Jane Street reduced several major Bitcoin-linked holdings during the first quarter of 2026 while adding exposure to Ether exchange-traded funds and selected crypto equities, according to its latest 13F filing.
The Wall Street trading firm sharply cut positions in two leading spot Bitcoin ETFs after building large exposure during late 2025. Its holding in BlackRock’s iShares Bitcoin Trust fell about 71% quarter-over-quarter to roughly 5.9 million shares, valued near $225 million at the end of March.
Jane Street also reduced its stake in Fidelity’s Wise Origin Bitcoin Fund by about 60%, ending the quarter with around 2 million shares worth nearly $115 million. The filing showed a broad reduction in reportable Bitcoin ETF exposure during a period of volatile crypto and equity markets.
The firm also lowered its position in Strategy, the Bitcoin treasury company led by Michael Saylor. Jane Street held about 968,000 Strategy shares in the fourth quarter of 2025, worth nearly $146 million. By the end of the first quarter of 2026, that holding had fallen to around 210,000 shares, valued near $27 million.
Bitcoin ETF and MSTR Holdings Decline
Jane Street’s sale of Strategy shares followed a sharp increase in the previous quarter, when the firm reportedly raised its MSTR position by about 473%. The quick reversal suggests active portfolio adjustment rather than a long-term exit signal from all crypto-related assets.
Strategy remains closely tied to Bitcoin because of its large corporate treasury. The company recently sold 231,324 shares of its own Class A common stock between May 4 and May 10, raising $42.9 million. It used those proceeds to buy 535 Bitcoin at an average price of $80,340 per coin.
Strategy also sold 1,412 shares of STRC preferred stock during the same period, raising about $0.1 million. Separately, company director Jarrod M. Patten sold 2,750 MSTR shares on May 11 at an average price of $191.59, totaling about $526,872.50.
Jane Street also trimmed exposure to several Bitcoin mining companies, including IREN, Cipher Mining, TeraWulf and Core Scientific. Mining stocks often move with Bitcoin prices, network economics and power-cost expectations, making them more volatile than some other crypto-linked equities.
Ethereum ETF Exposure Moves Higher
While Jane Street reduced Bitcoin-linked holdings, it increased exposure to Ethereum funds. The firm nearly doubled its position in BlackRock’s iShares Ethereum Trust during the quarter and also added to Fidelity’s Ethereum fund.
Combined additions across those two Ether products totaled about $82 million. The change points to a shift within Jane Street’s reportable crypto holdings, moving part of its exposure away from Bitcoin products and toward Ether-based funds.
The move came as some institutional investors started adding Ether ETF exposure in early 2026. Other firms, including Wells Fargo, have also reported positions in Ether-linked products.
The filing does not explain Jane Street’s reasoning. As a trading and market-making firm, Jane Street may adjust positions because of hedging, liquidity demand, relative-value trading, client flow or risk controls. A 13F filing only shows certain long holdings at quarter-end and does not show derivatives, shorts or full net exposure.
Coinbase, Riot and Galaxy Positions Rise
Jane Street did not reduce every crypto-linked position. The firm increased its holdings in several selected crypto equities during the same quarter.
Its Riot Platforms position rose to about 7.4 million shares from nearly 5 million shares. The value of that stake climbed to roughly $91 million. Riot remains tied to Bitcoin mining, but Jane Street’s larger position shows that the firm did not make a uniform retreat from mining exposure.
Jane Street also increased its Coinbase stake to around 888,000 shares from about 778,000 shares. Coinbase remains one of the largest publicly traded crypto exchanges and often benefits from higher trading activity, ETF custody demand and broader crypto market participation.
The largest reported increase came through Galaxy Digital. Jane Street’s Galaxy holdings rose to about 1.5 million shares from around 17,000 shares in the previous quarter. The value of the position increased from about $380,000 to roughly $28 million.
The portfolio changes came as Jane Street reported strong company-wide trading results. Reuters reported that the firm generated a record $16.1 billion in trading revenue during the first quarter of 2026, supported by volatile markets and gains tied to artificial intelligence investments.
Jane Street also remains involved in legal proceedings related to the 2022 TerraUSD collapse. The firm has asked a U.S. court to dismiss a lawsuit filed by the Terraform Labs bankruptcy estate, denying claims that its trading activity relied on confidential information.
