TL;DR:
- Wells Fargo expanded its exposure to Ethereum ETFs by 63.5% for ETHA and 37% for ETHW during the first quarter of 2026.
- The bank nearly eliminated its position in Galaxy Digital, cutting its shares by 97%, while doubling down on its investment in Strategy.
- Bitcoin ETF holdings showed a mixed pattern: IBIT declined slightly, while BITB and the Grayscale Mini Trust grew by up to 41%.
Wells Fargo significantly deepened its exposure to Ethereum-linked exchange-traded funds during the first quarter of 2026, according to the Form 13F filing submitted to the U.S. Securities and Exchange Commission and published yesterday. The document reveals that the bank increased its positions in the iShares Ethereum Trust ETF (ETHA) by BlackRock and the Bitwise Ethereum ETF (ETHW), with gains of 63.5% and 37% respectively compared to the previous quarter.
In absolute terms, ETHA holdings rose from approximately 672,600 shares in the fourth quarter of 2025 to nearly 1.1 million in the first quarter of 2026. ETHW, for its part, grew from around 186,800 to more than 257,000 units, as Wells Fargo consolidates a broad accumulation strategy in products tied to the second-largest cryptocurrency by market capitalization.
According to CoinGlass data, Ethereum (ETH) posted declines of 28% and 29% in the fourth quarter of 2025 and the first quarter of 2026, respectively. Over the same period, spot Ethereum ETFs accumulated outflows of roughly $769 million over three consecutive months. At the close of the quarter, Wells Fargo held approximately $21.5 million in these instruments, with ETHA as the primary position, valued at around $17.6 million.
Wells Fargo Exits its Position in Galaxy Digital
Setting Ethereum aside, the pattern for Bitcoin ETFs was more mixed. Holdings in the iShares Bitcoin Trust ETF (IBIT) recorded a slight decline, while the Bitwise Bitcoin ETF Trust (BITB) and the Grayscale Bitcoin Mini Trust ETF grew by 24% and 41%, respectively. IBIT remains the dominant position in the bank’s crypto portfolio, with an approximate valuation of $250 million.
On the equities side, the most striking move was the near-total exit from Galaxy Digital, the firm led by Michael Novogratz. The bank reduced its stake from around 2.5 million shares in the fourth quarter of 2025 to just 78,600 in the first quarter of 2026, a 97% drop equivalent to an estimated reduction of $54.7 million in exposure.
In the opposite direction, Wells Fargo more than doubled its position in Strategy, the world’s largest public Bitcoin treasury and the company led by Michael Saylor. Wells Fargo’s stake grew from around 322,700 shares to approximately 726,000, an increase of 125% representing an additional investment of roughly $41.6 million.
