Jane Street slashed its holdings in BlackRock's iShares Bitcoin Trust (IBIT) by 71% and Fidelity's Wise Origin Bitcoin Fund (FBTC) by 60% during the first quarter of 2026, according to its latest 13F filing. The reductions come even as Bitcoin traded around $79,783 at the time of the report — well off its cycle highs but still far above the levels where many institutional buyers entered. The move signals a notable repositioning by one of the world's largest trading firms, though the filing only captures a partial view of its crypto exposure.
The 13F snapshot
Quarterly 13F filings require institutional investment managers with over $100 million in assets to disclose their long equity positions. Jane Street's Q1 report shows it cut IBIT from about $1.1 billion to roughly $320 million, and FBTC from around $680 million to $270 million. The reductions are steep, but the filing doesn't capture short positions, options, swaps, or futures — meaning Jane Street could still have significant indirect exposure to Bitcoin through derivatives that wouldn't appear in a 13F.
Where Jane Street went instead
The filing reveals Jane Street increased positions in Ether ETFs — including products from Grayscale and Fidelity — while adding to stakes in crypto-adjacent equities. The firm boosted holdings in Riot Platforms, Coinbase, and Galaxy Digital, while trimming some Bitcoin mining names like Marathon Digital. The shift suggests a broadening bet: less pure spot Bitcoin, more exposure to Ethereum and the companies building around crypto infrastructure.
What the filing doesn't show
Jane Street is also a major player in options and OTC derivatives markets. Without those positions, the 13F tells only part of the story. The firm could be hedging its Bitcoin ETF exposure with short futures or options — or it could simply be rotating into different structures. The filing also lags: Q1 ended March 31, and the market has moved since then. Bitcoin has since seen further volatility, and the Ether ETF flows Jane Street added to may have performed differently in the weeks after the reporting period.
Jane Street didn't comment on the filing. The next quarterly 13F, due in mid-August, will show whether the trend continued — or reversed.
