Harvard Management Company Sells Entire $87 Million Ethereum ETF Stake

Harvard Management Company, the entity responsible for overseeing Harvard University's endowment, has made significant changes to its cryptocurrency investments. According to a filing with the US Securities and Exchange Commission, HMC has sold its entire stake in the iShares Ethereum Trust (ETHA) ETF, valued at approximately $87 million.

This decision marks a sharp reversal from just one quarter ago, when HMC added the ETF to its portfolio. The sale comes as Ether continues to face challenges, including its recent decline in value and ongoing turmoil within the Ethereum Foundation.

The Ethereum Foundation has experienced a series of high-profile departures this year, with several key personnel leaving their positions. These developments have contributed to concerns over ETH's price competitiveness and the foundation's ability to effectively respond to these issues.