Wells Fargo, one of the largest U.S. banks, significantly reshaped its cryptocurrency-related portfolio in the first quarter of 2026, according to its latest 13F filing with the Securities and Exchange Commission. The bank dramatically increased its exposure to ether exchange-traded funds (ETFs), trimmed bitcoin ETF positions in some areas, and made bold moves in crypto-related equities.
Ether ETF Holdings Surge
As of March 31, 2026, Wells Fargo's stake in Blackrock's iShares Ethereum Trust (ETHA) ETF climbed more than 63% quarter-over-quarter, from approximately 672,600 shares at the end of 2025 to about 1.1 million shares. The bank also raised its position in the Bitwise Ethereum ETF by roughly 37%, bringing holdings to over 257,000 shares. These increases underscore growing institutional appetite for ether-based investment products amid broader U.S. adoption of spot crypto ETFs.
Mixed Moves on Bitcoin ETFs
Bitcoin ETF exposure saw a more nuanced treatment. Wells Fargo slightly reduced its position in Blackrock's iShares Bitcoin Trust (IBIT) ETF, though the fund still represented the largest chunk of the bank's crypto ETF portfolio, valued at roughly $250 million. At the same time, the bank added to other bitcoin-linked products: holdings in the Bitwise Bitcoin ETF Trust rose about 24%, while exposure to the Grayscale Bitcoin Mini Trust ETF increased roughly 41%. This suggests a diversified allocation strategy rather than a broad retreat from bitcoin.
Galaxy Digital Dumped, Strategy Doubled
Wells Fargo made two striking adjustments to its crypto equity holdings. It slashed its investment in Galaxy Digital, the crypto financial services firm led by Michael Novogratz, by nearly 97% — from approximately 2.5 million shares at the end of Q4 2025 to just under 79,000 shares in Q1 2026. The reduction represented an estimated $54.7 million decrease in exposure. Galaxy recently reported a $216 million quarterly loss, largely linked to declining crypto prices.
In sharp contrast, the bank more than doubled its stake in Strategy (formerly MicroStrategy), the world's largest corporate holder of bitcoin. Holdings jumped from roughly 323,000 shares to about 726,000 shares, representing an estimated additional investment of $41.6 million.
Institutional Crypto Allocation Matures
Wells Fargo's Q1 adjustments reflect how major financial institutions are refining their digital asset strategies. Rather than making broad directional bets, banks are increasingly balancing exposure across ETFs, infrastructure providers, and bitcoin-linked corporate equities. As crypto markets evolve, such nuanced portfolio management is likely to become the norm for institutional investors.