Jane Street Cuts Bitcoin ETFs, Increases Ether ETF Stakes
Jane Street cut BlackRock’s IBIT about 71% and Fidelity’s FBTC about 60% in Q1 2026, while nearly doubling BlackRock’s ETHA and adding to Fidelity’s FETH.
Jane Street reduced its holdings of major Bitcoin exchange-traded funds and increased positions in Ether ETFs in the first quarter of 2026, according to a Form 13F filing published Tuesday. The filing reports the market maker’s reportable holdings at quarter-end.
The firm cut its position in BlackRock’s iShares Bitcoin Trust (IBIT) by about 71% to roughly 5.9 million shares, valued at about $225 million. Its holding in Fidelity’s Wise Origin Bitcoin Fund (FBTC) fell about 60% to around 2 million shares, worth about $115 million.
Jane Street nearly doubled its stake in BlackRock’s iShares Ethereum Trust (ETHA) and increased its position in Fidelity’s Ethereum Fund (FETH). Combined additions to ETHA and FETH total about $82 million for the quarter.
The filing shows the firm reduced its MicroStrategy (MSTR) common stock position from roughly 968,000 shares, valued at about $145.9 million at the end of Q4 2025, to about 210,000 shares valued at roughly $27 million at the end of Q1 2026, a decline of about 78%.
Jane Street also trimmed stakes in several Bitcoin-mining companies, including Iris Energy (IREN), Cipher Mining, TeraWulf and Core Scientific.
The firm increased holdings in selected public crypto-related companies. It raised its stake in Riot Platforms (RIOT) to about 7.4 million shares from about 5 million, lifting that position’s value to roughly $91 million from $63 million. Its Coinbase (COIN) share count rose to about 888,000 from 778,000, with the Q1 position valued at about $155 million versus roughly $176 million in the prior quarter. Holdings in Galaxy Digital (GLXY) expanded to about 1.5 million shares from roughly 17,000, increasing that stake’s value to about $28 million from approximately $380,000.
Form 13F filings list only reportable holdings at quarter-end. The filing does not include off-exchange trades, derivatives, intraday activity or the firm’s full trading book, and may not reflect Jane Street’s net exposure.
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