Wells Fargo Boosts Strategy Stake in Q1 2026

Wells Fargo reported larger positions in Ether exchange-traded funds in the first quarter while reshuffling its Bitcoin ETF holdings across several products, according to its latest Securities and Exchange Commission filing.

The bank said it raised its holdings in Ether (ETH) ETFs, including BlackRock’s iShares Ethereum Trust ETF (ETHA) and the Bitwise Ethereum ETF (ETHW), according to its latest Form 13F filing released on Monday.

ETHA rose 63.5% from about 672,600 shares in Q4 2025 to roughly 1.1 million shares in Q1 2026, while ETHW increased by 37% from about 186,800 to more than 257,000 shares, showing a broad-based increase across Ether-linked funds.

Bitcoin (BTC) ETF exposure, by contrast, showed a more mixed pattern: positions in the iShares Bitcoin Trust ETF (IBIT) were slightly reduced, while Bitwise Bitcoin ETF Trust (BITB) and Grayscale Bitcoin Mini Trust ETF (BTC) holdings increased by roughly 24% and 41%, respectively.

The filing suggests Wells Fargo reported larger Ether ETF positions at quarter-end, even as its Bitcoin ETF exposure was more mixed.

Accumulation amid ETH price dip

Wells Fargo’s Ether ETF accumulation came during a period of weakening spot prices. According to CoinGlass data, Ethereum posted two consecutive quarterly declines, falling around 28% in Q4 2025 and 29% in Q1 2026.

Over the same period, spot Ether ETFs saw sustained outflows, totaling roughly $769 million across three straight months of withdrawals.

Ethereum quarterly price performance data, 2025–2026. Source: CoinGlass

Despite the broader downturn, Wells Fargo held around $21.5 million in Ether ETFs in Q1 2026, with ETHA as the largest position at $17.6 million.

Bitcoin dominates holdings, equity rotations favor Strategy over Galaxy

Bitcoin ETFs remain the dominant crypto ETF exposure in Wells Fargo’s portfolio, with IBIT making up the bulk of the exposure at roughly $250 million.

In equities, Wells Fargo made a more pronounced shift in crypto-linked holdings. The bank significantly reduced its stake in Michael Novogratz’s Galaxy Digital (GLXY), cutting its position from about 2.5 million shares in Q4 2025 to roughly 78,600 shares in Q1 2026, a decline of nearly 97% and an estimated $54.7 million reduction in exposure.

Related: Galaxy Digital posts $216M Q1 loss as crypto market slides 20%

On the other hand, Wells Fargo significantly increased exposure to Michael Saylor’s Strategy, the world’s largest public Bitcoin holder.

The bank raised its stake from about 322,700 shares in Q4 2025 to roughly 726,000 shares in Q1 2026, a gain of around 403,000 shares, or 125%, and an estimated $41.6 million increase in exposure.

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