Wells Fargo’s Q1 filing shows bigger Ether ETF exposure

Wells Fargo increased its exposure to spot Ether exchange-traded funds in the first quarter of 2026, according to its latest 13F filing. 

Summary

• Wells Fargo raised ETHA and ETHW holdings even as Ether posted back-to-back quarterly losses.
• Bitcoin ETFs still led the bank’s crypto ETF exposure, with IBIT valued around $250 million.
• Wells Fargo cut Galaxy Digital shares sharply while more than doubling its Strategy position.

The bank reported larger positions in BlackRock’s iShares Ethereum Trust ETF and the Bitwise Ethereum ETF.

ETHA rose from about 672,600 shares in the fourth quarter of 2025 to roughly 1.1 million shares in the first quarter. ETHW increased from around 186,800 shares to more than 257,000 shares. The filing placed Wells Fargo’s Ether ETF holdings at around $21.5 million.

Ethereum exposure grew during weak prices

The Ether ETF increase came while the underlying asset was under pressure. Ethereum posted two straight quarterly losses, falling about 28% in the fourth quarter of 2025 and about 29% in the first quarter of 2026.

Spot Ether ETFs also faced withdrawals during that period. Still, Wells Fargo reported higher positions at quarter-end. The filing does not state whether the positions were held for clients, internal portfolios or other investment accounts. That point remains important because 13F filings show holdings, not the reason behind each trade.

Meanwhile, Wells Fargo’s Bitcoin ETF exposure moved in different directions. The bank slightly reduced its position in BlackRock’s iShares Bitcoin Trust ETF, while increasing holdings in the Bitwise Bitcoin ETF and the Grayscale Bitcoin Mini Trust ETF.

IBIT still accounted for the largest crypto ETF position in the filing, with a value of about $250 million. Earlier crypto.news coverage noted that Wells Fargo and Bank of America’s Merrill Lynch allowed some brokerage clients to access spot Bitcoin ETFs after the products saw strong early demand.

Strategy rises as Galaxy stake falls

The larger shift appeared in crypto-linked equities. Wells Fargo cut its Galaxy Digital position from about 2.5 million shares in the fourth quarter of 2025 to around 78,600 shares in the first quarter of 2026.

At the same time, the bank raised its Strategy stake from about 322,700 shares to roughly 726,000 shares. Strategy remains the largest public holder of Bitcoin, making its stock a common indirect Bitcoin exposure for some investors. Wells Fargo’s filing does not explain why it reduced Galaxy Digital and increased Strategy.

The update adds to evidence that large financial firms continue to use regulated products for crypto exposure. A recent crypto.news report cited a Coinbase and EY-Parthenon survey showing that many institutions planned to raise crypto allocations in 2026, with exchange-traded products among the preferred routes.