Wells Fargo Ether ETF positions rose sharply in the first quarter whilst the bank shuffled its Bitcoin exposure across multiple products, according to the latest SEC filing.
The bank reported larger stakes in Ether exchange-traded funds, with holdings in BlackRock‘s iShares Ethereum Trust ETF climbing 63.5% from roughly 672,600 shares in the fourth quarter of 2025 to approximately 1.1 million shares in the first quarter of 2026. The Bitwise Ethereum ETF position expanded 37%, moving from about 186,800 shares to over 257,000 shares.
Bitcoin ETF exposure showed a different pattern. The iShares Bitcoin Trust ETF position was trimmed slightly, whilst holdings in the Bitwise Bitcoin ETF Trust and Grayscale Bitcoin Mini Trust ETF increased by approximately 24% and 41%, respectively. The rotation suggests a deliberate rebalancing rather than a blanket increase across crypto ETF products.
Wells Fargo Ether ETF Accumulation During Price Weakness
The Wells Fargo Ether ETF stake grew during a period when Ethereum posted consecutive quarterly declines. Spot prices fell roughly 28% in the fourth quarter of 2025 and 29% in the first quarter of 2026, according to price data. Over the same stretch, spot Ether ETFs recorded sustained outflows totalling approximately $769 million across three months.
The bank held around $21.5 million in Ether ETFs at the end of the first quarter, with the BlackRock iShares Ethereum Trust ETF accounting for $17.6 million of that exposure. Bitcoin ETFs remain the larger allocation, with the iShares Bitcoin Trust ETF representing roughly $250 million in holdings.
Strategy Stake Jumps as Galaxy Position Cut
Wells Fargo made a sharp rotation within its crypto-linked equity holdings during the quarter. The bank reduced its stake in Michael Novogratz’s Galaxy Digital from approximately 2.5 million shares in the fourth quarter of 2025 to roughly 78,600 shares in the first quarter of 2026. That represents a decline of nearly 97% and an estimated $54.7 million reduction in exposure.
At the same time, the bank increased its position in Michael Saylor’s Strategy, the largest public holder of Bitcoin. The stake rose from about 322,700 shares in the fourth quarter to roughly 726,000 shares in the first quarter, a gain of around 125% and an estimated $41.6 million increase in exposure.
| Holding | Q4 2025 | Q1 2026 | Change (%) |
|---|---|---|---|
| BlackRock ETHA (shares) | 672,600 | 1,100,000 | +63.5 |
| Bitwise ETHW (shares) | 186,800 | 257,000 | +37.0 |
| Galaxy Digital (shares) | 2,500,000 | 78,600 | -96.9 |
| Strategy (shares) | 322,700 | 726,000 | +125.0 |
The Pattern
The filing suggests the bank added Ether exposure during a drawdown, a posture that often reflects a multi-quarter view rather than short-term trading. The Wells Fargo Ether ETF increase contrasts with a more mixed picture on Bitcoin, where exposure was rotated across products rather than expanded outright.
The equity rotation from Galaxy Digital into Strategy is the more dramatic move. Galaxy posted a $216 million loss in the first quarter as crypto markets slid. Strategy, by contrast, holds Bitcoin on its balance sheet rather than trading it, which may explain the preference for a pure-play accumulator over a merchant bank during a downturn.
The Wells Fargo Ether ETF positions totalled roughly $21.5 million at quarter-end, a fraction of the Bitcoin ETF allocation but enough to signal conviction in the asset class beyond the largest coin. Whether that conviction survives another quarter of price weakness will be visible in the next 13F, due in mid-July.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
