Wells Fargo has shifted its ETF strategy, increasing its holdings in Ethereum ETFs while reducing its Bitcoin ETF exposure in Q1 2026. According to the company's 13F filing with the U.S. Securities and Exchange Commission, Wells Fargo boosted its investments in the Bitwise Ethereum ETF (ETHW) by 37% to 257,000 shares and in BlackRock’s iShares Ethereum Trust ETF (ETHA) by 63.5% to approximately 1.1 million shares.
This strategic move comes amid volatile price movements for both cryptocurrencies. Ethereum's price fell from $2,966 at the start of 2026 to $2,023 by the end of Q1, while Bitcoin's price dropped from $87,000 to $66,000 during the same period. Despite the downturn, Ethereum ETFs experienced $2.03 billion in inflows, with outflows at $2.79 billion, compared to Bitcoin ETFs, which saw $8.02 billion in inflows but $8.52 billion in outflows. Meanwhile, J.P. Morgan has taken a different approach, investing in a Spot Bitcoin ETF and other Bitcoin-related funds.
Wells Fargo Increases Ethereum ETF Holdings, Reduces Bitcoin Exposure
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