Wells Fargo is making strategic moves in the crypto space, according to its latest Q1 2026 13F filing with the SEC. The banking giant significantly increased its exposure to Ethereum (ETH) ETFs during the first quarter, even as it shuffled its Bitcoin holdings and made major rotations in crypto-linked equities.
Institutional Appetite Grows for Ether ETFs Despite Price Volatility
The most striking takeaway from the recent filing is Wells Fargo’s decision to double down on Ethereum. While the broader market saw Ether prices drop by nearly 29% in Q1 2026—marking two consecutive quarters of decline—the bank used the dip as an accumulation phase.
According to the report, Wells Fargo’s position in BlackRock’s iShares Ethereum Trust (ETHA) jumped by 63.5%, growing from roughly 672,600 shares to over 1.1 million. The bank also increased its stake in the Bitwise Ethereum ETF (ETHW) by 37%. By the end of the quarter, the bank held approximately $21.5 million across various Ether ETFs, signaling a long-term bullish outlook on the second-largest cryptocurrency despite recent outflows in the spot ETF sector.
Shifting Bitcoin Strategies and the Move Toward MicroStrategy
While Ethereum saw a steady increase, Wells Fargo’s Bitcoin (BTC) strategy was more about refinement and rotation. The bank remains heavily invested in the “King of Crypto,” with $250 million parked in BlackRock’s IBIT. However, they slightly trimmed that position while moving capital into the Grayscale Bitcoin Mini Trust (BTC) and the Bitwise Bitcoin ETF (BITB), which saw increases of 41% and 24%, respectively.
The most aggressive shift, however, happened in the equity portion of their portfolio. Wells Fargo nearly exited its position in Michael Novogratz’s Galaxy Digital (GLXY), slashing its holdings by a staggering 97%. Most of that capital appears to have been rotated into MicroStrategy (MSTR). The bank increased its stake in Michael Saylor’s company by 125%, adding over 403,000 shares. This pivot suggests the bank prefers the high-leverage Bitcoin exposure provided by MicroStrategy over more diversified crypto financial services firms.
Quick Summary of Q1 Changes:
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ETHA (BlackRock Ether): Up 63.5%
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MSTR (MicroStrategy): Up 125%
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GLXY (Galaxy Digital): Down 97%
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Total Ether ETF Value: ~$21.5 Million
