Jane Street cut its U.S. spot Bitcoin ETF holdings by roughly 71% in the first quarter of 2026 while nearly doubling its Ethereum ETF exposure, according to the firm’s latest 13F filing. The trading firm’s iShares Bitcoin Trust (IBIT) position fell from about 20.3 million shares worth more than $1 billion at the end of 2025 to 5.9 million shares worth roughly $225 million. Its Fidelity Wise Origin Bitcoin Fund (FBTC) stake dropped about 60% to around 2 million shares. Over the same period, Jane Street added roughly $82 million in reported value across BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH).
A 13F is a quarterly disclosure that U.S. institutional investment managers with at least $100 million in assets must file with the Securities and Exchange Commission, listing long positions in U.S.-listed securities as of the last trading day of the quarter.
Key takeaways
- Jane Street cut IBIT holdings 71% to 5.9 million shares (~$225M) and FBTC about 60% to ~2 million shares (~$115M) in Q1 2026.
- The firm added approximately $82 million in reported value across spot Ethereum ETFs ETHA and FETH in the same quarter.
- 13F filings only show long, U.S.-listed positions on the final day of the quarter; derivatives, shorts, and offshore positions are not included.
- The move lands as U.S. spot Bitcoin ETFs pulled in nearly $1 billion in net inflows during the first weeks of May 2026.
Published: May 17, 2026 09:00 UTC
What Jane Street disclosed
The 13F covering positions as of March 31, 2026 shows the largest single-issuer reduction in Jane Street’s spot Bitcoin ETF book since the funds launched in January 2024. The 71% drop in IBIT alone removed close to $800 million in reported share value from the firm’s long book, based on Q4 2025 versus Q1 2026 share counts and prices reported in the filing.
On the Ethereum side, the additions to ETHA and FETH brought Jane Street’s combined spot Ether ETF exposure to roughly double its end-of-2025 level. The firm did not file any new positions in other crypto-linked products such as the Grayscale Bitcoin Trust ETF (GBTC) or futures-based ETFs covered in the same disclosure.
Why the rotation matters
Jane Street is one of the largest market makers in U.S. ETFs and a designated authorized participant for several spot Bitcoin and Ethereum funds. That role gives the firm a clearer real-time view of ETF flow imbalances than most outside investors. A swing of this size in a single quarter signals that Jane Street rebalanced inventory rather than exited crypto. The firm did not zero out either book, and the Ethereum increase came at the same time it trimmed Bitcoin.
The shift also lands in a broader pattern. Spot Ether ETFs began trading in July 2024 and spent most of 2025 well behind their Bitcoin counterparts in assets under management. Trading desks and family offices began rotating into Ether products through late 2025, citing the asset’s lower correlation with Bitcoin during macro stress and growing on-chain activity on Ethereum layer 2 networks. A layer 2 blockchain is a separate network built on top of Ethereum that processes transactions faster and cheaper before settling on Ethereum’s main chain.
Impact on the ETF market
Authorized participant behavior matters because these firms create and redeem ETF shares directly with issuers, helping keep fund prices aligned with the underlying asset. When a major AP reduces its long inventory in one product and adds to another, it can change how aggressively that fund’s price tracks intraday spot moves. For Bitcoin ETF investors, the practical effect is small in any single session but can compound during periods of high volatility.
The disclosure also gives Ethereum bulls a data point they have been waiting for. Spot Ether ETF inflows had lagged Bitcoin throughout most of 2025, and asset managers have argued for months that institutional rotation would eventually catch up. Jane Street’s filing is the first time a top-tier Wall Street market maker has shown a meaningful pivot in its public long book.
What the filing does not show is just as important. A 13F does not capture short positions, derivatives, options exposure, or any holdings booked through offshore entities. Jane Street’s net crypto exposure across its entire book could look very different from the long-only snapshot reported to the SEC.
What comes next
Two things to watch in the coming weeks. First, the May 2026 ETF flow data will show whether other institutions followed Jane Street’s lead. U.S. spot Bitcoin ETFs took in nearly $1 billion in early May, suggesting demand has not collapsed. Second, the Q2 2026 13F filings, due in mid-August, will reveal whether Jane Street continued the rotation or reversed it as the CLARITY Act moves through the Senate. The market-structure bill cleared the Senate Banking Committee on May 14, 2026, and would codify Ether’s status as a digital commodity if passed.
Frequently asked questions
What is a 13F filing?
A 13F is a quarterly report that institutional investment managers with at least $100 million in U.S. equity assets must file with the SEC within 45 days of each quarter’s end. It lists long positions in U.S.-listed securities as of the final trading day of the quarter but excludes shorts, derivatives, and offshore holdings.
Does Jane Street’s filing mean it is bearish on Bitcoin?
Not necessarily. The firm reduced its long Bitcoin ETF exposure but added to Ethereum ETF positions in the same quarter, and 13F data does not show derivatives, shorts, or offshore books. The pattern looks closer to a rotation between two crypto products than a broad exit from the asset class.
Which Ethereum ETFs did Jane Street buy?
The filing shows additions across BlackRock’s iShares Ethereum Trust (ticker ETHA) and Fidelity’s Ethereum Fund (ticker FETH). Combined, the firm added about $82 million in reported value across the two products in Q1 2026.
