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SOL Wells Fargo adjusted its allocation of crypto assets: Increase its holdings in Strategy, reduce its holdings in Bitcoin ETFs, and deploy Ethereum and Solana
According to Wells Fargo\'s latest regulatory documents, the bank has significantly increased its exposure to Strategy (formerly known as MicroStrategy) while reducing its holdings in BlackRock\'s Bitcoin ETF positions, and made larger investments in Ethereum and Solana-related products.
Summary
Wells Fargo increased its stake in Strategy by 125%, while reducing its holdings in BlackRock\'s Bitcoin ETF. The bank also increased its holdings in the Ethereum ETF, added Solana funds, and expanded its positions in Bitmine and Robinhood. Despite the expansion of overall crypto market exposure, the U.S. Securities and Exchange Commission documents show that the bank reduced its stake in both Coinbase and Galaxy Digital.
According to the bank, which manages US$2.5 trillion in assets, its stake in Michael Saylor\'s Strategy (MSTR) increased by 125% to nearly 726,000 shares, adding approximately US$41.5 million in new exposure.
At the same time, documents show that the bank reduced its position in BlackRock\'s iShares Bitcoin Trust (IBIT) by 75102 shares compared with the previous quarter, while opening a new IBIT call option position and increasing put option exposure during a period of high market uncertainty caused by the US-Iran conflict.
Bitcoin ETF exposure is a rebalancing rather than a direct reduction
Although Wells Fargo reduced its IBIT positions, documents show it has not reduced its Bitcoin exposure across the board. The bank also reduced its positions in the Invesco Galaxy Bitcoin ETF (BTCO), the ARK21 Shares Bitcoin ETF and the Fidelity Wise Origin Bitcoin Fund (FBTC). However, it increased its positions in Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust (GBTC) and Bitwise Bitcoin ETF (BITB), with BITB\'s position increasing 24% from the previous quarter.
In the opposite direction of bitcoin-related investments, Wells Fargo has increased its investment in Ethereum. Documents show that the bank increased its position in BlackRock\'s iShares Ethereum Trust (ETHA) by approximately 65%, to more than 1.1 million shares, worth approximately $17.56 million. The bank also reported holding 257157 shares of Bitwise Ethereum ETF, 4637 shares of grayscale Ethereum Pledged ETF and 623 shares of VanEck Ethereum ETF (ETHV).
Thedocument also disclosed the bank\'s first positions in Solana\'s investment products. Wells Fargo purchased 13280 shares of Gray Solana Trust (GSOL) and 1638 shares of Fidelity Solana Fund (FSOL), increasing Solana exposure to existing Bitcoin and Ethereum configurations.
Crypto stock buying is biased towards treasury companies
In addition to exchange-traded funds, Wells Fargo has also increased its investment in a number of cryptocurrency-related companies. Its position in Bitmine Immersion (BMNR) increased from 2323 shares to 21547 shares, an increase of approximately 828%, raising its exposure to the company\'s Ethereum treasury strategy to approximately $426,000.
The documents also show that the bank has added new positions in Bitcoin Corporation of America (ABTC), a bitcoin vault company backed by the Trump family, and Strive Asset Management\'s vault tools (ASST). At the same time, Wells Fargo increased its stake in Robinhood (HOOD) by 65% to approximately 2.56 million shares and opened put options positions worth nearly $116,000.
Robinhood has also attracted interest from other institutional investors recently. For example, Cathie Wood\'s ARK Invest purchased approximately $25.54 million in shares of Coinbase, SpaceX, Circle, Bullish and Robinhood through its multiple exchange-traded funds. Robinhood was one of the new companies in that round of purchases.
Not all crypto-related stocks have received additional funding. According to SEC filings, Wells Fargo cut its stake in Galaxy Digital by approximately 97%, and reduced its position in Coinbase (COIN) by approximately 25%, indicating that the bank has adjusted its individual stock positions while maintaining overall exposure to Bitcoin, Ethereum, Solana and crypto vault companies.
