Jane Street Cuts Bitcoin ETF Holdings, Adds Ether Funds in Q1 2026

Jane Street reduced its exposure to Bitcoin exchange-traded funds in the first quarter of 2026 while increasing positions in Ether funds, according to a 13F filing published Tuesday.

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The firm cut major Bitcoin ETF holdings including BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC), with IBIT holdings falling about 71% to roughly 5.9 million shares valued at about $225 million and FBTC dropping about 60% to around 2 million shares worth roughly $115 million.

Cointelegraph

At the same time, Jane Street increased its exposure to Ether ($ETH) ETFs, nearly doubling its position in BlackRock’s iShares Ethereum Trust (ETHA) and sharply raising its stake in Fidelity Ethereum Fund (FETH), adding about $82 million combined across the two products over the quarter.

The filing also showed Jane Street weakening its Bitcoin-linked exposure by reducing its stake in Michael Saylor’s Strategy (MSTR) alongside the ETF cuts, with MSTR shares falling from about 968,000 in Q4 2025 to about 210,000 by Q1 2026.

Jane Street’s Q1 2026 trading results included a record $16.1 billion in trading revenue, according to Reuters, as volatile markets and gains tied to artificial intelligence-related investments boosted financial results.

Beyond the ETF reductions, Jane Street trimmed its Strategy (MSTR) stake after earlier building exposure, with the common stock stake falling to about 210,000 shares valued at roughly $27 million by the end of Q1 2026.

The filing described a reversal after Strategy selling followed significant buying in the previous quarter, when Jane Street reportedly increased its MSTR position by 473% in Q4 2025.

crypto.news

Jane Street also reduced exposure across several Bitcoin mining stocks, including IREN, Cipher Mining, TeraWulf and Core Scientific, as part of the broader pullback in Bitcoin-linked positions.

In contrast, the same 13F disclosures showed Jane Street increasing exposure to selected crypto equities, including Riot Platforms (RIOT), which rose to about 7.4 million shares from 5 million and lifted its reported value to roughly $91 million.

The disclosures emphasized that 13F disclosures do not show the firm’s full trading book or net exposure, even as they captured reportable long holdings at quarter-end.

The 13F-driven reshuffling of crypto-linked holdings came as Jane Street faced renewed legal scrutiny tied to the 2022 collapse of TerraUSD, with crypto.news describing an April filing in the Southern District of New York.

“Jane Street has reduced several major Bitcoin-linked holdings during the first quarter of 2026 while adding to its exposure across Ether ETFs and selected crypto equities”

crypto.news

In that filing, Jane Street asked a U.S. court to dismiss a lawsuit brought by the bankruptcy estate of Terraform Labs, which accused the market maker of insider trading connected to the stablecoin meltdown.

crypto.news reported that Jane Street argued the complaint attempted to “extract cash” from the firm for conduct tied to Terraform’s own fraud, and it disputed claims that its trading activity during May 2022 relied on confidential information tied to Terraform’s liquidity operations.

Separately, the filing showed Jane Street increasing stakes in crypto-linked equities, including Coinbase (COIN) to about 888,000 shares from 778,000, and Galaxy Digital (GLXY) to about 1.5 million shares from just around 17,000.

The same reporting tied the equity increases to the broader pattern of contracting Bitcoin ETF and Strategy exposure while expanding Ether ETF exposure, with combined additions across the two Ether products totaling about $82 million.