Jane Street Cuts Bitcoin ETF Exposure, Doubles Down on Ether in Q1 2026

TLDR:

• Jane Street cut its BlackRock IBIT position by roughly 71%, bringing the stake to about 5.9 million shares.
• The firm’s Fidelity FBTC holding dropped nearly 60%, falling to around 2 million shares by the end of Q1 2026.
• Combined additions to BlackRock and Fidelity Ether ETFs totaled approximately $82 million during the quarter.
• Galaxy Digital saw the sharpest portfolio jump, rising from roughly 17,000 shares to about 1.5 million shares.

Jane Street reduced its Bitcoin ETF holdings sharply in Q1 2026, while growing its Ether ETF positions and select crypto equity stakes.

The Wall Street trading firm cut stakes in BlackRock’s IBIT and Fidelity’s FBTC during the quarter. It also trimmed positions in Strategy and several Bitcoin mining companies.

Meanwhile, the firm added to holdings in BlackRock and Fidelity Ether ETFs, Riot Platforms, Coinbase, and Galaxy Digital. These moves came as Bitcoin traded below $80,000 for parts of the quarter.

Bitcoin Positions Drop Across the Board

Jane Street’s IBIT position declined roughly 71% quarter-over-quarter to about 5.9 million shares. That stake was valued at approximately $225 million at quarter-end.

Fidelity’s FBTC holding also fell around 60% to near 2 million shares, worth close to $115 million. Both cuts followed a period of aggressive accumulation in Q4 2025.

The firm’s Strategy position saw a steep decline as well. Shares fell from about 968,000 in Q4 2025 to roughly 210,000 by March 31.

The reported value dropped from nearly $146 million to around $27 million. Jane Street had previously raised its Strategy stake by approximately 473% the prior quarter before reversing course entirely.

Mining stocks were also caught in the pullback. Jane Street trimmed positions in IREN, Cipher Mining, TeraWulf, and Core Scientific.

These moves aligned with broader selling pressure across crypto markets early in the year. Bitcoin’s price weakness through parts of Q1 appeared to drive the firm’s reallocation strategy.

The 13F filing captures only long reportable holdings as of March 31. It does not reflect Jane Street’s full trading book, derivatives positions, or any short exposure.

As a result, the filing offers only a partial view of the firm’s actual digital asset positioning. The filing noted that “such filings do not capture the firm’s complete trading book or reveal net positioning tied to derivatives and short exposure.”

Ether ETFs and Crypto Equities Draw Fresh Capital

Jane Street nearly doubled its stake in BlackRock’s iShares Ethereum Trust during the quarter. Combined additions across BlackRock and Fidelity Ether products totaled approximately $82 million.

This rotation into Ether funds marked a clear strategic shift within the firm’s crypto allocation. Ether-linked products drew capital as Bitcoin-linked ones were being reduced.

The firm also expanded positions in Riot Platforms and Coinbase. Riot holdings rose to about 7.4 million shares from nearly 5 million, lifting the reported value to roughly $91 million.

Coinbase shares grew to around 888,000 from about 778,000 in the previous quarter. Analysts noted that “Jane Street’s quarterly adjustments are closely watched by institutional investors for signals of shifting sentiment across digital asset classes.”

Galaxy Digital saw the largest percentage gain in Jane Street’s portfolio. Holdings jumped from roughly 17,000 shares in Q4 2025 to about 1.5 million shares.

The reported value climbed from around $380,000 to nearly $28 million. That increase came as Galaxy Digital continued to expand its institutional crypto services.

Reuters reported that Jane Street “generated a record $16.1 billion in trading revenue during Q1 2026 as volatile market conditions and gains tied to artificial intelligence investments supported results.”

Jane Street remains one of the most active ETF market makers globally. Its quarterly disclosures draw close attention from institutional investors tracking sentiment in digital asset markets.

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