Jane Street, widely recognized as a key market maker in global financial markets, made striking changes to its portfolio in the first quarter of 2026. According to its 13F filing to the US Securities and Exchange Commission (SEC), the firm drastically reduced its investments in Bitcoin ETFs while substantially increasing its positions in Ether funds.
Major outflows from Bitcoin ETFs
Reports indicate that Jane Street slashed its stake in BlackRock’s iShares Bitcoin Trust by 71 percent, bringing its holdings down to around 5.9 million shares, valued at $225 million. Just three months prior, Jane Street held 20.3 million shares worth over $1 billion in this fund. The firm’s position in Fidelity’s Bitcoin ETF (FBTC) also declined by 60 percent, sinking to approximately 2 million shares, or $115 million in value.
During the same period, there were strategic shifts in other Bitcoin-related positions. The firm’s holdings in Michael Saylor’s Strategy fund dropped roughly 78 percent, falling from 968,000 to 210,000 shares. Notably, this followed a sharp 473 percent increase in the previous quarter. Jane Street also reduced its positions in several mining companies including IREN, Cipher Mining, TeraWulf, and Core Scientific.
Shift to Ether funds
Conversely, Jane Street ramped up its interest in Ether-based funds. Investments in BlackRock’s ETHA fund nearly doubled, while allocations to Fidelity’s FETH fund also grew. In the first quarter of 2026 alone, Jane Street channeled approximately $82 million into Ether ETFs.
Simultaneously, Jane Street pursued expansion in select crypto-focused companies. Its stake in Riot Platforms jumped from 5 million to 7.4 million shares. The company also boosted its Coinbase shares to 888,000 and saw its investment in Galaxy Digital soar from 17,000 to 1.5 million shares.
Limitations and industry perspective
It is important to note that 13F reports only reflect long positions held at the end of the quarter and do not capture other risks, such as derivatives or short positions. As a result, these filings may not present Jane Street’s true net crypto exposure. Crypto analysts and industry experts have raised various points on this topic recently.
Crypto analyst Justin Bechler commented, “Filings like these only show one side of the balance sheet; nobody outside the firm can access the other side.”
Julio Moreno, Head of Research at CryptoQuant, highlighted that it is standard industry practice for institutional investors to simultaneously engage in spot purchases and futures sales.
Bitwise advisor Jeff Park referred to the latest 13F document, underscoring that Jane Street had “significantly reduced its Bitcoin ETF position,” which he called a notable shift in the mechanism behind market price formation.
Parker White, chief operating officer at DeFi Development Corp, suggested that the reported decrease in positions could help alleviate some of the selling pressure on Bitcoin.
Ongoing legal proceedings for Jane Street
Alongside these portfolio changes, Jane Street continues to face legal proceedings related to the 2022 Terra collapse. In February this year, Terraform Labs filed a lawsuit alleging insider trading by the company. Jane Street responded in April, requesting dismissal of the case and asserting there was no wrongdoing. Nevertheless, the lawsuit remains active in the Southern District of New York.
