Wells Fargo increased its holdings in Ether exchange-traded funds during the first quarter while making selective adjustments to its Bitcoin ETF positions, according to a new filing with the US Securities and Exchange Commission.
In its latest Form 13F filing released Monday, the bank disclosed larger positions in Ether-related ETFs, including BlackRock’s iShares Ethereum Trust ETF (ETHA) and the Bitwise Ethereum ETF (ETHW).
Holdings in ETHA climbed 63.5%, rising from roughly 672,600 shares in the fourth quarter of 2025 to approximately 1.1 million shares in Q1 2026. Meanwhile, the bank’s position in ETHW increased 37%, growing from about 186,800 shares to more than 257,000 shares.
Wells Fargo’s Bitcoin ETF exposure showed a more varied strategy. The bank slightly reduced its stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT), while increasing positions in the Bitwise Bitcoin ETF Trust (BITB) and the Grayscale Bitcoin Mini Trust ETF (BTC) by around 24% and 41%, respectively.
The filing indicates that Wells Fargo expanded its exposure to Ether-linked investment products at the end of the quarter, even as its Bitcoin ETF allocations shifted across multiple funds.
Ether accumulation came during price weakness
The bank’s increased exposure to Ether ETFs came during a period of declining ETH prices. According to CoinGlass data, Ethereum recorded back-to-back quarterly losses, dropping approximately 28% in Q4 2025 and another 29% in Q1 2026.
At the same time, spot Ether ETFs experienced continued investor outflows, with roughly $769 million withdrawn over three consecutive months.
Despite the broader market weakness, Wells Fargo held approximately $21.5 million worth of Ether ETFs during the first quarter of 2026, with BlackRock’s iShares Ethereum Trust ETF (ETHA) representing its largest Ether-related position at about $17.6 million.
Bitcoin still dominates Wells Fargo’s crypto exposure
Bitcoin ETFs continued to account for the majority of Wells Fargo’s crypto-related investment exposure, led by its position in BlackRock’s iShares Bitcoin Trust ETF (IBIT), which totaled roughly $250 million.
The bank also made notable adjustments to its crypto-linked equity holdings during the quarter. Wells Fargo sharply reduced its stake in Michael Novogratz’s Galaxy Digital (GLXY), cutting its holdings from around 2.5 million shares in Q4 2025 to approximately 78,600 shares in Q1 2026 — a decline of nearly 97% that represented an estimated $54.7 million reduction in exposure.
At the same time, the bank significantly increased its investment in Michael Saylor’s Strategy, the largest publicly traded corporate holder of Bitcoin.
Wells Fargo boosted its Strategy position from roughly 322,700 shares in the fourth quarter of 2025 to about 726,000 shares in the first quarter of 2026. The increase of approximately 403,000 shares represented a 125% jump in holdings and an estimated $41.6 million expansion in exposure.
