Wells Fargo has significantly reshaped its cryptocurrency-related holdings in a recent SEC filing, increasing its stake in Strategy (formerly MicroStrategy) by 125%, adding roughly $41.5 million in new exposure. The bank also expanded positions in Ethereum funds, Solana products, and crypto-related equities like Bitmine and Robinhood, while reducing its holdings in several spot Bitcoin exchange-traded funds, including BlackRock’s IBIT and the ARK 21Shares Bitcoin ETF.
Wells Fargo increased its stake in Strategy by 125%, bringing its total to nearly 726,000 shares. The additional exposure cost approximately $41.5 million, according to the filing.
The bank reduced its position in BlackRock’s iShares Bitcoin Trust (IBIT) by 75,102 shares from the previous quarter. It also opened a new IBIT call position and increased put exposure on the trust.
IBIT cuts coincided with uncertainties surrounding the U.S.-Iran conflict, indicating a shift toward a more defensive stance. The bank also cut holdings in the Invesco Galaxy Bitcoin ETF, the ARK 21Shares Bitcoin ETF, and the Fidelity Wise Origin Bitcoin Fund.
Wells Fargo added to other Bitcoin-linked holdings during the same period. It boosted positions in the Grayscale Bitcoin Mini Trust, the Grayscale Bitcoin Trust, and the Bitwise Bitcoin ETF, increasing its Bitwise Bitcoin ETF stake by 24%.
Ethereum-related products rose in the filing. The bank raised its holding in BlackRock’s iShares Ethereum Trust by about 65%, acquiring over 1.10 million shares valued at nearly $17.56 million.
Other Ethereum positions included 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. Solana was first recorded in the reported positions, with 13,280 shares of Grayscale Solana Trust and 1,638 shares of the Fidelity Solana Fund.
The bank raised its Bitmine Immersion stake from 2,323 shares to 21,547 shares, representing an increase of 828%. The position was valued at roughly $426,000.
The filing revealed new roles at American Bitcoin Corp. and Strive Asset Management’s treasury vehicle. American Bitcoin Corp. has the backing of the Trump family.
Wells Fargo also increased its investment in Robinhood by 65%, to approximately 2.56 million shares. New Robinhood put option positions worth close to $116,000 were also disclosed.
