Jane Street Group, one of Wall Street's most influential trading firms, made a dramatic shift in its cryptocurrency portfolio during the first quarter of 2026, according to its latest 13F filing. The company slashed its exposure to prominent Bitcoin ETFs by as much as 71% while significantly boosting its holdings in Ether-focused funds and select crypto equities.
Sharp Reduction in Bitcoin Positions
Jane Street reduced its stake in BlackRock's iShares Bitcoin Trust (IBIT) by approximately 71% quarter-over-quarter, ending March with about 5.9 million shares valued at roughly $225 million. Similarly, the firm cut its position in Fidelity's Wise Origin Bitcoin Fund by around 60%, to nearly 2 million shares worth about $115 million. These cuts came as Bitcoin prices dipped below $80,000 during parts of the quarter, amid sustained selling pressure across the digital asset market.
The firm also drastically reduced its stake in Strategy (formerly MicroStrategy), trimming from about 968,000 shares to roughly 210,000 shares, dropping the reported value from $146 million to about $27 million. This reversal is notable given that Jane Street had increased its Strategy holdings by over 470% in the prior quarter.
Additionally, Jane Street pared positions in several Bitcoin mining companies, including IREN, Cipher Mining, Terawulf, and Core Scientific.
Ether and Crypto Stocks Gain Favor
Concurrently, Jane Street boosted its exposure to Ether-related investments. Holdings in BlackRock's iShares Ethereum Trust nearly doubled during the quarter, and the firm also expanded its position in Fidelity's Ethereum fund. Total additional purchases across the two Ether ETFs amounted to approximately $82 million.
On the equity side, the trading firm increased its stake in Riot Platforms from about 5 million to roughly 7.4 million shares, valued at around $91 million. It slightly raised its investment in Coinbase. However, one of the most dramatic moves was in Galaxy Digital: Jane Street boosted its holding from about 17,000 shares to roughly 1.5 million shares, lifting the reported value from under $400,000 to about $28 million.
Diversification Reflects Changing Institutional Sentiment
The filing, however, offers only a partial view of the firm's investment landscape, as 13F reports include only long U.S. equity positions, excluding derivatives, short sales, and market-making activities. Nonetheless, the portfolio adjustments suggest that institutional investors are becoming increasingly selective in building digital asset exposure, preferring diversification over broad directional bets on Bitcoin alone.
Jane Street had aggressively added to its Bitcoin ETF positions in Q4 2025, purchasing $276 million worth of IBIT shares. The swift pivot in Q1 2026 underscores a rapidly evolving institutional strategy in response to market volatility and shifting sentiment.