Wall Street trading firm Jane Street made a notable shift in its crypto holdings during the first quarter of 2026, cutting Bitcoin ETF exposure while building positions in Ethereum funds.
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Jane Street cut its IBIT holdings by about 71% and FBTC by about 60% in Q1, while nearly doubling its iShares Ethereum Trust and adding to Fidelity's Ether ETF. pic.twitter.com/mTeRMQ7fEK
— CoinMarketCap (@CoinMarketCap) May 13, 2026
According to a 13F filing published on Tuesday, the firm slashed its stake in BlackRock’s iShares Bitcoin Trust by about 71% to roughly 5.9 million shares, valued at around $225 million. Its position in Fidelity’s Bitcoin fund fell about 60% to around 2 million shares, worth nearly $115 million.
At the same time, Jane Street nearly doubled its position in BlackRock’s iShares Ethereum Trust. It also added heavily to Fidelity’s Ethereum fund. Combined, the two Ether ETF additions totaled about $82 million over the quarter.
The moves reflect a broader trend of early institutional interest in Ether ETFs in 2026, with other Wall Street names like Wells Fargo also increasing exposure.
Jane Street’s pullback from Bitcoin-linked assets extended beyond ETFs. Its stake in Strategy, the company led by Michael Saylor that holds large amounts of Bitcoin on its balance sheet, fell from about 968,000 shares in Q4 2025 to roughly 210,000 shares by the end of Q1 2026.
That is a drop of about 78% quarter-over-quarter, taking the value of the position from nearly $146 million down to about $27 million.
This reversal followed a sharp build-up in the prior quarter. Jane Street had increased its Strategy stake by roughly 473% in Q4 2025.
The firm also trimmed stakes in several Bitcoin mining companies during the quarter, including IREN, Cipher Mining, TeraWulf, and Core Scientific.
Despite the broad pullback from Bitcoin-related holdings, Jane Street increased exposure to several crypto-linked equities.
Its stake in Riot Platforms climbed from about 5 million to around 7.4 million shares. The reported value of that position rose from roughly $63 million to about $91 million.
Coinbase holdings rose from around 778,000 shares to about 888,000. The value of that position came in at roughly $155 million at quarter end.
The largest jump came in Galaxy Digital. Jane Street went from holding around 17,000 shares to roughly 1.5 million, pushing the value from about $380,000 to nearly $28 million.
These increases suggest the firm was being selective rather than making a clean exit from crypto-linked equities altogether.
It is worth noting that 13F filings only show long positions held at the end of the quarter. They do not show the firm’s full trading book, short positions, or derivatives exposure.
Jane Street also reported a record $16.1 billion in trading revenue for Q1 2026, according to Reuters, driven in part by volatile markets and gains tied to artificial intelligence investments.
Separately, the firm is facing a lawsuit from the bankruptcy estate of Terraform Labs, which alleges Jane Street engaged in insider trading connected to the 2022 TerraUSD collapse. Jane Street has asked a court to dismiss the case.
The post Why Jane Street Just Slashed Its Bitcoin ETF Holdings and Doubled Down on Ethereum appeared first on CoinCentral.
