Harvard Management Company's crypto investment losses exceed $150 million

According to AI, an on chain analyst, Harvard Management Company first established a position in cryptocurrency in the second quarter of 2025. In the third quarter, when BTC prices approached historical highs, the company increased its holdings by 257%, with IBIT accounting for 20% of its holdings. In the fourth quarter, I reduced my BTC holdings and opened a position in ETH, but only held ETH for one quarter before clearing the position and leaving at a loss. The cost range for building a BTC position is between 107000 and 114000 US dollars, while the cost for building an ETH position is 4000 US dollars. Within one year, the cryptocurrency investment suffered losses exceeding 150 million US dollars.