Wells Fargo saw larger positions in Ether Exchange 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 has increased its holdings in Ether ETFs (ETH), including BlackRock’s iShares Ethereum Trust ETF (ETHA) and Bitwise Ethereum ETF (ETHW), According to according to its latest Form 13F filing published on Monday.
ETHA rose 63.5% with approximately 672,600 shares in Q4 2025 to approximately 1.1 million shares in the first quarter of 2026, while ETHW increased by 37% from approximately 186,800 to over 257,000 shares, indicating widespread growth in Ether-linked funds.
Bitcoin (BTC) ETF exposure, on the other hand, showed a more mixed pattern: positions in the iShares Bitcoin Trust ETF (IBIT) were slightly reduced, while holdings in the Bitwise Bitcoin ETF Trust (BITB) and Grayscale Bitcoin Mini Trust ETF (BTC) increased by approximately 24% and 41%, respectively.
The filing suggests that Wells Fargo reported larger Ether ETF positions at the end of the quarter, even though its Bitcoin ETF exposure was more diversified.
Accumulation in the face of falling ETH prices
The accumulation of Wells Fargo ETFs occurred during a period of weakening spot prices. Ethereum has seen two consecutive quarterly declines, falling approximately 28% in the fourth quarter of 2025 and 29% in the first quarter of 2026, according to CoinGlass data.
During the same period, spot Ether ETFs saw continuous outflows totaling approximately $769 million over three consecutive months of withdrawals.
Quarterly Ethereum price data for 2025-2026. Source: CoinGlass
Despite the broader economic downturn, Wells Fargo had approximately $21.5 million in Ether ETFs in the first quarter of 2026, with the largest position being ETHA at $17.6 million.
Bitcoin dominates holdings, stock rotation favors Strategy over Galaxy
Bitcoin ETFs remain the dominant cryptocurrency ETF exposure in Wells Fargo’s portfolio, with IBIT accounting for the bulk of the exposure at approximately $250 million.
In stocks, Wells Fargo has made a more pronounced shift in cryptocurrency-related holdings. The bank significantly reduced its holdings in Michael Novogratz’s Galaxy Digital (GLXY), reducing its position from approximately 2.5 million shares in Q4 2025 to approximately 78,600 shares in Q1 2026, a decline of almost 97% and an estimated reduction in exposure of $54.7 million.
Related: Galaxy Digital Reports $216M Loss in Q1 as Cryptocurrency Market Falls 20%
On the other hand, Wells Fargo has significantly increased its exposure to the strategy of Michael Saylor, the world’s largest public holder of Bitcoin.
The bank increased its holdings from approximately 322,700 shares in the fourth quarter of 2025 to approximately 726,000 shares in the first quarter of 2026, an escalate of approximately 403,000 shares, or 125%, and an escalate in exposure of an estimated $41.6 million.
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