, with reports showing the council held 8,218,712 IBIT shares without changes.
Meanwhile, Harvard moved in the opposite direction.
Harvard Management Company reported 3,044,612 IBIT shares worth roughly $116.97 million as of March 31, down significantly from the 5.35 million shares it held at the end of 2025.
The filing also showed no remaining position in iShares Ethereum Trust (ETHA).
Harvard had previously opened a 3,870,900-share ETHA position valued at around $86.8 million during the fourth quarter of 2025, meaning the university fully exited the Ether ETF position during the latest quarter.
Dartmouth College took a different approach by broadening its crypto exposure beyond Bitcoin and Ethereum.
According to filings, Dartmouth disclosed roughly $14 million in crypto ETF investments, including about $7.7 million in IBIT, approximately $3.5 million in the Grayscale Ethereum Staking ETF, and around $3.3 million in the Bitwise Solana Staking ETF.
The Solana investment stood out because it expanded the university’s exposure beyond the two largest cryptocurrencies, Bitcoin and Ethereum.
Other institutions also adjusted their positions during the quarter.
Brown University reportedly maintained its 212,500 IBIT shares, while Emory University exited a smaller IBIT position and increased holdings in Grayscale Bitcoin Mini Trust.
The filings highlighted how institutional investors continue using regulated crypto ETFs in different ways, with some increasing long-term exposure while others reduce positions or diversify into alternative digital assets like Solana.
