Wall Street trading giant Jane Street sharply reduced its exposure to spot Bitcoin ETFs during the first quarter of 2026, while nearly doubling its holdings in Ether-based funds, according to a 13F filing released Tuesday.
IBIT down 71%, FBTC down 60%
Jane Street slashed its position in BlackRock's iShares Bitcoin Trust by roughly 71% quarter-over-quarter, ending March with about 5.9 million shares valued near $225 million. Holdings in Fidelity's Wise Origin Bitcoin Fund fell about 60% to roughly 2 million shares worth nearly $115 million. The firm also cut its stake in Michael Saylor's Strategy from about 968,000 shares in Q4 2025 to roughly 210,000 shares by the end of Q1 2026 — a reversal after boosting that position by 473% in the previous quarter.
Several Bitcoin mining stocks also saw reductions. Jane Street trimmed positions in IREN, Cipher Mining, TeraWulf, and Core Scientific, though the filing did not specify dollar amounts.
Ether ETFs nearly double, $82 million added
On the Ethereum side, Jane Street nearly doubled its holdings in BlackRock's iShares Ethereum Trust and added substantially to Fidelity's Ethereum fund. Combined additions across the two products totaled about $82 million. The filing also revealed increased exposure to selected crypto equities. Riot Platforms shares rose to about 7.4 million from nearly 5 million, with a reported value of roughly $91 million. Coinbase holdings increased to about 888,000 from 778,000. Galaxy Digital saw the largest percentage jump — from about 17,000 shares in Q4 2025 to roughly 1.5 million shares, boosting the position's value from around $380,000 to about $28 million.
The 13F filing only captures Jane Street's long equity holdings as of March 31 and does not reflect its full trading book, including derivatives or short positions. Separately, Reuters reported that Jane Street generated a record $16.1 billion in trading revenue in Q1 2026, driven by volatile markets and AI-related investments. The firm also faces renewed legal scrutiny over the 2022 TerraUSD collapse. In April, Jane Street asked a U.S. court to dismiss a lawsuit from Terraform Labs' bankruptcy estate, which accuses the market maker of insider trading. Jane Street denies the allegations, arguing that key liquidity pool changes were publicly disclosed weeks before the de-pegging event.