Wells Fargo Boosts Q1 Bitcoin, Ethereum ETF Exposure; Cuts Galaxy Digital Stake

Wells Fargo has reported its cryptocurrency ETF positions to the U.S. Securities and Exchange Commission, according to Mars Finance, citing Bits.media. In the first quarter, the bank added to its Ethereum ETF holdings. Its position in BlackRock's iShares Ethereum Trust ETF (ETHA) rose 63.5% to 1.1 million shares from 672,600, while its stake in the Bitwise Ethereum ETF (ETHW) increased 37% to 257,000 shares from 186,800. The moves came even as Ethereum spot ETFs saw roughly $769 million in net outflows and ETH fell 29% over the quarter. Wells Fargo still held about $21.5 million in Ethereum ETFs, including $17.6 million in BlackRock products. On the Bitcoin side, the bank lifted its holdings in the Bitwise Bitcoin ETF and the Grayscale Bitcoin Mini Trust by about 24% and 41%, respectively. BlackRock's iShares Bitcoin Trust remained its largest position, valued at around $250 million. Wells Fargo also reshuffled exposure to crypto-linked equities. It cut its Galaxy Digital stake by 97%, to 78,600 shares from 2.5 million, and raised its stake in Strategy by 125%, from 322,700 shares to about 726,000 shares.