Points of Focus

• Wells Fargo increased Ether ETF holdings despite ETH’s price decline.
• The bank reshuffled Bitcoin ETF exposure while keeping BTC as its largest crypto allocation.
• Wells Fargo boosted its Strategy stake and sharply reduced Galaxy Digital exposure.

Wells Fargo substantially reshuffled its cryptocurrency-linked portfolio during the first quarter of 2026, buying more Ether ETFs at depressed prices, roughly doubling its position in Michael Saylor’s Strategy, and nearly eliminating its stake in Galaxy Digital, according to the bank’s Form 13F filing released on Monday. 

The moves, made against a backdrop of a 29% decline in Ether (ETH) prices over the quarter, signal a deliberate tactical rotation rather than a passive rebalancing and reinforce a broader trend of traditional finance institutions treating Bitcoin and Ethereum as distinct asset categories serving different portfolio functions. 

Wells Fargo Increases Ethereum ETF Holdings in Q1 2026 13F Filing

A Q1 2026 13F filing submitted by Wells Fargo to the SEC shows that the bank significantly increased its holdings of Ethereum ETFs. Specifically, its position in iShares Ethereum Trust (ETHA) rose from… pic.twitter.com/MNtjkC8iK7

— Wu Blockchain (@WuBlockchain) May 13, 2026

ETHA up 63.5% in share count as the bank buys into a quarter 

The most telling element of the filing is the timing of Wells Fargo’s Ethereum purchases. Ethereum posted declines of 28% and 29% in the fourth quarter of 2025 and the first quarter of 2026 respectively, while spot Ethereum ETFs accumulated outflows of roughly $769 million over three consecutive months. Wells Fargo moved in the opposite direction. ETHA rose 63.5% from about 672,600 shares in Q4 2025 to roughly 1.1 million shares in Q1 2026, while ETHW increased 37% from about 186,800 to more than 257,000 shares. 

At the close of the quarter, Wells Fargo held approximately $21.5 million in Ether ETFs, with ETHA as the primary position valued at around $17.6 million. Buying into a sector shedding nearly $800 million in net flows is a contrarian posture, and it points toward an institution building a structural position rather than chasing momentum.

IBIT trimmed slightly as Bitwise and Grayscale Mini Trust positions grow

Wells Fargo reduced its holdings of BlackRock’s iShares Bitcoin Trust ETF, but increased its positions in the Bitwise Bitcoin ETF by about 24% and the Grayscale Bitcoin Mini Trust ETF by about 41%. Bitcoin ETFs remain the dominant crypto ETF exposure in Wells Fargo’s portfolio, with IBIT making up the bulk of exposure at roughly $250 million. 

The internal rotation between Bitcoin products is consistent with fee optimization and counterparty diversification rather than a reduced conviction in Bitcoin itself. Several large wealth managers have made similar moves in recent quarters, trimming their first-mover IBIT allocations as competing products accumulated sufficient liquidity to serve as credible alternatives.

Wells Fargo is picking a winner in crypto equities

Wells Fargo cut its holdings of Galaxy Digital by about 97%, reducing the position to about 78,600 shares in Q1 from about 2.5 million shares in the previous quarter. By contrast, its holdings of Strategy rose about 125% to 726,000 shares from about 322,700 shares, an increase estimated at about $41.6 million in exposure. The contrast is pointed. Galaxy Digital reported a $216 million net loss in Q1 2026 as crypto markets slid roughly 20% over the period. 

Strategy, by contrast, has continued to accumulate Bitcoin with disciplined frequency and now holds 818,869 coins against a cost basis of $61.86 billion, a position that functions as a leveraged bet on Bitcoin’s long-term appreciation with equity market liquidity. 

For institutional investors who want Bitcoin exposure through a public company, Strategy remains the clearest single vehicle, and Wells Fargo’s filing shows it has drawn that conclusion decisively.