Wells Fargo, one of the largest banks in the USA, significantly increased its investments in Ether-linked exchange traded funds (ETF) in the first quarter of 2026. In its latest report to the US Securities and Exchange Commission (SEC), the bank stated that it has made various changes to both Bitcoin and Ether ETFs. Founded in 1852, Wells Fargo is one of the world’s most established and largest financial institutions, serving a wide portfolio of customers in the US and global markets.
Trend towards Ether ETFs continued
According to Wells Fargo’s published 13F report, positions in Ether ETFs have increased significantly compared to the fourth quarter of 2025. The bank increased its share in BlackRock’s iShares Ethereum Trust ETF (ETHA) from approximately 672 thousand to over 1.1 million in the first quarter of 2026. This increase means a 63.5% growth on the ETHA side. Additionally, its shares in Bitwise Ethereum ETF (ETHW) increased by 37%, from 186 thousand to over 257 thousand.
Although the bank increased its weighting in Ether ETFs, the Ethereum price is known to have depreciated significantly over the same period. According to CoinGlass data, Ethereum lost two consecutive quarters of value, falling by 28% in the last quarter of 2025 and 29% in the first quarter of 2026. Additionally, there was a total outflow of approximately $769 million from spot Ether ETFs for three consecutive months.
In Wells Fargo’s current report, “Positions in Ether ETFs increased significantly at the end of the quarter compared to the previous period; a more balanced movement was observed in Bitcoin ETF assets.” The statement is included.
Despite all this, the bank carried a total position of $ 21.5 million in Ether ETFs in the first quarter of 2026. $17.6 million of this belongs mainly to the ETHA ETF.
Change in Bitcoin ETFs and strategy shares
Bitcoin-linked ETFs maintained a relatively strong position in the Wells Fargo portfolio. The bank held approximately $250 million in assets in the iShares Bitcoin Trust ETF (IBIT), which made up the bulk of Bitcoin ETF assets. On the other hand, there was a 24% increase in Bitwise Bitcoin ETF Trust (BITB) and a 41% increase in Grayscale Bitcoin Mini Trust ETF (BTC). However, the amount of shares in IBIT decreased slightly.
Wells Fargo also made sweeping changes to its crypto-related company shares. He almost completely exited by reducing his shares in Galaxy Digital, a company managed by Michael Novogratz, from 2.5 million to less than 78 thousand. This large sale represents a reduction of approximately $54.7 million in positions.
In response, the bank significantly increased its investment in Strategy, a company run by Michael Saylor that has the largest publicly held Bitcoin portfolio. While the bank’s shares in Strategy were at 322 thousand at the beginning of the quarter, they increased by approximately 125%, reaching over 726 thousand at the end of the quarter. This means that a new position worth $41.6 million has been added in total.
Trends in crypto investing
Wells Fargo’s recent investment choices are noteworthy in terms of understanding the trends in traditional financial institutions’ approach to crypto assets. Growth in Ether ETFs, in particular, continued despite the price decline seen in the crypto market. On the other hand, a more mixed picture emerged for Bitcoin ETFs.
These changes on the bank side indicated that a diversified and dynamic strategy was being followed in both Ether ETFs and Bitcoin-related stocks. For investors, these moves show that institutional interest continues despite short-term fluctuations in crypto markets.
