Wells Fargo Added 63% More Ethereum ETFs..."The Era of Wall Street Only Buying Bitcoin is Over"

▲ Wells Fargo, Ethereum (ETH), Bitcoin (BTC)/AI generated image

Wells Fargo expanded its exposure to Ethereum (ETH) spot ETFs and adjusted some of its Bitcoin (BTC) spot ETF holdings in the first quarter of 2026. Bitcoin.com reported on the 13th that Wells Fargo restructured its cryptocurrency-related portfolio, as revealed in its latest 13F report submitted to the U.S. Securities and Exchange Commission (SEC).

Wells Fargo increased its holdings of Blackrock's iShares Ethereum Trust (ETHA) by over 63% compared to the previous quarter. Its holdings grew from approximately 672,600 shares at the end of 2025 to about 1.1 million shares as of March 31.

Its holdings of the Bitwise Ethereum ETF also increased by approximately 37%, exceeding 257,000 shares. Bitcoin.com stated that this suggests growing institutional interest in Ethereum-based investment products following the broader adoption of cryptocurrency spot ETFs in the U.S.

Conversely, its Bitcoin spot ETF exposure was mixed. Wells Fargo slightly reduced its holdings of Blackrock's iShares Bitcoin Trust (IBIT). However, this fund, valued at approximately $250 million, maintained the largest proportion in Wells Fargo's cryptocurrency ETF portfolio.

Simultaneously, Wells Fargo increased its holdings of other Bitcoin-linked products. Holdings of the Bitwise Bitcoin ETF Trust rose by approximately 24%, and exposure to the Grayscale Bitcoin Mini Trust ETF expanded by about 41%. Bitcoin.com reported that this adjustment is more akin to diversifying cryptocurrency allocation than a complete reduction in Bitcoin exposure.

Significant changes were also observed in cryptocurrency-related stocks outside of ETFs. Wells Fargo substantially reduced its stake in Galaxy Digital, a cryptocurrency financial services company founded by Michael Novogratz. Its holdings decreased from approximately 2.5 million shares at the end of the fourth quarter of 2025 to less than 79,000 shares in the first quarter, a reduction of about 97%.

The estimated value of this reduction was approximately $54.7 million. Bitcoin.com reported that Wells Fargo's stake reduction occurred at a time when Galaxy Digital recently reported a quarterly loss of $216 million related to falling cryptocurrency prices.

Conversely, Wells Fargo significantly increased its stake in Strategy. Its holdings more than doubled, growing from approximately 323,000 shares to about 726,000 shares during the quarter. The additional investment was estimated at approximately $41.6 million.

Bitcoin.com stated that this portfolio adjustment demonstrates how large financial institutions are continuing to refine their approach to digital asset exposure as the cryptocurrency market matures. Wells Fargo rebalanced its cryptocurrency-related portfolio by adjusting a combination of ETFs, infrastructure companies, and Bitcoin-linked company stocks, rather than making broad directional bets.

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