Wells Fargo raised strategic stake in Q1 2026
Wells Fargo announced large positions in Ether exchange-traded funds in the first quarter as it adjusted its Bitcoin ETF holdings across multiple products, according to a recent Securities and Exchange Commission filing.
The bank said it increased its holdings in Ether (ETH) ETFs, including BlackRock's iShares Ethereum Trust ETF (ETHA) and Bitwise Ethereum ETF (ETHW), according to its latest 13F filing on Monday.
ETHA rose 63.5% from 672,600 shares in Q4 2025 to 1.1 million shares in Q1 2026, while ETHW rose 37% from about 186,800 to 257,000 shares, reflecting a broad boom in ether-linked funds.
Bitcoin (BTC) ETF exposure, by contrast, showed a more mixed pattern: positions in the iShares Bitcoin Trust ETF (IBIT) fell slightly, while Bitwise Bitcoin ETF Trust (BITB) and Grayscale Bitcoin Mini Trust ETF (BTC) holdings rose 24% and 41%, respectively.
The filing suggests that Wells Fargo reported larger Ether ETF positions at quarter-end, though its Bitcoin ETF exposure was more mixed.
Accumulation in the middle of the ETH price drop
Wells Fargo's Ether ETF stock comes at a time when spot prices have weakened. According to CoinGlass data, Ethereum posted two consecutive quarterly declines, falling to 28% in Q4 2025 and 29% in Q1 2026.
During the same period, the Spot Ether ETF saw continuous outflows, totaling nearly $769 million in three consecutive months of outflows.
Ethereum Quarterly Price Performance Data, 2025–2026. Source: CoinGlass
Despite the broader decline, Wells Fargo held nearly $21.5 million in Ether ETFs in Q1 2026, with ETHA making the largest position at $17.6 million.
Bitcoin Controls Holdings, Equity Rotations Support Strategy Across Galaxy
Bitcoin ETFs remain the dominant crypto ETF exposure in Wells Fargo's portfolio, with IBIT holding the exposure at around $250 million.
In stocks, Wells Fargo has made a more pronounced shift to crypto-linked holdings. The bank significantly reduced Michael Novogratz's stake in Galaxy Digital ( GLXY ), from 2.5 million shares in Q4 2025 to 78,600 shares in Q1 2026, a decline of nearly 97% and an estimated reduction in exposure of $54.7 million.
Related: Galaxy Digital posts $216M Q1 loss as crypto market slides 20%
On the other hand, Wells Fargo has significantly increased exposure to Michael Saylor's strategy, the world's largest public bitcoin holder.
The bank increased leverage from 322,700 shares in Q4 2025 to 726,000 shares in Q1 2026, roughly 403,000 shares, or 125%, and increased exposure by $41.6 million.
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