Wells Fargo raises Ether ETF holdings, shifts Bitcoin ETF stakes
Wells Fargo increased iShares ETHA to about 1.1 million shares and Bitwise ETHW to roughly 257,000 in Q1 2026, trimmed IBIT and raised positions in Bitwise and Grayscale Bitcoin ETFs.
Wells Fargo increased its holdings in Ether exchange-traded funds in the first quarter of 2026 and adjusted positions across several Bitcoin ETFs, according to the bank’s Form 13F filing with the Securities and Exchange Commission for the quarter ended March 31, 2026.
The filing shows iShares Ethereum Trust (ETHA) holdings rose to about 1.1 million shares from roughly 672,600 at the end of Q4 2025, an increase of about 63.5%. Holdings in the Bitwise Ethereum ETF (ETHW) rose to roughly 257,000 shares from about 186,800, an increase near 37%. At quarter-end Wells Fargo held about $21.5 million in Ether ETFs, with ETHA representing roughly $17.6 million of that total.
Wells Fargo’s exposure to Bitcoin ETFs showed a mixed pattern. The bank slightly reduced its stake in the iShares Bitcoin Trust ETF (IBIT), which remained the largest part of its crypto ETF exposure at about $250 million. Positions in the Bitwise Bitcoin ETF Trust (BITB) and the Grayscale Bitcoin Mini Trust ETF (BTC) increased by roughly 24% and 41%, respectively.
The 13F also shows notable changes in equities tied to the crypto sector. Holdings in Galaxy Digital fell from about 2.5 million shares in Q4 2025 to roughly 78,600 shares in Q1 2026, a decline of roughly 97% and an estimated reduction in exposure of about $54.7 million. By contrast, the bank increased its stake in MicroStrategy from about 322,700 shares to roughly 726,000 shares, a rise of about 125% and an estimated $41.6 million increase in exposure.
Market data for the period show Ethereum posted two consecutive quarterly declines, down about 28% in Q4 2025 and about 29% in Q1 2026. Over the same period, spot Ether ETFs recorded net outflows totaling roughly $769 million across three months.
The Form 13F reports positions as of the quarter-end and does not disclose intra-quarter trading. The filing lists holdings by security and dollar value at quarter close, with Bitcoin-focused ETFs representing the larger share of Wells Fargo’s crypto ETF exposure in dollar terms while the bank held increased positions in Ether ETFs and adjusted equity stakes tied to crypto companies.
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