Wells Fargo increased its Ether exchange-traded fund holdings during the first quarter of 2026, while rebalancing its Bitcoin positions and sharply raising its stake in Strategy, according to a 13F filing published this week. The quarterly disclosure offers a rare window into how one of the largest U.S. banks is navigating the crypto market.
The 13F breakdown
The filing, which covers the period ended March 31, shows Wells Fargo expanded its exposure to Ether ETFs. The bank didn't specify which funds it bought or sold, but the overall position grew. At the same time, it adjusted its Bitcoin ETF holdings — trimming some while adding to others, based on the net change.
Bitcoin rebalancing
The Bitcoin moves appear to be a rebalance rather than a clear directional bet. The 13F shows the bank reduced some Bitcoin ETF positions and increased others, leaving the total exposure roughly flat or slightly lower. That's a contrast to the fourth quarter of 2025, when Wells Fargo first disclosed Bitcoin ETF holdings and then boosted them.
Strategy stake surges
The most eye-catching shift came in the bank's position in Strategy, the corporate Bitcoin treasury firm. Wells Fargo more than doubled its stake, making it one of the largest additions in the portfolio. The timing isn't surprising — Strategy's stock has been volatile, but institutions have been piling in as the company continues to accumulate Bitcoin.
The 13F doesn't reveal the rationale behind the trades. But the filing gives investors a concrete look at how a traditional bank is adjusting its crypto exposure three months into the year. The next quarterly filing, due in August, will show whether those bets paid off.
