Wells Fargo Boosts Strategy Stake Amid Bitcoin ETF Cut

Wells Fargo has made significant changes to its crypto-linked holdings in its latest regulatory filing. The bank increased its stake in Strategy, a company led by Michael Saylor, by 125% to nearly 726,000 shares, adding approximately $41.5 million to its portfolio.

This move comes as Wells Fargo also cut its exposure to several Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust and the Invesco Galaxy Bitcoin ETF. The bank reduced its holding in these funds by around 75,102 and 24% respectively, while also opening a new call position on IBIT.

However, Wells Fargo did add to other Bitcoin-linked holdings during this period, increasing its stake in Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust, and Bitwise Bitcoin ETF positions. It has also boosted its holding in the Fidelity Wise Origin Bitcoin Fund by around 24% over the previous quarter.

Furthermore, Wells Fargo expanded its exposure to Ethereum and Solana products, raising its holding in BlackRock's iShares Ethereum Trust by about 65%. The bank acquired shares of various Ethereum fund positions, including Grayscale Ethereum Staking ETF and VanEck's Ethereum ETF. Additionally, it purchased shares of the Fidelity Solana Fund.