Jane Street dumped more than $900 million in Bitcoin ETF exposure in Q1 2026 and migrated that allocation into Ethereum products, its 13F filing confirms.
TLDR
- Jane Street reduced its BlackRock IBIT stake by approximately 71%, cutting to roughly 5.9 million shares worth nearly $225 million at quarter-end.
- Combined Bitcoin ETF holdings across IBIT and Fidelity’s FBTC cratered from approximately $1.25 billion to $340 million quarter-over-quarter.
- The firm added roughly $82 million combined to BlackRock’s ETHA and Fidelity’s FETH Ethereum products.
- MicroStrategy’s exposure collapsed approximately 78%, while Coinbase, Galaxy Digital, and Riot Platforms’ positions each expanded.
The filing landed on May 13, 2026. It reflects long equity and ETF positions held as of March 31 only. 13F data omits Jane Street’s derivatives ledger, short positions, and intra-quarter trading activity entirely. The firm functions as a major market maker, meaning its reported longs serve arbitrage, basis trading, and inventory management rather than outright price speculation.
Bitwise advisor Jeff Park said in his latest X post,
“JANE STREET SLASHED ITS BITCOIN ETF EXPOSURE IN Q1 2026, CUTTING IBIT BY ~71% AND FBTC BY ~60%, ACCORDING TO ITS LATEST 13F FILING”
Bitcoin Exposure Cut
Jane Street entered Q1 holding approximately 20 million IBIT shares. It exited with 5.9 million. That 71% reduction, priced against Bitcoin’s $79,000 to $81,000 trading range as of mid-May 2026, leaves roughly $225 million in residual IBIT exposure.
Fidelity’s FBTC absorbed a parallel cut. Jane Street unwound approximately 60% of that stake, reducing it to roughly 2 million shares worth $115 million at quarter-end. Combined across both ETFs, reported long Bitcoin exposure cratered from roughly $1.25 billion to approximately $340 million in a single quarter.
MicroStrategy took the worst of it. Jane Street wiped out approximately 78% of its MSTR position from the prior quarter. MSTR shares carry structural leverage to Bitcoin price movements and have historically traded at a premium to underlying net asset value, making them a poor instrument for firms managing precise delta exposure.
Ethereum Positioning Expands
Jane Street nearly doubled its BlackRock ETHA stake and substantially built its Fidelity FETH position. The two moves combined injected roughly $82 million in Ethereum ETF exposure at quarter-end valuations. Ethereum itself traded between $2,247 and $2,290 as of mid-May 2026.
Wells Fargo disclosed parallel ETH ETF accumulation during the same quarter in its own 13F filing. Jane Street did not act alone.
Crypto Equity Adjustments
The firm avoided a blanket exit from crypto-linked equities. Coinbase, Galaxy Digital, and Riot Platforms each absorbed increased positions in Jane Street’s Q1 filing. Coinbase generates revenue across spot trading, staking, and institutional custody, diversifying its income well beyond directional Bitcoin exposure. Galaxy Digital spans trading, asset management, and venture operations.
Jane Street trimmed certain Bitcoin miner names during the quarter. The filing does not specify which positions or by how much.
Context and Interpretation
Jane Street accumulated its Bitcoin ETF positions aggressively through late 2025, coinciding with the post-approval build phase for U.S. spot Bitcoin products. Q1 2026 reversed that trajectory. FinanceFeeds first reported the filing’s key figures, characterizing the moves as a sharp reduction in Bitcoin-related exposure alongside increased Ether ETF holdings.
13F snapshots freeze one moment in time. They cannot confirm whether Jane Street ran offsetting short positions, deployed Bitcoin futures as hedges against its remaining ETF longs, or executed significant intra-quarter rotations that reversed before March 31.
Market makers hold ETF inventory to facilitate client flow. The Q1 filing cannot tell you the firm’s net position. It can tell you the inventory mix has changed.
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Disclaimer: This article on Cryptowealthnet is only for informational purposes and does not constitute investment advice. Cryptocurrency markets are volatile, and readers should conduct their own research before making financial decisions.
