finance
Jane Street Reduces Bitcoin ETF Holdings, Increases Ether ETF and Coinbase Positions in Q1 2026
Wall Street market maker Jane Street reduced stakes in major Bitcoin ETFs and MicroStrategy while nearly doubling exposure to Ether funds and select crypto equities, according to a 13F filing published Tuesday. The firm posted record Q1 trading revenue of $16.1 billion. The shifts coincide with early institutional Ether ETF buying, including increased exposure at Wells Fargo.
May 13, 3:25 PM·1m read1 source
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Wall Street market maker Jane Street reduced its exposure to Bitcoin exchange-traded funds in the first quarter of 2026 while increasing positions in Ether funds. 9 million shares valued at about $225 million.
At the same time Jane Street nearly doubled its position in BlackRock’s iShares Ethereum Trust and sharply raised its stake in Fidelity Ethereum Fund. The firm added about $82 million combined across BlackRock’s iShares Ethereum Trust and Fidelity Ethereum Fund in Q1 2026. Jane Street increased exposure to Ether funds in Q1 2026 even as it reduced exposure to Bitcoin ETFs.
The moves come amid early signs of institutional Ether ETF buying in early 2026, including increased exposure reported at Wells Fargo. Jane Street’s Bitcoin-linked exposure weakened further in Q1 2026. The filing points to a reshuffling of the market maker’s reportable crypto-linked holdings at quarter-end.
13F disclosures do not show the market maker’s full trading book or net exposure. com.
The firm’s MicroStrategy stake declined by about 78% quarter-over-quarter from Q4 2025 to Q1 2026. Jane Street had increased its MicroStrategy position by 473% in Q4 2025. In Q1 2026 the company also trimmed exposure to Bitcoin mining stocks IREN, Cipher Mining, TeraWulf and Core Scientific.
ZeroHedge reported these shifts in holdings drawn from the 13F data. 1 billion in Q1 trading revenue. The results, according to Reuters, reflected volatile markets and gains tied to artificial intelligence-related investments.
