Jane Street, one of the most influential quantitative trading firms on Wall Street, slashed roughly 71% of its flagship Bitcoin ETF position in Q1 2026 while simultaneously funneling about $82 million into Ethereum-based ETFs. The move, disclosed in 13F filings reflecting holdings as of March 31, 2026, amounts to one of the most visible institutional rotations between the two largest crypto assets this year.
The firm’s stake in BlackRock’s iShares Bitcoin Trust (IBIT) dropped to approximately 5.9 million shares, valued at around $225 million. Its position in the Fidelity Wise Origin Bitcoin Fund (FBTC) was trimmed by about 60%. Meanwhile, Jane Street nearly doubled its holdings in BlackRock’s iShares Ethereum Trust (ETHA) and increased its allocation to Fidelity’s Ethereum fund (FETH).
What the numbers actually show
Bitcoin was trading below $80K at various points during the quarter, which may have influenced the timing of these adjustments.
The firm also reduced its MicroStrategy (MSTR) position by approximately 78%. On the flip side, Jane Street increased its stake in Galaxy Digital to 1.5 million shares and boosted positions in both Riot Platforms and Coinbase.
The delta-neutral wrinkle
Jane Street runs sophisticated derivatives strategies across every asset class it touches. The reported use of delta-neutral trades between BTC and ETH derivatives means these ETF position changes may be one leg of a much larger, hedged trade that doesn’t show up in a 13F. These filings capture long equity and options positions. They don’t capture short positions, futures, swaps, or anything traded over-the-counter.
Jane Street reported record trading revenue of $16.1 billion for Q1 2026.
What this means for investors
For Ethereum, this is a meaningful signal. ETH ETFs have struggled to match Bitcoin ETF momentum in terms of net flows since their launch. A firm with Jane Street’s profile increasing Ethereum exposure could encourage other institutional allocators to take a second look.
The real risk for retail investors interpreting these moves is conflating a market maker’s portfolio management with directional conviction. Jane Street’s trades are flow-driven and hedged across instruments most investors can’t access. Copying the visible leg of a delta-neutral strategy without the invisible hedge is like following a recipe but skipping half the ingredients.