Jane Street Cuts Bitcoin ETF Holdings by 71%...Adds $82 Million to Ethereum Funds

▲ Bitcoin (BTC), Ethereum (ETH)/AI Generated Image

Wall Street market maker Jane Street significantly reduced its Bitcoin (BTC) spot ETF holdings and increased its exposure to Ethereum (ETH) funds in the first quarter of 2026. Cointelegraph reported on the 13th that Jane Street's 13F filing, disclosed on Tuesday, showed a significant reduction in its holdings of BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC).

Jane Street's IBIT holdings decreased by approximately 71% from Q4 2025 to about 5.9 million shares, valued at approximately $225 million. FBTC holdings decreased by approximately 60% to about 2 million shares, with a value of approximately $115 million.

Conversely, Jane Street expanded its exposure to Ethereum funds. It nearly doubled its holdings in BlackRock's iShares Ethereum Trust (ETHA) and significantly increased its stake in the Fidelity Ethereum Fund (FETH). The firm added a combined total of approximately $82 million to these two products during the first quarter.

Cointelegraph reported that this change comes amidst signs of institutional investors buying into Ethereum spot ETFs in early 2026. However, 13F filings only show Jane Street's reportable crypto-related holdings and do not represent the market maker's entire trading book or net exposure.

Jane Street's reduced Bitcoin-related exposure was also evident in its decreased stake in MicroStrategy (MSTR). In Q4 2025, Jane Street held approximately 968,000 shares of MSTR, valued at about $145.9 million. By Q1 2026, its common stock holdings had decreased to approximately 210,000 shares, valued at about $27 million, a reduction of approximately 78% from the previous quarter.

While Jane Street was reported to have increased its MSTR position by 473% in the preceding quarter, it significantly reduced that stake in Q1. During the same period, the firm also reduced its exposure to several Bitcoin mining-related stocks, including IREN, Cipher Mining, TeraWulf, and Core Scientific.

However, Jane Street has not entirely divested from crypto-related assets across the board. The firm increased its stake in Riot Platforms (RIOT) from approximately 5 million shares to about 7.4 million shares, with its value growing from approximately $63 million to about $91 million.

Holdings in Coinbase (COIN) also increased from approximately 778,000 shares to about 888,000 shares. However, their value decreased from approximately $176 million in the previous quarter to about $155 million. Galaxy Digital (GLXY) holdings surged from approximately 17,000 shares to about 1.5 million shares, with their value increasing from approximately $380,000 to about $28 million.

Jane Street reported $16.1 billion in trading revenue in Q1, driven by volatile markets and profits from AI-related investments. Cointelegraph stated that Jane Street's Q1 position changes represent a restructuring trend, simultaneously showing a reduction in Bitcoin spot ETFs and some Bitcoin-related stocks, alongside an expansion in Ethereum funds and selected crypto-related stocks.

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