Wells Fargo’s Investment in Ether ETFs
In its most recent 13F filing, Wells Fargo disclosed a significant increase in its investment in Ether exchange-traded funds (ETFs) during the first quarter of 2026. The financial institution notably upped its stakes in both BlackRock’s iShares Ethereum Trust ETF and the Bitwise Ethereum ETF.
Specifically, its holdings of ETHA surged from approximately 672,600 shares in the last quarter of 2025 to around 1.1 million shares in the early months of 2026, while ETHW shares rose from about 186,800 to over 257,000. This strategic positioning reflects a total investment in Ether ETFs amounting to approximately $21.5 million.
Market Challenges and Investment Strategy
This increase in Ether ETFs took place despite Ethereum’s market challenges, with the cryptocurrency experiencing its second consecutive quarterly decline. Notably, Ethereum’s prices dropped by roughly 28% in the fourth quarter of 2025 followed by a 29% fall in the first quarter of 2026. The period also saw some withdrawals from spot Ether ETFs, yet Wells Fargo’s holdings at the end of the quarter indicated a buoyant investment approach, although the filing does not clarify whether these positions are managed for clients or are part of Wells Fargo’s own portfolio.
Bitcoin ETF Exposure
In contrast, Wells Fargo’s exposure to Bitcoin ETFs exhibited a mixed trend. The bank slightly reduced its investment in BlackRock’s iShares Bitcoin Trust ETF while simultaneously boosting its holdings in the Bitwise Bitcoin ETF and the Grayscale Bitcoin Mini Trust ETF. Overall, the iShares Bitcoin Trust ETF still represented Wells Fargo’s largest cryptocurrency ETF position, valued around $250 million.
Earlier reports from crypto.news noted that Wells Fargo, alongside Bank of America’s Merrill Lynch, began providing selected brokerage clients with access to spot Bitcoin ETFs following a surge in demand for these products.
Changes in Crypto Equity Holdings
In a noteworthy shift regarding crypto equity holdings, Wells Fargo significantly decreased its investment in Galaxy Digital, slashing its shares from about 2.5 million in late 2025 to just 78,600 by the first quarter of 2026. Conversely, it amplified its stake in a fund called Strategy, increasing from approximately 322,700 shares to around 726,000, cementing Strategy as the largest publicly traded holder of Bitcoin and a significant indirect investment option for many.
Trends in Cryptocurrency Investments
The latest filing from Wells Fargo underscores an ongoing trend where major financial institutions are increasingly engaging with regulated cryptocurrency products. A recent survey conducted by Coinbase and EY-Parthenon further highlighted that many firms are considering elevating their cryptocurrency allocations throughout 2026, with a clear inclination towards utilizing exchange-traded products to do so.
