Wells Fargo increased its holdings in Bitcoin and Ethereum ETFs and strategy stocks in Q1, while reducing its holdings in Galaxy Digital stocks

According to Bits.media, Wells Fargo disclosed its holdings in cryptocurrency ETFs to the U.S. SEC. In the first quarter, the bank increased its position in Ethereum ETFs, with a 63.5% increase in shares of BlackRock's iShares Ethereum Trust ETF (ETHA), rising from 672,600 shares to 1,100,000 shares; and a 37% increase in shares of Bitwise Ethereum ETF (ETHW), rising from 186,800 shares to 257,000 shares. Despite a net outflow of approximately $769 million from Ethereum spot ETFs in the first quarter and a 29% drop in ETH prices, Wells Fargo still holds about $21.5 million in Ethereum ETFs, with BlackRock products accounting for $17.6 million.

In terms of Bitcoin ETFs, the bank's investments in Bitwise Bitcoin ETF and Grayscale Bitcoin Mini Trust grew by approximately 24% and 41%, respectively. BlackRock's iShares Bitcoin Trust remains the main holding, at about $250 million. Wells Fargo also significantly adjusted its holdings in cryptocurrency-related stocks: it reduced its stake in Galaxy Digital by 97%, from 2.5 million shares to 78,600 shares; while increasing its stake in Strategy by 125%, from 322,700 shares to approximately 726,000 shares.