Wells Fargo boosts Strategy stake 125% while trimming Bitcoin ETF

Wells Fargo rotated $41.5 million into Strategy shares while paring its BlackRock Bitcoin ETF position, a quarterly filing shows.

Wells Fargo boosted its Strategy stake 125% to about 726,000 shares while trimming its BlackRock iShares Bitcoin Trust position by 75,102 shares, a July 9 SEC filing shows.

The $2.5 trillion asset manager disclosed the changes in its quarterly 13F filing with the Securities and Exchange Commission, which provides a snapshot of its US-listed equity holdings as of June 30.

Beyond the IBIT reduction, Wells Fargo cut positions in the Invesco Galaxy Bitcoin ETF, the ARK 21Shares Bitcoin ETF, and the Fidelity Wise Origin Bitcoin Fund. It added to the Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust, and Bitwise Bitcoin ETF, with the BITB stake rising 24% from the prior quarter. The bank also opened a new IBIT call position and increased its put exposure during a period of heightened market uncertainty linked to the US-Iran conflict.

The rebalancing shows major US banks treating crypto exposure as a multi-asset allocation decision rather than a binary bet on Bitcoin. By rotating into Strategy — a corporate Bitcoin proxy — and expanding into Ethereum and Solana products, Wells Fargo is diversifying its digital asset footprint across instruments and blockchains.

Ethereum and Solana exposure expand

Wells Fargo increased its BlackRock iShares Ethereum Trust holdings by about 65% to more than 1.10 million shares valued at roughly $17.56 million. The bank also reported positions in the Bitwise Ethereum ETF, the Grayscale Ethereum Staking ETF, and VanEck's Ethereum ETF.

For the first time, the filing showed Solana exposure. Wells Fargo purchased 13,280 shares of the Grayscale Solana Trust and 1,638 shares of the Fidelity Solana Fund, adding a third blockchain to its digital asset allocation.

Crypto stock holdings show selective rotation

On the equity side, Wells Fargo increased its Bitmine Immersion stake by 828% to 21,547 shares and boosted its Robinhood position by 65% to about 2.56 million shares. It also opened new positions in American Bitcoin Corp. and Strive Asset Management's treasury vehicle.

The bank sharply reduced its Galaxy Digital stake by about 97% and cut its Coinbase position by about 25%, signaling a selective approach to crypto equity exposure that favors Bitcoin treasury companies over trading and mining firms.

This article is for informational purposes only and does not constitute investment advice.