In the first three months of 2026, market maker Jane Street on Wall Street decreased its holdings in Bitcoin ETFs and increased them in Ether funds.
In the first quarter of 2026, Jane Street sold out a number of bitcoin exchange-traded funds (ETFs), including iShares Bitcoin Trust (IBIT) by BlackRock and Fidelity Wise Origin Bitcoin Fund (FBTC), as revealed in a 13F filing that was made public on Tuesday.
There was a 71% decline in IBIT holdings, to approximately 5.9 million shares worth about $225 million, and a 60% decline in FBTC holdings, to around 2 million shares worth about $115 million, from Q4 2025.
Selective Approach
Also during the quarter, Jane Street added over $82 million to its holdings in Fidelity Ethereum Fund (FETH) and almost doubled its position in BlackRock’s iShares Ethereum Trust (ETHA), increasing its exposure to Ether (ETH) ETFs.
This shift occurs when Wells Fargo and other institutional investors show signals of increasing their exposure to Ethereum ETFs in early 2026. Although the market maker’s whole trading book and net exposure are not included in 13F filings, the filing suggests that Jane Street rearranged its reportable crypto-linked holdings at quarter-end.
In the first quarter of 2026, Jane Street lowered its holdings in Michael Saylor’s Strategy (MSTR) and other Bitcoin-related funds, significantly reducing its exposure to the cryptocurrency market.
The business owned around 968,000 MSTR shares, valued at over $145.9 million, in the fourth quarter of 2025. Approximately 210,000 shares, valued at approximately $27 million, were the common stock holding in Q1 2026, a decrease of almost 78% from the previous quarter.
In spite of widespread bearish sentiment towards Bitcoin-related assets, Jane Street boosted its holdings in a number of crypto-linked stocks during the quarter, indicating a shift toward more selective crypto-related stock positioning rather than a wholesale withdrawal from the market.