May 15th was the statutory deadline for institutional investors to file Q1 13F forms with the U.S. SEC.,As the filings are gradually made public, the cryptocurrency holdings of major Wall Street institutions are collectively unveiled.
Among them,, JPMorgan Chase defied the trend by increasing its Bitcoin ETF holdings by 174%, while Jane Street cut its IBIT holdings by 71% and shifted towards Ethereum. Wells Fargo initiated a position in Ethereum ETF against the downtrend, and despite BlackRock's on-chain portfolio shrinking by over $20 billion, it continued to buy Bitcoin.
The first quarter of this year saw a noticeable correction in the crypto market. Bitcoin posted a cumulative quarterly decline of approximately 23.8%, its worst Q1 performance since 2018. The total crypto market cap fell by 20.4%, down about 45% from its peak in October 2025. Spot Bitcoin ETFs recorded net outflows of approximately $497 million for the quarter, JPMorgan Chase analysis showed that total digital asset inflows in Q1 were only about $11 billion, roughly one-third of the same period last year, indicating a clear slowdown in market momentum.
In this market environment, institutional operations showed significant differences.
Jane Street:IBIT Holdings Down 71%, Adds Galaxy Digital
As one of Wall Street's most active proprietary trading firms, Jane Street's Q1 operations drew the most market attention.
According to its latest 13F filing, Jane Street significantly reduced its Bitcoin ETF holdings.Among them,, holdings in BlackRock iShares Bitcoin Trust (IBIT) decreased approximately 71% quarter-over-quarter to about 5.9 million shares, valued at approximately $225 million; Fidelity Wise Origin Bitcoin Fund (FBTC) was cut by about 60% to about 2 million shares.
On the other hand, Jane Street notably increased its allocation to Ethereum. Holdings in BlackRock iShares Ethereum Trust (ETHA) nearly doubled, and Fidelity Ethereum Fund (FETH) was also significantly increased, with a combined new exposure of about $82 million.
Regarding crypto-related stocks, Galaxy Digital holdings surged from about 17,000 shares to about 1.5 million shares, Riot Platforms holdings increased from about 5 million to about 7.4 million shares, and Coinbase saw a slight increase. Its holdings in MicroStrategy (MSTR) decreased from about 968,000 shares to about 210,000 shares, a reduction of about 78%. Holdings in multiple Bitcoin mining companies also contracted simultaneously, involving IREN, Cipher Mining, TeraWulf, and Core Scientific.
It's important to note that Jane Street recorded a record $16.1 billion in trading revenue for Q1. The 13F only discloses long equity holdings at quarter-end and does not include derivatives or short positions. Bitwise analyst Jeff Park pointed out that Jane Street had previously increased its MicroStrategy holdings by over 470% in a quarter, and the reduction this quarter is more likely the unwinding of a basis trade rather than a directional bearish bet on Bitcoin.
JPMorgan Chase:Significantly Increases Bitcoin ETF, Exits XRP ETF
In contrast to Jane Street is JPMorgan Chase. The bank continued to accumulate during a period when Bitcoin prices fell below $80,000, increasing its IBIT holdings from about 3 million shares to about 8.3 million shares, a rise of about 174%, adding approximately $162 million in market value.
Additionally,, the bank's holdings inBitwise Bitcoin ETF (BITB) increased by about 900%, Fidelity FBTC by about 450%, and the Bitcoin futures-tracking ProShares Bitcoin Strategy ETF (BITO) by over 3000%.
Regarding other crypto assets, JPMorgan Chase initiated a position in the Bitwise Solana Staking ETF (BSOL), buying about 47,500 shares, and increased its holdings in BlackRock iShares Ethereum Trust (ETHA) by about 36%. Simultaneously, the bank completely exited its position in the Bitwise XRP ETF.
At the stock level,JPMorgan Chase chose to add to its holdings in MicroStrategy, MARA Holdings, and Core Scientific, while reducing its positions in Coinbase, Galaxy Digital, and Robinhood.
