Jane Street Cashes Out Bitcoin Chips

A Wall Street titan just reshuffled the deck. The latest 13F filing shows Jane Street slashed Bitcoin exposure and rotated capital into Ether and crypto equities. The signal is unmistakable.

🔹 Bitcoin ETFs Got Dismantled
Jane Street cut BlackRock's IBIT by roughly 71%, leaving about 5.9 million shares worth approximately $225 million . Fidelity's FBTC dropped about 60% to around 2 million shares valued near $115 million . This was not a trim. This was a strategic exit from core Bitcoin ETF positions built up in late 2025.

🔹 The MicroStrategy Exit
The Strategy stake collapsed from about 968,000 shares to roughly 210,000 shares. Reported value plunged from nearly $146 million to about $27 million, a 78% quarter-over-quarter decline . The same firm that boosted MSTR exposure by 473% in Q4 2025 reversed course hard . Bitcoin miners also took hits. IREN, Cipher Mining, TeraWulf, and Core Scientific positions all got reduced .

🔹 Ether ETFs Got The Capital
The money did not leave crypto. It rotated. Jane Street added approximately $82 million combined across BlackRock's ETHA and Fidelity's FETH . The ETHA position nearly doubled during the quarter . This mirrors moves at Wells Fargo and signals early institutional accumulation in Ether products.

🔹 The Surprise Winners
Riot Platforms holdings jumped from about 5 million shares to 7.4 million shares, valued at roughly $91 million . Coinbase exposure rose to approximately 888,000 shares .

The biggest move was Galaxy Digital. Holdings skyrocketed from roughly 17,000 shares to about 1.5 million shares. Reported value exploded from around $380,000 to approximately $28 million .

🔹 Context Matters
Jane Street posted a record $16.1 billion in trading revenue in Q1 2026 . This firm is one of the largest ETF market makers globally. Its quarterly filings are closely watched by institutional investors. The 13F reflects reportable long positions as of March 31 only. It excludes derivatives, short positions, and the broader trading book .

The Bottom Line
Bitcoin ETFs got chopped 60% to 71%. MicroStrategy shed 78%. Bitcoin miners trimmed. Ether ETFs added $82 million. Galaxy Digital multiplied nearly 88 times. The smart money is rotating, not retreating. One of Wall Street's sharpest trading desks is betting the next leg runs through Ethereum and crypto equities.

Friends, is this a warning sign for Bitcoin dominance or just one firm taking profits after a massive run?
#JaneStreetReducesBitcoinETFHoldings