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Wells Fargo increased its exposure to spot Ether exchange-traded funds in the first quarter of 2026, according to its latest 13F filing. The move came even as Ether recorded back-to-back quarterly losses, with Wells Fargo also adjusting its holdings across crypto-related equities.
Wells Fargo increased its holdings in spot Ether ETFs, raising both ETHA and ETHW positions during the quarter. The bank’s reported Ether ETF holdings were valued at around $21.5 million.
The Ether ETF increase occurred while Ethereum was under pressure. Ethereum posted two consecutive quarterly losses, falling about 28% in the fourth quarter of 2025 and about 29% in the first quarter of 2026.
Spot Ether ETFs also saw withdrawals during the same period. The 13F filing shows holdings at quarter-end but does not specify whether the positions were held for clients, internal portfolios, or other investment accounts—an important distinction because 13F disclosures reflect positions rather than trade intent.
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.
In the filing, IBIT remained the largest crypto ETF position, valued at about $250 million.
Alongside ETF changes, Wells Fargo made a notable adjustment in crypto-linked equities. The bank 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, Wells Fargo increased 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 exposure route for some investors. The filing does not provide details on why Galaxy Digital was reduced and Strategy was increased.
The filing also reported larger positions in BlackRock’s iShares Ethereum Trust ETF and the Bitwise Ethereum ETF.
The update aligns with the broader trend of large financial firms using regulated products for crypto exposure. A referenced survey in the original coverage indicated that many institutions planned to raise crypto allocations in 2026, with exchange-traded products among the preferred approaches.
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