Wells Fargo made sweeping changes to its crypto-related portfolio in the first quarter of 2026, according to a newly filed 13F. The bank boosted ether ETF holdings, trimmed some bitcoin ETF positions, nearly exited Galaxy Digital, and more than doubled its stake in Strategy.
Ether ETF Holdings Surge 63%
As of March 31, Wells Fargo held about 1.1 million shares of BlackRock's iShares Ethereum Trust (ETHA), up from roughly 672,600 shares at end-2025 — a gain of over 63%. The bank also increased its Bitwise Ethereum ETF position by roughly 37% to more than 257,000 shares. The moves come amid growing institutional appetite for ether-based products after spot crypto ETFs gained broader traction in the U.S.
Bitcoin ETF Exposure Shifted, Not Cut
Bitcoin ETF positioning was more nuanced. Wells Fargo slightly reduced its BlackRock iShares Bitcoin Trust (IBIT) holdings, though the fund still represented the largest slice of its crypto ETF portfolio, valued at around $250 million. At the same time, the bank added to other bitcoin-linked ETFs: Bitwise Bitcoin ETF rose about 24%, and Grayscale Bitcoin Mini Trust ETF increased about 41%. The filing suggests a more diversified allocation rather than a retreat from bitcoin.
Galaxy Digital Nearly Offloaded
Wells Fargo slashed its Galaxy Digital stake by nearly 97%, dropping from about 2.5 million shares to just under 79,000 shares. The move reduced estimated exposure by $54.7 million and came as Galaxy posted a $216 million quarterly loss tied to falling crypto prices.
Strategy Bet Doubled
In contrast, the bank poured $41.6 million into Strategy, the largest corporate bitcoin holder. Its position jumped from roughly 323,000 shares to 726,000 shares, more than doubling.
The quarterly reshuffle underscores how major financial institutions are fine-tuning digital asset exposure — balancing across ETFs, infrastructure players, and bitcoin-linked equities — rather than making binary directional bets.