Wells Fargo:Adds to Ethereum ETF Against the Trend, Nearly Exits Galaxy Digital
Wells Fargo's operations also showed significant internal differentiation.
Regarding Ethereum, its BlackRock ETHA holdings increased from about 673,000 shares to about 1.1 million shares, a gain of about 63.5%; Bitwise Ethereum ETF (ETHW) holdings grew about 37%, with the combined portfolio valued at approximately $21.5 million. This increase occurred against a backdrop of Ethereum declining for two consecutive quarters (down about 28% in Q4 2025 and about 29% in Q1 2026), with spot Ethereum ETFs recording net outflows of about $769 million for the quarter.
For Bitcoin, Wells Fargo's allocation was more dispersed. It slightly reduced its IBIT holdings but increased its Bitwise Bitcoin ETF holdings by about 24% and Grayscale Bitcoin Mini Trust holdings by about 41%. Bitcoin ETFs remained the mainstay of its crypto exposure, with IBIT alone valued at around $250 million.
At the stock level, Wells Fargo increased its MicroStrategy holdings from about 323,000 shares to about 726,000 shares, a rise of about 125%, adding approximately $41.6 million in exposure. During the same period, its Galaxy Digital holdings plummeted from about 2.5 million shares to about 78,600 shares, a drop of about 97%, reducing exposure by about $54.7 million.
BlackRock: Increases Holdings in MicroStrategy and Bitmine, Continues On-Chain Bitcoin Purchases
As the world's largest asset manager, BlackRock's Q1 13F filing shows it holds a certain scale of crypto-related stocks.
Among them,, Coinbase (COIN) holdings were about 16.75 million shares, valued at approximately $2.92 billion, a slight reduction of about 333,000 shares from the previous quarter; Circle (CRCL) holdings were about 5.06 million shares, valued at about $483 million, a decrease of about 615,000 shares.
MicroStrategy (MSTR) holdings increased to about 17.75 million shares, valued at $2.22 billion, with an addition of about 3.147 million shares; Ethereum treasury company Bitmine (BMNR) holdings increased to about 11.08 million shares, valued at $219 million, with an addition of about 2.029 million shares.
The combined market value of these four holdings is about $5.8 billion. Although this represents a small portion of its total holdings of approximately $5.72 trillion, the simultaneous increase in MicroStrategy and Bitmine shows BlackRock maintains recognition for both the Bitcoin and Ethereum treasury narratives.
Regarding on-chain data, during Q1, BlackRock's Bitcoin holdings increased from about 770,000 to about 785,000 coins, a net purchase of about 15,000 coins. However, impacted by the price decline, the market value decreased from about $68 billion to about $51.8 billion. Ethereum holdings decreased from about 3.47 million to about 3.06 million coins, a net outflow of about 410,000 coins. The overall crypto portfolio value shrank by about $20.4 billion, primarily driven by price declines.
Additionally,, IBIT's Q1 average daily trading volume exceeded $3.2 billion, with net inflows recorded on 48 out of the 62 trading days in the quarter. On January 27th, a single-day inflow of about $1.3 billion set a record. However, changes in on-chain holdings essentially reflect client fund flows in and out through the ETF, not BlackRock's own directional bets.
ARK Invest:Heavy Allocation to Circle Bets on Stablecoin Sector
Cathie Wood's ARK Invest, as the issuer of the ARKB spot Bitcoin ETF, its 13F discloses the crypto-related stocks held by its active funds. The filing shows ARK increased its holdings in Circle (CRCL), Robinhood (HOOD), Bullish (BLSH), and Bitmine (BMNR) in Q1, while slightly reducing its Coinbase (COIN) holdings.
In terms of timing, ARK bought about $72 million worth of crypto-related stocks across its ARKF, ARKK, and ARKW funds around February when Bitcoin fell to near $75,000, continuing its consistent strategy of buying on dips.
