Key Takeaways
- Jane Street reduced Bitcoin ETF positions dramatically in Q1 2026, with BlackRock’s IBIT down 71% and Fidelity’s FBTC down 60%.
- The trading giant poured approximately $82 million into Ether ETF positions, nearly doubling its BlackRock Ethereum Trust stake.
- Strategy holdings plummeted roughly 78% from the previous quarter, dropping from approximately $146 million to $27 million.
- Positions in Coinbase, Riot Platforms, and Galaxy Digital expanded significantly despite the Bitcoin ETF exodus.
- Jane Street achieved record-breaking trading revenue of $16.1 billion in Q1 2026.
Proprietary trading powerhouse Jane Street executed a significant strategic pivot in its cryptocurrency-related holdings throughout Q1 2026, dramatically reducing Bitcoin ETF exposure while substantially increasing Ethereum fund positions.
A 13F filing released Tuesday revealed the firm reduced its holdings in BlackRock’s iShares Bitcoin Trust by approximately 71%, bringing its position down to roughly 5.9 million shares with a value near $225 million. Meanwhile, its Fidelity Bitcoin fund stake dropped approximately 60% to around 2 million shares, representing nearly $115 million in value.
Simultaneously, Jane Street nearly doubled its investment in BlackRock’s iShares Ethereum Trust while making substantial additions to Fidelity’s Ethereum fund. The combined Ether ETF purchases totaled approximately $82 million throughout the quarter.
This repositioning mirrors emerging patterns of institutional appetite for Ether ETFs in 2026, with major financial institutions including Wells Fargo similarly expanding their exposure.
Dramatic Reduction in Strategy Position
Jane Street’s retreat from Bitcoin-related investments went well beyond spot ETF products. The firm’s holdings in Strategy, Michael Saylor’s company known for its substantial Bitcoin treasury, plunged from approximately 968,000 shares in Q4 2025 to roughly 210,000 shares by Q1 2026’s conclusion.
This represents a quarter-over-quarter decline of approximately 78%, slashing the position’s value from nearly $146 million to about $27 million.
The reduction marks a complete reversal from the previous quarter’s activity. Jane Street had boosted its Strategy position by roughly 473% during Q4 2025.
Additionally, the firm decreased holdings across multiple Bitcoin mining operations during this period, including IREN, Cipher Mining, TeraWulf, and Core Scientific.
Strategic Increases in Select Crypto Equities
Despite widespread reductions in Bitcoin-focused holdings, Jane Street strategically expanded positions in specific crypto-related stocks.
Riot Platforms holdings grew from approximately 5 million to around 7.4 million shares. This position’s reported value increased from roughly $63 million to about $91 million.
Coinbase stake expanded from around 778,000 shares to approximately 888,000 shares. This position was valued at roughly $155 million when the quarter closed.
The most dramatic expansion occurred in Galaxy Digital holdings. Jane Street’s position surged from around 17,000 shares to roughly 1.5 million shares, escalating the value from about $380,000 to nearly $28 million.
These targeted increases indicate the firm adopted a selective approach rather than executing a wholesale exit from cryptocurrency-linked equities.
Importantly, 13F disclosures exclusively reveal long positions held at quarter-end. They provide no visibility into the firm’s complete trading activities, short positions, or derivatives strategies.
Jane Street posted record-breaking trading revenue of $16.1 billion for Q1 2026, Reuters reported, fueled partially by turbulent market conditions and profits linked to artificial intelligence investments.
In related developments, the firm currently faces litigation from the Terraform Labs bankruptcy estate, which claims Jane Street participated in insider trading related to the 2022 TerraUSD collapse. Jane Street has requested judicial dismissal of the lawsuit.
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