Jane Street Sheds 71% of Bitcoin ETF Holdings, Adds $82 Million to Ethereum Funds

▲ Bitcoin (BTC), Ethereum (ETH)/AI Generated Image

Wall Street market maker Jane Street significantly reduced its spot Bitcoin (BTC) ETF holdings and increased its exposure to Ethereum (ETH) funds in the first quarter of 2026. Cointelegraph reported on the 13th that Jane Street's 13F filing, disclosed on Tuesday, showed a substantial reduction in its holdings of BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC).

Jane Street's IBIT holdings decreased by approximately 71% from Q4 2025 to about 5.9 million shares, valued at approximately $225 million. FBTC holdings decreased by approximately 60% to about 2 million shares, valued at approximately $115 million.

Conversely, Jane Street expanded its Ethereum fund exposure. It nearly doubled its holdings in BlackRock's iShares Ethereum Trust (ETHA). Concurrently, it also significantly increased its stake in the Fidelity Ethereum Fund (FETH). The firm added a combined total of approximately $82 million to these two products during the first quarter.

Cointelegraph reported that this change comes amidst signs of institutional investor interest in spot Ethereum ETFs in early 2026. However, 13F filings only reflect Jane Street's reported cryptocurrency-related holdings and do not represent the market maker's entire trading book or net exposure.

Jane Street's reduced Bitcoin-related exposure was also evident in a decrease in its MicroStrategy (MSTR) stake. In Q4 2025, Jane Street held approximately 968,000 shares of MSTR, valued at about $145.9 million. By Q1 2026, its common stock holdings decreased to approximately 210,000 shares, valued at about $27 million, a reduction of approximately 78% from the previous quarter.

Jane Street was known to have increased its MSTR position by 473% in the previous quarter, but it significantly reduced that stake in the first quarter. During the same period, the company also cut its exposure to several Bitcoin mining-related stocks, including IREN, Cipher Mining, TeraWulf, and Core Scientific.

However, Jane Street has not entirely divested from all cryptocurrency-related assets. The firm increased its stake in Riot Platforms (RIOT) from approximately 5 million shares to about 7.4 million shares, with its value growing from approximately $63 million to about $91 million.

Coinbase (COIN) holdings also increased from approximately 778,000 shares to about 888,000 shares. However, their value decreased from approximately $176 million in the previous quarter to about $155 million. Galaxy Digital (GLXY) holdings surged from approximately 17,000 shares to about 1.5 million shares, with their value increasing from approximately $380,000 to about $28 million.

Jane Street reported $16.1 billion in trading revenue in the first quarter, driven by volatile markets and AI-related investment gains. Cointelegraph stated that Jane Street's Q1 position changes reflect a restructuring trend characterized by a reduction in spot Bitcoin ETFs and some Bitcoin-related stocks, alongside an expansion in Ethereum funds and selected cryptocurrency-related stocks.

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