Wells Fargo reported an increase in its Ether exchange-traded fund position in the first quarter while reorganizing its holdings in Bitcoin ETFs across multiple products, according to its latest Securities and Exchange Commission filing.
In its latest Form 13F filing released on Monday, the bank said it increased its holdings in Ether (ETH) ETFs, including BlackRock’s iShares Ethereum Trust ETF (ETHA) and Bitwise Ethereum ETF (ETHW).
ETHA increased 63.5% from approximately 672,600 shares in Q4 2025 to approximately 1.1 million shares in Q1 2026, while ETHW increased 37% from approximately 186,800 shares to over 257,000 shares, showing broad-based gains across Ether-related funds.
In contrast, Bitcoin (BTC) ETF exposure showed a more complex pattern. Positions in the iShares Bitcoin Trust ETF (IBIT) decreased slightly, 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 a larger Ether ETF position at the end of the quarter, even though its Bitcoin ETF exposure was more complex.
Accumulation amid falling ETH price
Wells Fargo’s addition to the Ether ETF comes at a time when spot prices are falling. According to data from CoinGlass, Ethereum has declined for two consecutive quarters, dropping by about 28% in Q4 2025 and by about 29% in Q1 2026.
During the same period, the Spot Ether ETF saw continued outflows, with three consecutive months of withdrawals totaling approximately $769 million.
Ethereum quarterly price performance data from 2025 to 2026. Source: Coin Glass
Despite the widespread economic downturn, Wells Fargo held approximately $21.5 million in Ether ETFs in the first quarter of 2026, with ETHA being its largest position at $17.6 million.
Bitcoin dominates stock holdings, stock rotation prioritizes strategy over Galaxy
Bitcoin ETFs remain the primary crypto ETF exposure in Wells Fargo’s portfolio, with IBIT accounting for the majority of the exposure at approximately $250 million.
In stocks, Wells Fargo made a more significant change in its cryptocurrency-related holdings. The bank significantly reduced its stake in Michael Novogratz’ Galaxy Digital (GLXY), reducing its position from approximately 2.5 million shares in Q4 2025 to approximately 78,600 shares in Q1 2026, a nearly 97% decrease and an estimated $54.7 million reduction in exposure.
Related: Crypto Market Drops 20%, Galaxy Digital Posts $216 Million Loss in First Quarter
Meanwhile, Wells Fargo has significantly increased its exposure to the strategy of Michael Saylor, the world’s largest public Bitcoin holder.
The bank increased its stake from approximately 322,700 shares in Q4 2025 to approximately 726,000 shares in Q1 2026, representing a gain of approximately 403,000 shares (125%) and increasing its estimated exposure by $41.6 million.
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