Wells Fargo increased its stake in Blackrock's Ether ETF to 1.1 million shares during Q1 2026. The firm also reduced its Bitcoin ETF holdings and significantly cut its position in Galaxy Digital over the same period.
The ETF Swap
Wells Fargo's move into Blackrock's Ether ETF represents a clear shift in its crypto strategy this quarter. The bank simultaneously scaled back its Bitcoin ETF position without explanation. This isn't trivial portfolio reshuffling for a major Wall Street player.
Galaxy Digital Retreat
The firm significantly reduced its Galaxy Digital stake in Q1. The cut signals a deeper withdrawal from direct crypto infrastructure plays. It's a clean break from a name that's been volatile for years.
Next up are the Q2 13F filings due later this summer. Those will show if Wells Fargo's crypto adjustments were a one-off or part of a broader strategy shift. Other institutions may follow this lead if the trend holds. The bank hasn't commented on its portfolio moves.
