Jane Street cuts Bitcoin ETFs and lifts Ether funds
Jane Street reduced its Bitcoin ETF holdings in the first quarter of 2026 while increasing exposure to Ether-focused funds, according to a recent 13F filing.
The Wall Street market maker sharply lowered its positions in major Bitcoin exchange-traded funds during the quarter.
The filing showed that Jane Street cut its stake in BlackRock’s iShares Bitcoin Trust, also known as IBIT, by about 71% from the previous quarter.
Its IBIT holdings fell to roughly 5.9 million shares, valued at around $225 million at the end of the reporting period.
Jane Street also reduced its position in the Fidelity Wise Origin Bitcoin Fund, known as FBTC, by about 60%.
The firm held about 2 million FBTC shares worth roughly $115 million after the reduction.
While Bitcoin ETF exposure declined, Jane Street increased its holdings in Ether exchange-traded funds.
The firm nearly doubled its position in BlackRock’s iShares Ethereum Trust, also known as ETHA.
It also raised its stake in the Fidelity Ethereum Fund, known as FETH.
The added exposure across ETHA and FETH totalled about $82 million during the quarter.
The shift came as early signs of institutional interest in Ether ETFs began appearing in 2026.
Wells Fargo also reported increased Ether ETF exposure, adding to signs that some large investors were reassessing their crypto fund allocations.
However, 13F filings only show reportable holdings at quarter-end and do not reveal Jane Street’s full trading book or net crypto exposure.
Jane Street also reduced its Bitcoin-linked equity exposure by cutting its stake in Michael Saylor’s Strategy.
The firm held about 968,000 Strategy shares worth roughly $145.9 million in the fourth quarter of 2025.
By the first quarter of 2026, that position had fallen to about 210,000 shares worth roughly $27 million.
The reduction represented a quarter-on-quarter decline of about 78%.
The move followed a sharp increase in Jane Street’s Strategy position during the previous quarter.
Jane Street had reportedly increased its Strategy stake by 473% in the fourth quarter of 2025 before trimming it in the next period.
The firm also reduced exposure to several Bitcoin mining companies, including IREN, Cipher Mining, TeraWulf and Core Scientific.
Despite those cuts, Jane Street increased selected crypto-linked equity positions during the same quarter.
Its Riot Platforms stake rose to about 7.4 million shares from 5 million shares.
The value of the Riot position increased to roughly $91 million from about $63 million.
Jane Street also raised its Coinbase position to about 888,000 shares from 778,000 shares.
The filing showed that the Coinbase stake was worth about $155 million by quarter-end.
Galaxy Digital recorded one of the largest increases in Jane Street’s crypto-linked equity holdings.
The firm lifted its Galaxy Digital position to about 1.5 million shares from around 17,000 shares.
The value of the Galaxy Digital holding rose to roughly $28 million from about $380,000.
The changes suggest that Jane Street adjusted its crypto exposure rather than leaving the sector entirely.
The firm reported record first-quarter trading revenue of $16.1 billion, helped by volatile markets and gains tied to artificial intelligence-related investments.
At the time of reporting, Bitcoin price was $80,640.01.