Jane Street Group, one of Wall Street’s most influential trading firms, cut back key bitcoin-related investments during the first quarter of 2026 while increasing exposure to ether-focused funds and select crypto equities, according to a new regulatory filing.

The firm’s latest 13F filing showed significant reductions in spot bitcoin exchange-traded funds managed by Blackrock and Fidelity, reversing part of the aggressive positioning it had built late last year.

Holdings in Blackrock’s iShares Bitcoin Trust fell roughly 71% quarter over quarter to about 5.9 million shares, valued at approximately $225 million at the end of March. Jane Street also reduced its stake in Fidelity’s Wise Origin Bitcoin Fund by around 60% to nearly 2 million shares, worth about $115 million.

The pullback came during a turbulent stretch for digital assets, with bitcoin trading below $80,000 during parts of the quarter as broader crypto markets faced sustained selling pressure.

Jane Street also cut exposure to Strategy, with the firm reducing its Strategy position from roughly 968,000 shares to about 210,000 shares, lowering the reported value of the stake from nearly $146 million to approximately $27 million. The reversal was notable given that earlier filings showed Jane Street had increased its Strategy holdings by more than 470% in the previous quarter.

The firm additionally trimmed positions in several bitcoin mining companies, including IREN, Cipher Mining, Terawulf, and Core Scientific.

At the same time, Jane Street increased its exposure to ether-related investments. Holdings in Blackrock’s Ishares Ethereum Trust nearly doubled during the quarter, while the firm also expanded its position in Fidelity’s ethereum fund. Combined additions across the two ether ETFs totaled roughly $82 million.

The trading firm also raised stakes in several crypto-linked equities. Riot Platforms holdings climbed to approximately 7.4 million shares from about 5 million previously, bringing the position’s value to around $91 million.

Coinbase exposure increased modestly, while one of the largest shifts came in Galaxy Digital. Jane Street boosted its stake in the crypto financial services company from roughly 17,000 shares to about 1.5 million shares, increasing the reported value of the holding from less than $400,000 to approximately $28 million.

The filing offers only a partial snapshot of the firm’s exposure, as 13F disclosures cover long U.S. equity positions but exclude derivatives, short trades, and many market-making activities.

The portfolio adjustments suggest institutional trading firms are becoming increasingly selective in how they position themselves across digital asset markets, favoring diversification over broad directional exposure to bitcoin alone.