Harvard University increased its investment in BlackRock’s Bitcoin ETF by over 250% in Q3, holding 6.8 million shares worth $442.8 million as of Sept. 30. This move came after Harvard first invested in the fund earlier this year, with a position of 1.9 million shares worth $116.6 million in August.

Bloomberg ETF analyst Eric Balchunas called it “super rare” for a university to invest in an ETF, noting that Harvard’s IBIT investment was just 1% of its total endowment. Harvard’s investment in IBIT was its largest holding in Q3 and now ranks as the 16th-largest holder of the ETF.

Harvard also increased its exposure to major US tech companies like Amazon, Meta, Microsoft, and Alphabet. The university bought a new position in fintech Klarna and shares in Taiwan Semiconductor Manufacturing Company. Additionally, Harvard nearly doubled its exposure to gold by increasing its share ownership in the GLD ETF to 661,391 shares.

Bitcoin ETFs saw net outflows of $1.11 billion as Bitcoin’s price fell below $100,000, now trading under $95,000. The price briefly dipped to $93,029, erasing year-to-date gains. This drop coincided with Harvard’s increased investment in BlackRock’s Bitcoin ETF and other tech and gold holdings.

Read more at Cointelegraph: Harvard Boosts Bet on BlackRock’s Bitcoin ETF