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Jane Street Bitcoin Ethereum ETFs took a sharp turn in the first quarter of 2026, with the Wall Street trading firm cutting back hard on Bitcoin fund exposure while adding to Ethereum positions and selectively buying other crypto-linked stocks. The shift showed up in a new 13F filing, and it points less to a broad retreat from digital assets than to a more targeted reshuffling of risk.
The headline moves were hard to miss. Jane Street cut its stake in BlackRock’s iShares Bitcoin Trust by about 71%, reducing the position to roughly 5.9 million shares. It also slashed its Fidelity Bitcoin fund holding by about 60%, taking that stake down to around 2 million shares.
At the same time, the firm moved the other way in Ether. It nearly doubled its position in BlackRock’s iShares Ethereum Trust and added heavily to Fidelity’s Ethereum fund, with the two Ether ETF additions totaling about $82 million during the quarter.
Jane Street cuts Bitcoin ETF exposure
The clearest message from the filing came from the Bitcoin ETF side of the book.
Jane Street reduced its BlackRock iShares Bitcoin Trust holding to roughly 5.9 million shares, a position valued at around $225 million. Its Fidelity Bitcoin fund stake fell to around 2 million shares, worth nearly $115 million.
Those are big reductions by any standard, especially from a firm that is deeply embedded in market structure and trading flows. And because the cuts landed across two major Bitcoin funds, the move looks deliberate rather than incidental.
Why this matters: when a major trading firm pares back Bitcoin ETF exposure this aggressively, investors pay attention not just to the direction of the trades, but to the pattern. In this case, the pattern suggests a rotation inside crypto exposure, not a clean break from the sector.
Ethereum positions grow as Jane Street Bitcoin Ethereum ETFs shift
While Bitcoin exposure fell, Jane Street Bitcoin Ethereum ETFs positioning became more balanced toward Ether.
The firm nearly doubled its position in BlackRock’s iShares Ethereum Trust. It also added heavily to Fidelity’s Ethereum fund. Exact share counts for those Ether additions were not detailed here, but the combined increase was about $82 million over the quarter.
That contrast is the story. Instead of stepping away from crypto altogether, Jane Street appears to have shifted capital from Bitcoin-linked ETF exposure toward Ethereum funds and selected equities. For institutions and market watchers, that is a more nuanced signal than a simple risk-off move.
It also helps explain why this filing stands out. The changes show that institutional crypto holdings can move in different directions within the same quarter, even inside the same firm’s portfolio.
The pullback spread beyond ETFs
The retreat from Bitcoin-linked exposure did not stop with exchange-traded funds.
Jane Street’s stake in Strategy, the company led by Michael Saylor, fell from about 968,000 shares in Q4 2025 to roughly 210,000 shares by the end of Q1 2026. That pushed the value of the position down from nearly $146 million to about $27 million, a drop of about 78% quarter over quarter.
The firm also trimmed positions in several Bitcoin miners, including IREN, Cipher Mining, TeraWulf, and Core Scientific.
That broader pattern matters because it shows the rotation was not isolated to one or two ETF line items. Bitcoin-adjacent exposure across multiple categories got lighter at the same time, from spot fund proxies to corporate names closely tied to Bitcoin prices.
Selective gains in crypto equities
Even with those cuts, Jane Street was still buying in other corners of the crypto market.
Its stake in Riot Platforms climbed from about 5 million shares to around 7.4 million shares. Coinbase holdings rose from around 778,000 shares to about 888,000.
The biggest jump came in Galaxy Digital. Jane Street went from holding around 17,000 shares to roughly 1.5 million, lifting the value of that position from about $380,000 to nearly $28 million.
Taken together, the buys and sells support the central read on the filing: this was a selective repositioning, not an exit.
- BlackRock’s iShares Bitcoin Trust fell about 71% to roughly 5.9 million shares, while Fidelity’s Bitcoin fund dropped about 60% to around 2 million shares.
- Jane Street nearly doubled its iShares Ethereum Trust position, added heavily to Fidelity’s Ethereum fund, and increased stakes in Riot Platforms, Coinbase, and Galaxy Digital.
What the 13F filing does and does not show
There is an important limit to any reading of this data.
A 13F filing shows long positions held at quarter end. It does not reveal the firm’s full trading book, and it does not include short positions or derivatives exposure. That means the document gives a snapshot of where Jane Street stood at the end of the quarter, not a complete map of how the firm traded crypto-related assets throughout it.
Still, quarter-end positioning matters, especially when the moves are this large. For market participants tracking institutional crypto holdings, these filings remain one of the clearest public windows into how major firms are arranging listed exposure.
A bigger quarter for Jane Street
The portfolio shift came during a huge quarter for the trading firm more broadly.
Jane Street reported record Q1 2026 trading revenue of $16.1 billion, according to Reuters. That backdrop matters because it suggests the repositioning happened during a period of exceptional trading strength, not financial strain.
Separately, the firm is facing a lawsuit from the bankruptcy estate of Terraform Labs over allegations tied to insider trading connected to the 2022 TerraUSD collapse. Jane Street has asked a court to dismiss the case.
For now, the more immediate market takeaway is in the portfolio itself. Jane Street Bitcoin Ethereum ETFs positioning shows a firm pulling back sharply from some of the most visible Bitcoin vehicles while leaning harder into Ether and a handful of crypto-linked stocks. That kind of rotation can say as much about where institutional attention is going next as it does about what it is leaving behind.
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