Wells Fargo Increases Ether ETF Holdings as Bitcoin Exposure Changes in Q1

Wells Fargo increased its exposure to Ether ETFs while adjusting its Bitcoin-related holdings and significantly boosting its stake in Strategy, according to the bank’s Q1 2026 13F filings.

Wells Fargo disclosed larger holdings in Ether exchange-traded funds during the first quarter while reorganizing its Bitcoin ETF positions across multiple products, according to its latest filing with the SEC.

Wells Fargo said it increased its positions in Ether (ETH) exchange-traded funds, including BlackRock’s iShares Ethereum Trust ETF (ETHA) and the Bitwise Ethereum ETF (ETHW), according to its latest Form 13F filing released on Monday.

ETHA climbed 63.5% from roughly 672,600 shares in the fourth quarter of 2025 to nearly 1.1 million shares in Q1 2026, while ETHW advanced 37% from around 186,800 shares to more than 257,000, reflecting broader growth across Ether-related investment funds.

Bitcoin ETF exposure showed a more varied trend, with holdings in the iShares Bitcoin Trust ETF (IBIT) trimmed slightly, while positions in the Bitwise Bitcoin ETF Trust (BITB) and Grayscale Bitcoin Mini Trust ETF (BTC) increased by approximately 24% and 41%, respectively.

The filing indicates that Wells Fargo increased its Ether ETF holdings by the end of the quarter, while its exposure to Bitcoin ETFs reflected a more mixed approach.

ETH Price Dip Sparks Fresh Accumulation Activity

Wells Fargo increased its Ether ETF holdings during a period of declining spot prices. Data from CoinGlass showed that Ethereum recorded back-to-back quarterly losses, dropping about 28% in Q4 2025 and another 29% in Q1 2026.

During the same timeframe, spot Ether ETFs experienced continued outflows, with nearly $769 million withdrawn over three consecutive months.

Despite the wider market decline, Wells Fargo maintained roughly $21.5 million in Ether ETFs during Q1 2026, with ETHA representing the bank’s largest position at approximately $17.6 million.

Bitcoin Leads Portfolio Holdings as Equity Shifts Favor Strategy Over Galaxy

Bitcoin ETFs continue to represent the largest crypto ETF exposure in Wells Fargo’s portfolio, with IBIT accounting for the majority of holdings at around $250 million.

In equities, Wells Fargo made a sharper adjustment to its crypto-related holdings. The bank drastically reduced its position in Galaxy Digital (GLXY), founded by Michael Novogratz, lowering its stake from around 2.5 million shares in Q4 2025 to nearly 78,600 shares in Q1 2026. The move represented a decline of almost 97% and reduced exposure by an estimated $54.7 million.

On the other hand, Wells Fargo sharply increased its exposure to Strategy, led by Michael Saylor and recognized as the world’s largest publicly traded holder of Bitcoin.

The bank increased its stake from approximately 322,700 shares in Q4 2025 to nearly 726,000 shares in Q1 2026, adding around 403,000 shares. The move marked a 125% increase and expanded its exposure by an estimated $41.6 million.