Key Takeaways
- Jane Street reduced Bitcoin ETF positions dramatically in Q1 2026, with a 71% decline in BlackRock’s IBIT and a 60% reduction in Fidelity’s FBTC.
- The trading giant injected approximately $82 million into Ether ETF positions, nearly doubling its BlackRock Ethereum Trust holdings.
- Strategy holdings collapsed by roughly 78% from the previous quarter, dropping from approximately $146 million to $27 million.
- The firm expanded its stakes in Coinbase, Riot Platforms, and Galaxy Digital while retreating from Bitcoin-focused investments.
- Jane Street achieved record trading revenue of $16.1 billion in Q1 2026.
Proprietary trading powerhouse Jane Street executed a significant rebalancing of its cryptocurrency portfolio throughout Q1 2026, dramatically reducing Bitcoin ETF exposure while simultaneously amplifying its Ethereum fund positions.
Based on a 13F regulatory filing released Tuesday, the trading firm reduced its holdings in BlackRock’s iShares Bitcoin Trust by approximately 71%, leaving it with roughly 5.9 million shares valued at about $225 million. Meanwhile, its stake in Fidelity’s Bitcoin fund decreased by approximately 60%, down to around 2 million shares worth nearly $115 million.
Simultaneously, Jane Street expanded its BlackRock iShares Ethereum Trust position to almost twice its previous size. The firm also made substantial additions to Fidelity’s Ethereum fund. Collectively, these Ether ETF acquisitions represented approximately $82 million in new capital deployed during the quarter.
These strategic adjustments align with growing institutional appetite for Ether ETFs throughout 2026, with major financial institutions such as Wells Fargo similarly expanding their Ethereum exposure.
Michael Saylor’s Strategy Position Collapses
Jane Street’s withdrawal from Bitcoin-associated investments wasn’t limited to exchange-traded funds. The firm’s holdings in Strategy, Michael Saylor’s company renowned for its substantial Bitcoin treasury, plummeted from approximately 968,000 shares in Q4 2025 to roughly 210,000 shares by Q1 2026’s conclusion.
This represents a dramatic 78% quarter-over-quarter decline, shrinking the position’s value from nearly $146 million to approximately $27 million.
The reduction is particularly striking given the preceding quarter’s activity. Jane Street had aggressively increased its Strategy position by roughly 473% during Q4 2025.
The firm similarly reduced positions across multiple Bitcoin mining operations throughout the quarter, including IREN, Cipher Mining, TeraWulf, and Core Scientific.
Strategic Increases in Coinbase, Riot, and Galaxy
Notwithstanding the widespread reduction in Bitcoin-focused holdings, Jane Street strategically amplified exposure to select cryptocurrency-related equities.
Riot Platforms holdings expanded from approximately 5 million to around 7.4 million shares. The disclosed value of this position increased from roughly $63 million to about $91 million.
Coinbase shares rose from around 778,000 to approximately 888,000. This position was valued at roughly $155 million at quarter’s end.
The most dramatic expansion occurred with Galaxy Digital. Jane Street’s position surged from around 17,000 shares to roughly 1.5 million, escalating the value from about $380,000 to nearly $28 million.
These targeted increases indicate the firm pursued a selective strategy rather than executing a wholesale exit from cryptocurrency-related equity exposure.
It’s important to recognize that 13F filings exclusively disclose long positions held at quarter-end. They don’t reveal the firm’s complete trading portfolio, short positions, or derivatives strategies.
Jane Street also delivered record trading revenue of $16.1 billion for Q1 2026, according to Reuters, propelled partly by market volatility and profits associated with artificial intelligence investments.
In separate legal developments, the firm 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 petitioned the court to dismiss the lawsuit.
