Wells Fargo adjusted its crypto-related portfolio in the first quarter of 2026, increasing exposure to ether exchange-traded funds (ETFs) while reshaping its bitcoin ETF positions and making a major bet on Strategy, according to a new regulatory filing.

The bank disclosed larger holdings in ether-linked funds through its latest Form 13F filing with the U.S. Securities and Exchange Commission. Shares in Blackrock’s iShares Ethereum Trust (ETHA) ETF climbed more than 63% quarter over quarter, rising from roughly 672,600 shares at the end of 2025 to about 1.1 million shares by March 31.

Wells Fargo also increased its position in the Bitwise Ethereum ETF by approximately 37%, bringing holdings to more than 257,000 shares. The moves suggest growing institutional interest in ether-based investment products following broader adoption of spot crypto ETFs in the U.S.

Bitcoin ETF exposure, however, was more uneven. The bank slightly reduced its position in Blackrock’s iShares Bitcoin Trust (IBIT) ETF, though the fund still represented the largest portion of Wells Fargo’s crypto ETF portfolio, valued at roughly $250 million.

At the same time, the bank added to other bitcoin-linked products. Holdings in the Bitwise Bitcoin ETF Trust rose about 24%, while exposure to the Grayscale Bitcoin Mini Trust ETF increased roughly 41%.

The filing points to a more diversified approach to crypto allocation rather than a broad retreat from bitcoin exposure. Still, the stronger increase in ether-related holdings stands out as one of the quarter’s more notable portfolio shifts.

Outside ETFs, Wells Fargo made significant changes to its crypto-linked equity positions.

The bank sharply reduced its investment in Galaxy Digital, the crypto financial services firm founded by Michael Novogratz. Holdings fell from approximately 2.5 million shares at the end of the fourth quarter to just under 79,000 shares in the first quarter, representing a reduction of nearly 97%.

The cut amounted to an estimated $54.7 million decrease in exposure and came during a period of pressure across digital asset markets. Galaxy recently reported a $216 million quarterly loss tied largely to declining crypto prices.

In contrast, Wells Fargo significantly expanded its stake in Strategy, which remains the largest corporate holder of bitcoin globally. The bank increased its position from roughly 323,000 shares to about 726,000 shares during the quarter, more than doubling its exposure. The increase represented an estimated additional investment of $41.6 million.

The portfolio adjustments reflect how major financial institutions are continuing to refine their exposure to digital assets as crypto markets mature. Rather than making broad directional bets, firms appear increasingly focused on balancing exposure across ETFs, infrastructure providers, and bitcoin-linked corporate equities.