Wells Fargo Expands Ethereum Exposure

Bank Doubles Down on Ether ETFs Despite Price Weakness

Wells Fargo significantly increased its Ethereum $ETH exchange-traded fund holdings in the first quarter of 2026, according to a Form 13F filing submitted to the U.S. Securities and Exchange Commission. The disclosure points to a deliberate expansion of the bank's regulated digital asset exposure, even as Ethereum's spot price came under pressure.

The filing reveals that the bank increased its positions in BlackRock's iShares Ethereum Trust ETF (ETHA) and the Bitwise Ethereum ETF (ETHW), with gains of 63.5% and 37% respectively compared to the previous quarter. In share terms, ETHA holdings rose from approximately 672,600 shares in Q4 2025 to nearly 1.1 million in Q1 2026, while ETHW grew from around 186,800 to more than 257,000 units.

At the close of the quarter, Wells Fargo held approximately $21.5 million in these instruments, with ETHA as the primary position, valued at around $17.6 million. The move is notable given the backdrop: CoinGlass data show Ether fell about 28% in the fourth quarter of last year and about 29% in the first quarter of this year, marking a second straight quarterly decline.Over the same period, spot Ether ETFs recorded about $769 million in net outflows.

Broader Crypto Portfolio: Bitcoin Dominates, Equity Positions Reshuffled

Ethereum was not the only area of activity. For Bitcoin ETFs, the pattern was more mixed. Holdings in the iShares Bitcoin Trust ETF (IBIT) recorded a slight decline, while the Bitwise Bitcoin ETF Trust (BITB) and the Grayscale Bitcoin Mini Trust ETF grew by 24% and 41% respectively.IBIT remains the dominant position in the bank's crypto portfolio, with an approximate valuation of $250 million.

On the equities side, the moves were more striking. The most notable shift was a near-total exit from Galaxy Digital, the firm led by Michael Novogratz. The bank reduced its stake from around 2.5 million shares in Q4 2025 to just 78,600 in Q1 2026, a 97% drop equivalent to an estimated reduction of $54.7 million in exposure. At the same time, Wells Fargo boosted its Strategy (formerly MicroStrategy) holdings by 125% to roughly 726,000 shares.

A 13F is a snapshot of long equity and options positions held at the end of a calendar quarter and does not reflect real-time holdings, meaning positions may have been opened or closed between the reporting date and the filing's public availability. Still, the data adds to a growing body of evidence that large financial institutions are building structured exposure to digital assets through regulated vehicles, even during periods of market weakness.

Sources:
CoinTelegraph: Wells Fargo Lifts Ether ETF Holdings in Q1 as Bitcoin Positions Shift
Crypto Economy: Wells Fargo Boosts Ether ETF Exposure and Reshuffles Bitcoin Holdings in Latest Filing