Wells Fargo’s latest SEC filing reveals a notable reshuffle of its crypto bets — boosting positions in MicroStrategy, Ethereum and Solana-linked products while trimming some BlackRock Bitcoin exposure and selectively reallocating across other BTC ETFs and crypto equities.
Top moves
- MicroStrategy (MSTR): Increased the stake by 125% to nearly 726,000 shares, adding roughly $41.5 million of exposure.
- BlackRock iShares Bitcoin Trust (IBIT): Trimmed holdings by 75,102 shares versus the prior quarter, but also opened a new IBIT call position and increased put option exposure — a move the bank made amid heightened market uncertainty tied to the U.S.-Iran tensions.
- Other Bitcoin ETFs: Reduced stakes in Invesco Galaxy Bitcoin ETF (BTCO), ARK 21Shares Bitcoin ETF, and Fidelity Wise Origin Bitcoin Fund (FBTC). Conversely, Wells Fargo added to Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust (GBTC), and raised its Bitwise Bitcoin ETF (BITB) position by about 24%.
- Ethereum exposure: Lifted BlackRock’s iShares Ethereum Trust (ETHA) by roughly 65%, to more than 1.10 million shares (about $17.56 million). The filing also shows holdings of 257,157 shares of the Bitwise Ethereum ETF, 4,637 shares of the Grayscale Ethereum Staking ETF, and 623 shares of VanEck’s Ethereum ETF (ETHV).
- Solana debut: Reported first-time positions in Solana products — 13,280 shares of Grayscale Solana Trust (GSOL) and 1,638 shares of Fidelity Solana Fund (FSOL).
- Crypto-linked equities and treasury plays: Big increases in smaller names — Bitmine Immersion (BMNR) jumped from 2,323 to 21,547 shares (an ~828% rise), lifting exposure to its Ethereum treasury strategy to about $426,000. New stakes were also recorded in American Bitcoin Corp. (ABTC) and Strive Asset Management’s treasury vehicle (ASST).
- Robinhood (HOOD): Expanded equity stake by 65% to roughly 2.56 million shares, while initiating put option positions valued at nearly $116,000.
- Cuts elsewhere: The bank slashed its Galaxy Digital stake by roughly 97% and trimmed Coinbase (COIN) holdings by about 25%.
What this suggests
Wells Fargo’s moves show a mix of tactical hedging and diversified crypto exposure. The options activity around IBIT and shifts across various BTC ETFs indicate hedging against short-term volatility, while larger buys in MSTR, ETHA and new Solana plays point to broader strategic allocation across crypto-native assets and companies with crypto treasuries.
The filing offers a snapshot of how a major institutional player is balancing risk and opportunity in digital-assets exposure — reallocating among ETFs, staking-focused products, spot-like trusts, and equities tied to crypto infrastructure and treasuries.
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