Quantitative trading giant Jane Street disclosed in its Q1 2026 13F filing with the SEC that it slashed its Bitcoin ETF holdings substantially. The firm reduced its stake in BlackRock's IBIT by roughly 71% to 5,872,212 shares, valued at approximately $225.6 million at quarter-end. Holdings in Fidelity's FBTC dropped 60% to 1,954,174 shares, worth around $115 million. Its position in MicroStrategy (MSTR) also shrunk by about 78%, leaving 209,833 shares worth $26.18 million. MicroStrategy remains the largest corporate Bitcoin holder, with its stock tightly correlated to BTC.
Profit-Taking or Risk Rebalancing?
Jane Street was among Wall Street's earliest and biggest Bitcoin ETF investors, once ranking top in IBIT holdings in 2025. The sell-off occurred as Bitcoin traded between $85,000 and $100,000 in Q1. Potential drivers include profit-taking after a record $39.6 billion revenue year in 2025, risk management triggered by macro uncertainty (tariffs, Fed rate moves), or capital reallocation toward AI stocks or other asset classes.
Divergent Institutional Moves in Same Quarter
Other major institutions took opposing stances in Q1 2026. Asset manager SIG opened a roughly $1.3 billion Bitcoin ETF position, while Morgan Stanley disclosed buying $270 million in Bitcoin ETFs. This shows sharply divided views among Wall Street players. Jane Street's large-scale reduction, however, could weigh on sentiment.