Jane Street Group significantly reshaped its crypto-linked portfolio in the first quarter of 2026, reducing several large bitcoin-related positions while building up exposure to ethereum exchange-traded funds and selected digital-asset equities. The move, disclosed in the firm’s latest 13F filing, came during a period of heightened market volatility in which bitcoin traded below $80,000 for part of the quarter and broader crypto markets faced sustained selling pressure.
The filing suggests a notable shift in institutional positioning. Rather than maintaining an aggressive directional bet on bitcoin that had been built in prior quarters, Jane Street appeared to rotate toward a more diversified allocation across ethereum products and crypto-related stocks. Because 13F reports only cover long positions in U.S.-listed securities, the filing does not show the firm’s full market exposure. Even so, the changes offer an important snapshot of how one of Wall Street’s most influential trading firms adjusted its public holdings as market conditions changed.
Large Reductions in Bitcoin ETF Holdings
Among the most prominent changes was the firm’s pullback from spot bitcoin ETFs. Jane Street cut its position in BlackRock’s iShares Bitcoin Trust by about 71% quarter over quarter, reducing the holding to roughly 5.9 million shares. As of the end of March, that stake was valued at approximately $225 million. The scale of the reduction stood out because it reversed part of the more aggressive build-up the firm had made in earlier periods.
The company also trimmed its exposure to Fidelity’s Wise Origin Bitcoin Fund by around 60%, leaving it with nearly 2 million shares worth about $115 million. Taken together, the two reductions indicate that Jane Street meaningfully lowered its public-market bitcoin ETF exposure during the quarter, even though those positions still remained sizable in absolute terms.
The timing of the cuts is notable. During the first quarter, bitcoin faced a more difficult trading environment than in the previous period, with the asset dropping below the $80,000 level at points amid broader weakness across the digital-asset complex. Against that backdrop, reducing spot bitcoin ETF holdings may reflect a more cautious stance toward short-term price direction, especially after the stronger accumulation seen previously.
Strategy and Bitcoin Miner Stakes Also Reduced
Jane Street’s shift was not limited to ETF holdings. The firm also sharply cut its position in Strategy, reducing its stake from roughly 968,000 shares to about 210,000 shares. The reported value of that holding fell from around $146 million to approximately $27 million. That reversal drew particular attention because prior disclosures had shown the company dramatically increasing its Strategy exposure in the preceding quarter.
In addition, Jane Street reduced stakes in several bitcoin mining companies, including IREN, Cipher Mining, TeraWulf, and Core Scientific. The filing did not frame those changes as a broad retreat from crypto altogether. Instead, the pattern suggested a narrower reduction in bitcoin-sensitive equity exposure, especially in names whose performance can be highly tied to both bitcoin’s price and market sentiment around mining economics.
These moves are consistent with a risk-management approach during a more uncertain market phase. Bitcoin miners and bitcoin-heavy corporate proxies can amplify directional exposure, meaning a firm looking to reduce concentration risk may cut those names alongside direct ETF holdings. The broader message from the filing was not simply less crypto, but a reweighting away from bitcoin-centric instruments.
Ethereum ETF Exposure Increased by $82 Million
While trimming bitcoin-linked positions, Jane Street increased its allocation to ethereum-focused funds. According to the filing, the company nearly doubled its stake in BlackRock’s iShares Ethereum Trust and also expanded its position in Fidelity’s ethereum fund. Combined, the additional purchases across the two ethereum ETF positions totaled about $82 million.
That increase is one of the clearest indicators of where the firm chose to redeploy capital. Instead of exiting digital assets entirely, Jane Street appears to have shifted part of its portfolio toward ethereum exposure. The filing does not explain the firm’s reasoning, but the resulting allocation change points to a more selective institutional posture within crypto, where investors may distinguish between different assets rather than treat the sector as a single directional trade.
In market terms, the move matters because large trading firms often adjust positions based on liquidity conditions, market structure, and relative opportunities across products. A rise in ethereum ETF holdings alongside a decline in bitcoin ETF exposure suggests Jane Street saw enough value or strategic merit in maintaining and even increasing exposure to ether-linked products despite reducing bitcoin concentration.
Selective Additions to Crypto-Related Stocks
Beyond ETFs, Jane Street also increased positions in several crypto-related equities. Its stake in Riot Platforms rose from about 5 million shares to roughly 7.4 million shares, bringing the reported value of that position to around $91 million. The company also modestly increased its exposure to Coinbase, indicating continued interest in major listed businesses tied to the crypto ecosystem.
One of the most striking changes came in Galaxy Digital. Jane Street boosted its position from roughly 17,000 shares to about 1.5 million shares. The reported value of that holding climbed from less than $400,000 to approximately $28 million. That sharp increase suggests Galaxy became a far more meaningful part of the firm’s listed crypto-equity basket during the quarter.
Viewed together, the additions to Riot, Coinbase, and Galaxy Digital reinforce the idea that Jane Street was not abandoning the digital-asset theme. Instead, the firm appears to have been reallocating within the sector, pairing lower direct bitcoin exposure with greater emphasis on selected public companies and ethereum-linked vehicles.
What the 13F Filing Does and Does Not Show
It is important to interpret the filing with caution. A 13F report captures only long positions in certain U.S.-listed securities. It does not include derivatives, short positions, or many forms of market-making activity that are central to the business models of large trading firms such as Jane Street. As a result, the filing offers only a partial view of the company’s true economic exposure to crypto markets.
That limitation matters because a reduction in reported long holdings does not necessarily mean an outright bearish call on the underlying asset. Firms can use hedges, basis trades, options, and other instruments that do not appear in the filing. Even so, the publicly disclosed shifts remain valuable because they show how Jane Street adjusted the visible long side of its portfolio at a time when institutional sentiment toward digital assets appeared to be evolving.
The quarter’s portfolio changes suggest a broader theme in institutional crypto investing: less reliance on a single bitcoin-heavy trade and more focus on diversification across different parts of the digital-asset ecosystem. In Jane Street’s case, that meant materially lower exposure to major bitcoin ETFs and bitcoin-sensitive equities, balanced by increased holdings in ethereum ETFs and a set of chosen crypto-linked stocks.
For market observers, the filing highlights a more selective phase in institutional crypto allocation. Rather than making a sweeping bet on bitcoin alone, one of Wall Street’s largest trading firms used the first quarter to rebalance toward a broader mix of instruments. Whether that positioning persists in later quarters will depend on market conditions, but the latest disclosure shows that institutional players are increasingly willing to rotate within crypto instead of treating the space as one uniform risk trade.