Jane Street Significantly Adjusts Crypto Holdings in Q1: Reduces Bitcoin ETFs and Strategy, Increases Ethereum ETFs and Galaxy Digital

On May 14, according to a 13F filing submitted on Tuesday, Wall Street active proprietary trading firm Jane Street made significant adjustments to its crypto asset holdings in the first quarter of 2026. The company substantially reduced its positions in BlackRock and Fidelity’s spot Bitcoin ETFs, which were established in the fourth quarter of 2025. The holdings in BlackRock’s IBIT decreased by approximately 71% to 5.9 million shares (about $225 million), while Fidelity’s FBTC holdings fell by about 60% to 2 million shares (approximately $115 million). Additionally, the company’s stake in MicroStrategy (now Strategy) was reduced from about 968,000 shares to 210,000 shares, with a value dropping from nearly $146 million to around $27 million. Jane Street also reduced its shares in several Bitcoin mining companies, including IREN and Cipher Mining. Meanwhile, the firm significantly increased its exposure to Ethereum ETFs, with a total increase of about $82 million in BlackRock and Fidelity’s Ethereum ETFs. The company also increased its holdings in Riot Platforms (up to 7.4 million shares, valued at approximately $91 million) and Coinbase (up to about 888,000 shares). The largest increase was in Galaxy Digital, where holdings surged from about 17,000 shares to approximately 1.5 million shares, with a value rising from about $380,000 to around $28 million. The 13F filing only reflects reportable long positions as of the end of March and does not include the complete trading book or derivatives and short positions. As one of the largest ETF market makers globally, Jane Street’s quarterly adjustments are closely watched by institutional investors. Additionally, according to Reuters, Jane Street achieved a record trading revenue of $16.1 billion in the first quarter of 2026.