Jane Street, a leading global market maker, made a significant shift in its portfolio during the first quarter of 2026. According to the 13F report submitted to the U.S. Securities and Exchange Commission (SEC), the company drastically reduced its Bitcoin (BTC) ETF holdings while almost doubling its exposure to Ethereum (ETH) funds.
Major sell-off in Bitcoin ETFs
In the first quarter of 2026, Jane Street shed large positions in major Bitcoin ETFs, most notably BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC). Jane Street’s stake in IBIT dropped by 71 percent compared to the end of 2025, falling to roughly 5.9 million shares, valued at $225 million. Its holdings in FBTC decreased by 60 percent, reducing shares to around 2 million with a total value of $115 million.
Despite scaling back its Bitcoin-focused investments, the company’s latest moves suggest it is not exiting the cryptocurrency sector entirely. Jane Street nearly doubled its positions in Ethereum-based funds, with investments in BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH) together seeing an $82 million increase.
Shift in strategy and mining stock positions
Jane Street also made a notable reduction in its holdings of MicroStrategy (MSTR), the company led by Michael Saylor. At the end of 2025, Jane Street held about 968,000 shares of MicroStrategy, but cut that figure to 210,000 shares in the first quarter of 2026. This sharp cut pushed the company’s stake in MicroStrategy down from $145.9 million to $27 million, a 78 percent quarter-over-quarter decrease.
After boosting its MicroStrategy holdings by 473 percent in the final quarter of last year, Jane Street’s rapid turn to selling attracted attention. The firm also scaled back its positions in other Bitcoin mining companies such as Core Scientific, IREN, Cipher Mining, and TeraWulf.
Selective approach and rising bets on other crypto firms
In contrast to the reduction seen with Bitcoin and mining-related firms, Jane Street expanded its stake in some crypto-focused equities. The company increased its holdings in mining outfit Riot Platforms from 5 million to 7.4 million shares, raising the total value from $63 million to $91 million. Investments in Coinbase also grew, reaching 888,000 shares and a total value around $155 million.
By far the most striking increase was seen in Galaxy Digital Holdings. Jane Street’s position soared from roughly 17,000 shares in December 2025 to 1.5 million shares by the end of Q1 2026. This holding’s value jumped from about $380,000 to $28 million during the period.
While Jane Street’s portfolio saw notable reductions in Bitcoin and mining stocks, there was a marked increase in Ethereum and certain crypto-related equities. This signals the firm’s preference for a more selective rather than a broad exit from the crypto sector.
Alongside these portfolio adjustments, Jane Street recorded record revenues in the first quarter. According to data reported by Reuters, the company’s trading turnover in Q1 2026 reached $16.1 billion, boosted by market volatility and increased investments in artificial intelligence.
