Wells Fargo expands Ethereum ETF stake in Q1 amid Bitcoin portfolio adjustments
The banking giant increased its Ethereum ETF positions during Q1 2026 while rebalancing Bitcoin fund allocations and dramatically boosting its Strategy investment, 13F disclosures reveal.
Wells Fargo disclosed expanded positions in exchange-traded funds tracking Ether during the opening quarter of the year, simultaneously rebalancing its exposure to Bitcoin ETFs among various investment vehicles, based on the institution's most recent regulatory submission to the Securities and Exchange Commission.
The financial institution revealed it expanded its stake in Ether (ETH) exchange-traded funds, specifically increasing positions in BlackRock's iShares Ethereum Trust ETF (ETHA) alongside the Bitwise Ethereum ETF (ETHW), as documented in the most recent Form 13F disclosure made public on Monday.
Holdings in ETHA jumped 63.5% from approximately 672,600 shares during Q4 2025 to around 1.1 million shares by Q1 2026, whereas ETHW saw an expansion of 37% from approximately 186,800 to over 257,000 shares, demonstrating widespread growth across Ethereum-related investment products.
In contrast, Bitcoin (BTC) ETF holdings displayed a more varied approach: the bank's stake in the iShares Bitcoin Trust ETF (IBIT) experienced a modest decrease, whereas holdings in Bitwise Bitcoin ETF Trust (BITB) and Grayscale Bitcoin Mini Trust ETF (BTC) grew by approximately 24% and 41%, respectively.
The regulatory disclosure indicates Wells Fargo maintained elevated Ether ETF holdings by the conclusion of the quarter, despite its Bitcoin ETF positions showing greater variability.
Accumulation amid ETH price dip
The bank's Ether ETF expansion occurred throughout a timeframe characterized by declining market valuations. Based on CoinGlass information, Ethereum experienced back-to-back quarterly price reductions, dropping approximately 28% during Q4 2025 and 29% throughout Q1 2026.
During this identical timeframe, physical Ether ETFs experienced persistent capital withdrawals, amounting to approximately $769 million spanning three consecutive months of negative flows.
Notwithstanding the wider market decline, Wells Fargo maintained approximately $21.5 million in Ether ETF investments during Q1 2026, with ETHA representing the most substantial holding at $17.6 million.
Bitcoin dominates holdings, equity rotations favor Strategy over Galaxy
Exchange-traded funds tracking Bitcoin continue to represent the predominant cryptocurrency ETF allocation within Wells Fargo's investment portfolio, with IBIT comprising the majority of this exposure at approximately $250 million.
Within equity positions, Wells Fargo executed a more dramatic transformation in cryptocurrency-related shareholdings. The institution substantially decreased its investment in Michael Novogratz's Galaxy Digital (GLXY), slashing its holdings from approximately 2.5 million shares during Q4 2025 to around 78,600 shares in Q1 2026, representing a reduction of nearly 97% and an estimated $54.7 million decrease in overall exposure.
Conversely, Wells Fargo dramatically expanded its allocation to Michael Saylor's Strategy, recognized as the world's largest public Bitcoin holder.
The financial institution elevated its position from approximately 322,700 shares during Q4 2025 to around 726,000 shares in Q1 2026, representing an increase of roughly 403,000 shares, or 125%, and an estimated $41.6 million expansion in total exposure.