Wells Fargo changed its crypto-linked holdings in its latest regulatory filing, adding more exposure to Strategy, Ethereum funds, Solana products, and crypto-related companies. The filing also showed cuts to several Bitcoin ETFs. The shift came during wider market uncertainty.
A recent filing with the U.S. Securities and Exchange Commission showed that the bank increased its stake in Strategy, the company led by Michael Saylor. Its holding rose 125% to nearly 726,000 shares. The additional exposure cost approximately $41.5 million, according to the filing.
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What Wells Fargo Reduces in Latest SEC Filing
Due to the high treasury amount, Strategy continues to be closely tied to Bitcoin. The increased holding shows stronger exposure to that company. It also coincided with the bank making some changes to its direct Bitcoin holdings.
Wells Fargo has cut its exposure to BlackRock’s iShares Bitcoin Trust. The filing showed a cut of 75,102 IBIT shares from the previous quarter. The bank also opened a new IBIT call position.
The filing revealed an increase in the put exposure on IBIT. The move coincided with uncertainties surrounding the U.S.-Iran conflict. The move indicated a shift toward a more defensive stance for part of its exposure to Bitcoin ETFs.
The bank also cut holdings in other Bitcoin funds. These were the Invesco Galaxy Bitcoin ETF, the ARK 21Shares Bitcoin ETF, and the Fidelity Wise Origin Bitcoin Fund. The filing did not show a full exit from Bitcoin products.
Wells Fargo added to other Bitcoin-linked holdings in the same period. It boosted Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust, and Bitwise Bitcoin ETF positions. It has increased its stake in the Bitwise Bitcoin ETF by 24% over the previous quarter.
How Wells Fargo Expands Ethereum and Solana Exposure
In the filing, Ethereum-related products rose. The bank raised its holding in BlackRock’s iShares Ethereum Trust by about 65%. That posting garnered over 1.10 million shares with a value of nearly $17.56 million.
The filing also listed other Ethereum fund positions. These included 257,157 shares of the Bitwise Ethereum ETF. It also acquired 4,637 shares of Grayscale Ethereum Staking ETF and 623 shares of VanEck’s Ethereum ETF.
Solana was first recorded in the reported positions. Wells Fargo purchased 13,280 shares of Grayscale Solana Trust. It also purchased 1638 shares of the Fidelity Solana Fund.
The filing included activity other than exchange-traded products. The bank had raised its Bitmine Immersion stake from 2,323 shares to 21,547 shares. This represented an increase of approximately 828%.
Why Wells Fargo Expands Crypto Equities
The Bitmine position was valued at roughly $426,000. Bitmine is associated with an Ethereum treasury plan. The bigger stake further increased the bank’s crypto exposure.
The filing also revealed new roles at American Bitcoin Corp. and Strive Asset Management’s treasury vehicle. American Bitcoin Corp. has the backing of the Trump family. These holdings were on top of the bank’s existing crypto-related equity exposure.
Wells Fargo also increased its investment in Robinhood by 65% to approximately 2.56 million shares. The filing also revealed new Robinhood put option positions worth close to $116,000.
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