Wells Fargo expanded its exposure to Strategy (MSTR) while trimming part of its position in BlackRock’s iShares Bitcoin Trust, according to its latest filing with the U.S. Securities and Exchange Commission. The filing shows the $2.5 trillion asset manager raised its Strategy stake by 125% to nearly 726,000 shares, adding about $41.5 million in exposure. In the same period, it cut 75,102 shares from its IBIT position, while also opening a new IBIT call position and increasing put exposure.
Bitcoin exposure was shifted across products
The filing suggests Wells Fargo did not broadly retreat from Bitcoin-linked investments. It reduced holdings in Invesco Galaxy Bitcoin ETF (BTCO), ARK 21Shares Bitcoin ETF, and Fidelity Wise Origin Bitcoin Fund (FBTC), extending the pullback beyond IBIT. That points to a portfolio reshuffle rather than a full-scale cut.
At the same time, the bank added to Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust (GBTC), and Bitwise Bitcoin ETF (BITB). Its BITB stake rose 24% from the prior quarter. The original report said the options and spot-position adjustments came during a stretch of elevated market uncertainty tied to the U.S.-Iran conflict.
Ethereum allocations grew and Solana was added for the first time
Ethereum-linked holdings moved the other way. Wells Fargo increased its stake in BlackRock’s iShares Ethereum Trust (ETHA) by about 65%, bringing the position to more than 1.10 million shares valued at roughly $17.56 million. The bank also disclosed ownership of 257,157 shares of the Bitwise Ethereum ETF, 4,637 shares of the Grayscale Ethereum Staking ETF, and 623 shares of VanEck’s Ethereum ETF (ETHV).
The filing also revealed Wells Fargo’s first reported positions in Solana investment products. It bought 13,280 shares of Grayscale Solana Trust (GSOL) and 1,638 shares of the Fidelity Solana Fund (FSOL), extending its crypto allocation beyond Bitcoin and Ethereum.
Crypto equity purchases leaned toward treasury-linked names
Outside ETFs, Wells Fargo increased exposure to several crypto-related stocks. Its position in Bitmine Immersion (BMNR) climbed from 2,323 shares to 21,547 shares, an increase of about 828%, lifting exposure to the company’s Ethereum treasury strategy to around $426,000. The filing also showed new positions in American Bitcoin Corp. (ABTC) and Strive Asset Management’s treasury vehicle (ASST).
Robinhood (HOOD) was another area of expansion. Wells Fargo raised its holding by 65% to about 2.56 million shares and opened put option positions valued at nearly $116,000. The source article also noted that Robinhood has recently drawn interest from other institutional investors. On June 27, crypto.news reported that Cathie Wood’s ARK Invest bought about $25.54 million worth of shares in Coinbase, SpaceX, Circle, Bullish, and Robinhood through several exchange-traded funds.
Not all crypto-linked equities were increased. The SEC filing shows Wells Fargo cut its stake in Galaxy Digital by roughly 97% and reduced its Coinbase (COIN) position by about 25%. The overall picture is a portfolio still spread across Bitcoin, Ethereum, Solana, and crypto treasury companies, but with clear differences in how capital is being allocated within that group.