Wells Fargo increased its exposure to spot Ether exchange-traded funds during the first quarter of 2026, according to its latest 13F filing, even as Ethereum prices remained under pressure.
The bank expanded holdings in ETHA and ETHW. Its ETHA position rose from roughly 672,600 shares in Q4 2025 to about 1.1 million shares in Q1 2026, while ETHW holdings increased from around 186,800 shares to more than 257,000 shares. Combined Ether ETF exposure was valued at approximately $21.5 million.
The increase came despite Ethereum posting two consecutive quarterly declines, falling about 28% in Q4 2025 and another 29% in Q1 2026. Spot Ether ETFs also experienced broader market outflows during that period, making the bank’s larger allocation notable.
At the same time, Bitcoin-linked holdings showed mixed adjustments. IBIT remained the bank’s largest crypto ETF position at around $250 million in value, although the position was slightly reduced. Meanwhile, Wells Fargo increased exposure to Bitwise Bitcoin ETF products and the BTC.
The filing also revealed a major shift in crypto-related equities. Wells Fargo sharply reduced its stake in Galaxy Digital from roughly 2.5 million shares to around 78,600 shares during the quarter.
Conversely, the bank more than doubled its position in Strategy, increasing holdings from about 322,700 shares to nearly 726,000 shares. Strategy remains the world’s largest public corporate holder of Bitcoin, making its stock a common proxy for institutional Bitcoin exposure.
The filing did not specify whether these crypto-related positions were held for proprietary investment strategies, client accounts, or broader portfolio management purposes. Still, the disclosures add to growing evidence that major financial institutions continue expanding regulated crypto exposure through ETFs and publicly traded digital-asset companies.
