Wells Fargo, one of the United States’ largest banks, has sharply increased its investments in Ether-linked exchange-traded funds (ETFs) in the first quarter of 2026. The bank’s most recent filing with the U.S. Securities and Exchange Commission (SEC) reveals significant adjustments in both its Bitcoin and Ether ETF portfolios. Founded in 1852, Wells Fargo has long maintained a prominent position within both American and global financial markets, serving a diverse, international clientele.
Surge in Ether ETF allocations
According to Wells Fargo’s newly released 13F report, positions in Ether ETFs saw a notable jump compared to the final quarter of 2025. The bank increased its stake in BlackRock’s iShares Ethereum Trust ETF (ETHA) from roughly 672,000 shares at the end of 2025 to over 1.1 million shares by Q1 2026, marking a 63.5 percent growth. Similarly, its holdings in the Bitwise Ethereum ETF (ETHW) climbed from 186,000 to more than 257,000 shares—a rise of 37 percent.
Despite this assertive increase in Ether ETF exposure, the price of Ethereum itself fell sharply during the same timeframe. Data from CoinGlass shows Ethereum lost 28 percent of its value in the final quarter of 2025, followed by another 29 percent drop in the first quarter of 2026. Together, these declines resulted in two consecutive quarters of double-digit losses. Meanwhile, net outflows from spot Ether ETFs totaled nearly $769 million across three straight months.
As noted in Wells Fargo’s latest report, “Positions in Ether ETFs increased meaningfully compared to the previous period by quarter’s end, while assets in Bitcoin ETFs saw a more balanced trend.”
Nevertheless, by the end of Q1 2026, Wells Fargo held a $21.5 million total position in Ether ETFs, with $17.6 million of that allocated primarily to ETHA.
Changes in Bitcoin ETFs and strategic equity holdings
Within Wells Fargo’s portfolio, Bitcoin-linked ETF holdings remained relatively robust. Specifically, the bank reported about $250 million invested in the iShares Bitcoin Trust ETF (IBIT), which accounted for the largest share of its Bitcoin ETF assets. Elsewhere, its stakes in the Bitwise Bitcoin ETF Trust (BITB) rose by 24 percent, and in the Grayscale Bitcoin Mini Trust ETF (BTC), positions grew by 41 percent. However, IBIT shares saw a slight reduction.
Wells Fargo also enacted sweeping changes to its crypto-related equity investments. The bank cut its holdings in Galaxy Digital—a prominent crypto company led by Michael Novogratz—from 2.5 million shares to under 78,000, effectively exiting nearly the entire position. This represented a drawdown of about $54.7 million.
In contrast, the bank dramatically expanded its investment in MicroStrategy, managed by Michael Saylor and known for owning the largest publicly traded Bitcoin treasury. Wells Fargo’s MicroStrategy holdings grew from 322,000 shares at the start of the quarter to more than 726,000—a jump of approximately 125 percent. This equates to a new $41.6 million position in the company.
Shifting trends in crypto investments
Wells Fargo’s recent investment strategies shed light on evolving attitudes toward crypto assets among traditional finance giants. While Ether ETF allocations surged even as market prices slumped, the approach to Bitcoin ETFs was more nuanced, with both increases and reductions across various funds.
These portfolio moves indicate that the bank is pursuing a diversified and adaptive strategy in both Ether ETFs and Bitcoin-related equities. For institutional investors, these choices suggest that interest in crypto markets persists even amidst significant short-term volatility.
