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Wells Fargo Increases Holdings in Bitcoin and Ethereum ETFs and Strategy Stocks in Q1

AirdropBlackHole
On May 13, Wells Fargo disclosed its positions in cryptocurrency ETFs to the U.S. SEC. In the first quarter, the bank increased its holdings in Ethereum ETFs, with a 63.5% increase in its stake in BlackRock's ETHA, rising from 672,600 shares to 1,100,000 shares; its stake in ETHW increased by 37%, from 186,800 shares to 257,000 shares. Despite a net outflow of approximately $769 million from Ethereum spot ETFs in Q1 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. Regarding 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 primary holding, with about $250 million. Wells Fargo also significantly adjusted its holdings in crypto-related stocks: it reduced its stake in Galaxy Digital by 97%, from 2.5 million shares to 78,600 shares; simultaneously, it increased its stake in Strategy by 125%, from 322,700 shares to approximately 726,000 shares.
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