Jane Street Reduces Bitcoin ETF Holdings by Nearly 70% While Expanding Ethereum Exposure

TLDR

• Jane Street significantly reduced its Bitcoin ETF holdings in Q1 2026, including a 71% decline in BlackRock’s IBIT and a 60% drop in Fidelity’s FBTC.
• The firm invested approximately $82 million into Ether ETFs, nearly doubling its position in BlackRock’s Ethereum Trust.
• Its investment in Michael Saylor’s Strategy fell by about 78% quarter-over-quarter, dropping from around $146 million to $27 million.
• Despite reducing exposure to Bitcoin-linked assets, Jane Street expanded its stakes in Coinbase, Riot Platforms, and Galaxy Digital.
• The firm achieved a record $16.1 billion in trading revenue for Q1 2026.

(SeaPRwire) –   Wall Street trading firm Jane Street shifted its cryptocurrency portfolio significantly during the first quarter of 2026, decreasing its allocation to Bitcoin ETFs while increasing investments in Ethereum-based funds.

LATEST: Jane Street reduced its IBIT holdings by roughly 71% and FBTC by about 60% in Q1, while almost doubling its iShares Ethereum Trust stake and adding to Fidelity’s Ether ETF. pic.twitter.com/mTeRMQ7fEK

— CoinMarketCap (@CoinMarketCap) May 13, 2026

According to a 13F filing released on Tuesday, the firm decreased its ownership in BlackRock’s iShares Bitcoin Trust by approximately 71%, bringing it down to about 5.9 million shares valued at $225 million. Its holding in Fidelity’s Bitcoin fund also declined by around 60%, falling to roughly 2 million shares worth nearly $115 million.

Concurrently, Jane Street nearly doubled its position in BlackRock’s iShares Ethereum Trust and made substantial additions to Fidelity’s Ethereum fund. The combined value of these Ether ETF purchases reached approximately $82 million during the quarter.

These moves align with a growing institutional interest in Ether ETFs in 2026, with other major financial institutions such as Wells Fargo also increasing their exposure.

Sharp Decline in Strategy Holdings

Jane Street’s reduction in Bitcoin-related assets extended beyond exchange-traded funds. Its stake in Strategy—the company led by Michael Saylor known for its large Bitcoin reserves—dropped from approximately 968,000 shares in Q4 2025 to about 210,000 shares by the end of Q1 2026.

This represents an 78% quarter-over-quarter decrease, shrinking the value of the position from close to $146 million to around $27 million.

This reversal followed a sharp increase in the previous quarter; Jane Street had boosted its Strategy holdings by roughly 473% in Q4 2025.

The firm also reduced its investments in several Bitcoin mining companies during the quarter, including IREN, Cipher Mining, TeraWulf, and Core Scientific.

Increased Stakes in Coinbase, Riot, and Galaxy

Despite cutting back broadly on Bitcoin-associated holdings, Jane Street increased its exposure to select crypto-focused equities.

Its position in Riot Platforms grew from about 5 million shares to around 7.4 million, with the reported value rising from roughly $63 million to approximately $91 million.

Coinbase holdings expanded from around 778,000 shares to about 888,000, resulting in a year-end valuation of roughly $155 million.

The most significant jump was seen in Galaxy Digital, where Jane Street increased its share count from approximately 17,000 to nearly 1.5 million, lifting the market value from about $380,000 to close to $28 million.

These expansions indicate that the firm was selectively maintaining—or even growing—its presence in certain crypto-linked stocks rather than exiting the sector entirely.

It is important to note that 13F filings only reflect long equity positions held as of the quarter’s end and do not capture the firm’s full trading activity, short positions, or derivative exposures.

Jane Street also announced a record $16.1 billion in trading revenue for Q1 2026, according to Reuters, driven by heightened market volatility and gains from artificial intelligence-related investments.

Separately, the firm is currently facing a lawsuit from the bankruptcy estate of Terraform Labs, which accuses Jane Street of engaging in insider trading related to the 2022 collapse of TerraUSD. Jane Street has requested that the court dismiss the case.