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.
Summary
- Jane Street cut major Bitcoin ETF holdings in Q1 2026 while adding exposure to Ether funds.
- The trading firm sharply reduced its Strategy stake after boosting the position during late 2025.
According to a 13F filing released Tuesday, the Wall Street trading firm sharply lowered its positions in spot Bitcoin ETFs tied to BlackRock and Fidelity Investments, cutting holdings in the iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund after building sizeable exposure late last year.
BlackRock’s IBIT position dropped about 71% quarter-over-quarter to roughly 5.9 million shares valued near $225 million, while Fidelity’s FBTC stake fell about 60% to around 2 million shares worth nearly $115 million at quarter-end.
At the same time, filings show Jane Street expanded its Ether ETF exposure. Holdings in BlackRock’s iShares Ethereum Trust nearly doubled during the quarter, while the firm also added substantially to Fidelity’s Ethereum fund. Combined additions across the two Ether products totaled about $82 million.
Quarter-end disclosures also pointed to a pullback in other Bitcoin-linked positions. Shares of Strategy, the company led by Michael Saylor, fell from about 968,000 shares in Q4 2025 to roughly 210,000 shares by the end of Q1 2026. The value of that position declined from nearly $146 million to around $27 million.
Earlier filings had shown Jane Street raising its Strategy position by roughly 473% during the previous quarter before reversing course in early 2026.
Ether exposure rises as Bitcoin positions contract
Beyond ETF reductions, Jane Street also trimmed stakes across several Bitcoin mining firms, including IREN, Cipher Mining, TeraWulf, and Core Scientific.
Elsewhere in the filing, however, the firm increased exposure to a handful of crypto-related equities despite the retreat from several Bitcoin products.
Riot Platforms holdings rose to about 7.4 million shares from nearly 5 million shares in the prior quarter, lifting the reported value of the position to roughly $91 million. Jane Street also increased its stake in Coinbase to around 888,000 shares from about 778,000 previously.
The largest increase came through Galaxy Digital. Holdings climbed to roughly 1.5 million shares after standing near 17,000 shares in Q4 2025, according to the filing. The reported value attached to the position rose from around $380,000 to roughly $28 million.
While the filing outlines Jane Street’s reportable long holdings at the end of March, 13F disclosures do not capture the firm’s complete trading book or reveal net positioning tied to derivatives and short exposure.
Separate reporting from Reuters said Jane Street generated a record $16.1 billion in trading revenue during Q1 2026 as volatile market conditions and gains tied to artificial intelligence investments supported results.
Earlier this year, Jane Street was also drawn into renewed legal scrutiny tied to the 2022 collapse of TerraUSD. In an April filing before the Southern District of New York, the firm 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.
Court filings reviewed by crypto.news showed Jane Street arguing the complaint attempted to “extract cash” from the firm for conduct tied to Terraform’s own fraud. The company also disputed claims that its trading activity during May 2022 relied on confidential information tied to Terraform’s liquidity operations.
Bankruptcy administrator Todd Snyder had alleged in the February complaint that communications between former Terraform personnel and Jane Street employees may have provided access to sensitive internal information before TerraUSD lost its dollar peg. Jane Street denied the allegations and argued that key liquidity pool changes referenced in the lawsuit had already been publicly disclosed weeks before the collapse.
Credit: Source link