Among them, ARK's bet on Circle (CRCL) was clearly increased, with holdings rising to about 4.509 million shares, increasing its weight in the portfolio from 2.18% to 3.34%. ARK continued accumulatingCRCL in Q2.
Circle's recently released Q1 earnings showed revenue growth of 20% year-over-year, USDC circulation rising to $77 billion, and transaction volume increasing 263% year-over-year, further validating ARK's bet on the stablecoin sector.
Other Institutions' Actions
Other institutions also had notable moves. Asset manager WisdomTree launched a tokenized money market fund this quarter, driving net inflows of $98 million into digital assets in Q1. As of the end of March, its digital asset AUM rose to a record $867 million.
Grayscale completed rebalancing of its funds. Its DeFi Fund added the Ethena token (ENA) with a 13.59% weighting while removing Aerodrome Finance. In its Smart Contract Platform Ex-Ethereum Fund, Ethereum's weighting increased to 30.14%, once again surpassing Solana's 29.69%.
Chinese asset manager Dan Bin's Oriental Harbor disclosed in its latest 13F that it increased its CRCL holdings by 31,700 shares, valued at approximately $3.02 million.
Although Morgan Stanley's Q1 13F has not yet been disclosed, its Bitcoin ETF (MSBT, fee 0.14%), launched on April 8th, has accumulated net inflows of $193.6 million since inception, with net assets reaching $239.6 million. In its first month, it recorded net inflows for 17 trading days and neutral flows for 5 days, with no single-day net outflows.
Three Signals from Institutional Crypto Allocation
Reviewing these operations reveals three noteworthy trends.
First, institutional interest in allocating to Ethereum is increasing. Jane Street, Wells Fargo, and JPMorgan Chase all increased their Ethereum ETF exposure in Q1, precisely during a period of general market outflows. This reflects some institutions beginning to view it as infrastructure for long-term positioning.
Second, the divergence in views on Bitcoin stems more from strategic differences than judgment disagreements. JPMorgan's systematic accumulation at low levels is typical of a long-term allocation path. Jane Street's significant reduction, combined with its record quarterly revenue, is closer to an adjustment in trading strategy.
Third, crypto-related stocks are becoming an unavoidable allocation option for institutions. With companies like Circle, Coinbase, and MicroStrategy going public or continuing to expand, such stocks have evolved from peripheral targets to core holdings for some institutions. ARK ranks Circle as its sixth-largest holding in ARKK. Oriental Harbor quickly established a position in Circle after its IPO. Circle is up over 50% year-to-date, and the stablecoin infrastructure logic behind it is gaining increasing institutional recognition.
In terms of specific target selection, differentiation is also evident. Galaxy Digital was the stock with the most institutional divergence this quarter—Wells Fargo nearly exited, reducing by about 97%; JPMorgan Chase also reduced its position; but Jane Street increased its holdings from about 17,000 shares to about 1.5 million shares, essentially building a position from scratch. Meanwhile, multiple institutions chose to increase their MicroStrategy holdings, using it as a stock proxy for Bitcoin.
Now, Q2 is also more than half over, and those institutions that consistently added at low levels in Q1 are beginning to see their decisions validated.
In April, Bitcoin rose approximately 11.87%, and Ethereum rose approximately 7.3%. Spot Bitcoin ETFs recorded net inflows of about $2.44 billion in April, hitting a near six-month high, with total AUM exceeding $100 billion for the first time. Among them, BlackRock's IBIT saw net inflows of about $2.013 billion for the month, and Morgan Stanley's MSBT recorded net inflows of about $194 million in its first month. Bitcoin has now reclaimed levels above $80,000, indicating some repair in market risk appetite.
At the time of writing, 13F filings from major institutions and hedge funds like Goldman Sachs, Morgan Stanley, and Millennium have not yet been released. They are expected to be disclosed in the next couple of days, at which point this picture of institutional holding differentiation will become more complete.
