Wells Fargo Raises ETHA Holdings to 1.1M, Doubles Strategy

Wells Fargo adjusted its crypto-related portfolio in the first quarter of 2026, increasing holdings of ether-linked ETFs and reshaping positions in bitcoin products, the bank’s Form 13F filing with the U.S. Securities and Exchange Commission shows for positions as of March 31, 2026.

The filing shows Wells Fargo raised its stake in BlackRock’s iShares Ethereum Trust (ETHA) to about 1.1 million shares, up roughly 63% from about 672,600 shares at the end of 2025. The bank also increased its holding in the Bitwise Ethereum ETF by about 37% to more than 257,000 shares.

Bitcoin-related ETF positions moved unevenly. Holdings in BlackRock’s iShares Bitcoin Trust (IBIT) were trimmed slightly, though IBIT remained the largest part of Wells Fargo’s crypto ETF portfolio and was valued at roughly $250 million on the filing. The bank boosted its holding in the Bitwise Bitcoin ETF Trust by about 24% and increased exposure to the Grayscale Bitcoin Mini Trust ETF by roughly 41%.

The filing records major changes in equity stakes tied to the crypto industry. Wells Fargo reduced its investment in Galaxy Digital from about 2.5 million shares at the end of the fourth quarter to just under 79,000 shares in the first quarter, a drop of nearly 97% that the filing estimates trimmed exposure by about $54.7 million. Galaxy reported a $216 million quarterly loss attributed largely to falling crypto prices.

By contrast, the bank more than doubled its position in Strategy, increasing holdings from roughly 323,000 shares to about 726,000 shares in the quarter. The filing estimates that added position represented an additional investment of about $41.6 million. The filing identifies Strategy as the largest corporate holder of bitcoin globally.

The Form 13F covers trades and positions recorded for the quarter ending March 31, 2026, and details reallocations across ether and bitcoin ETFs as well as corporate equities linked to digital assets.