Wall Street titans quietly amass billions in Bitcoin ETFs and crypto stocks

Major Wall Street institutions, including Wells Fargo, Cantor Fitzgerald, and Jane Street, have sharply increased their Bitcoin-related holdings over the past months.

These firms’ portfolio updates on the stock analytics platform Quiver Quantitative reveal they are investing billions in the top crypto via exchange-traded funds and crypto-focused equities like Strategy (formerly MicroStrategy).

Bitcoin ETFs allow institutional investors to track BTC’s price without the complexities of directly holding the digital assets.

Well Fargo boosts Bitcoin exposure

During the second quarter, Wells Fargo significantly expanded its stake in BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin-focused fund.

As of June 30, the bank held over $160 million worth of IBIT shares, up sharply from roughly $26 million at the end of the first quarter.

Meanwhile, the financial institution also maintained a modest exposure of $200,000 to Grayscale’s GBTC.

Outside these ETFs, the bank increased its Strategy’s holdings by approximately $143 million, bringing its total exposure to the Bitcoin-focused software firm to $291 million.

These moves highlight the bank’s dual ETF-based and equity-driven crypto investment strategy.

Cantor Fitzgerald continues crypto pivot

Cantor Fitzgerald, led by the children of Commerce Secretary Howard Lutnick, also ramped up its Bitcoin ETF positions to more than $250 million.

According to its Quiver Quantitative portfolio, the firm purchased approximately $150 million of Bitcoin exposure via Fidelity’s FBTC ETF while reducing its IBIT holdings by $16 million during the second quarter.

Outside of the Bitcoin-related ETFs, the firm’s crypto-related equities holdings in Strategy’s MSTR, Coinbase, Robinhood, Bitcoin miners Riot Platforms, and Terawulf are worth around $2 billion.

These moves align with Cantor Fitzgerald’s historical pro-crypto ventures in Bitcoin investment vehicles, including Twenty One Capital.

Notably, the bank also has a significant working relationship with Tether, the world’s largest stablecoin issuer.

IBIT dominates Jane Street portfolio

According to the portfolio update, Jane Street Group, a global proprietary trading firm, now holds $1.46 billion in IBIT shares, marking its largest single portfolio position, surpassing its $1.41 billion investment in Tesla.

The firm also increased its MicroStrategy shares to $64 million while reducing exposure to Fidelity’s FBTC by $231 million, leaving a remaining $404 million position.

Other crypto-related holdings of the financial institution include Coinbase and IREN, reflecting Jane Street’s diversified approach to digital asset exposure.

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