Jane Street cuts BTC ETF holdings 71%, boosts ETH ETF allocations

Jane Street, a major market maker, sharply reduced its BTC ETF exposure in Q1 2026. It cut BlackRock’s iShares Bitcoin Trust (BTC ETF/IBIT) holdings by ~71% to about 5.9M shares (~$225M) and trimmed Fidelity’s Bitcoin ETF (FBTC) by ~60% to roughly 2M shares (~$115M). It also slashed its Michael Saylor-linked Strategy fund exposure by about ~78%. At the same time, Jane Street rotated capital toward ETH ETF. It nearly doubled allocations to BlackRock’s iShares Ethereum Trust (ETH ETF/ETHA) and increased its position in Fidelity’s FETH. Combined, the reported shift into ETH ETFs was about $82M during the quarter. Beyond ETFs, the firm reportedly trimmed several crypto miners (IREN, Cipher Mining, TeraWulf, Core Scientific) while increasing exposure to crypto equities like Riot Platforms, alongside modest additions to Coinbase and Galaxy Digital. For traders, this matters because the change is based on quarterly 13F snapshots, which only cover end-of-quarter long equity positions and may not capture derivatives, shorts, or market-making hedges. Analysts quoted in the article also noted that institutional flows can involve spot buying paired with futures selling, so the net impact may differ from the headline. Bottom line: the BTC ETF to ETH ETF rotation could tilt near-term sentiment and positioning toward ETH, while implying softer marginal demand for BTC. Separate from portfolio moves, Jane Street is also involved in legal proceedings tied to the 2022 Terra collapse.