Jane Street reduced its Bitcoin ETF holdings by 70% in the first quarter of 2026 while more than doubling its exposure to Ether ETFs, according to regulatory filings. The rotation from one of the largest institutional holders of crypto ETFs marks a stark shift in appetite between the two assets.
The numbers behind the move
The firm slashed its spot Bitcoin ETF position by roughly 70% between January and March, filings show. Over the same period, it boosted its Ether ETF stake by more than 100%, effectively doubling down on Ethereum-linked funds. Jane Street didn't comment on the changes, and the filings offer no explanation for the trades.
Jane Street is a market maker in dozens of ETFs and one of the biggest disclosed holders of the new spot crypto funds. When a firm of its size rebalances that aggressively, it often signals a broader institutional read on relative value. The move suggests Jane Street saw better risk-reward in Ether ETFs versus Bitcoin ETFs coming into the second quarter.
What the filings show
The 13F filings, which cover holdings as of March 31, 2026, give only a snapshot. They don't reveal whether Jane Street continued selling Bitcoin ETFs or buying Ether ETFs in April and May. The next quarterly filing, due in mid-August, will show if the rotation held or reversed. For now, the data point is one of the clearest institutional preference shifts since the ETFs launched.
The filings cover a period when Bitcoin traded sideways while Ether outperformed, but the gap in returns alone doesn't explain a 70% cut. The timing also coincides with the SEC's approval of spot Ether ETF options in late February, which may have made the Ether funds more attractive to a sophisticated market maker like Jane Street.
