Wells Fargo, a global financial services company based in the United States, has raised its Ethereum [ETH] ETF shares. In the first quarter of 2026, Wells Fargo switched its stock away from Bitcoin [BTC] ETFs to ETH ETFs.
Wells Fargo embraces Ethereum
According to the company 13F application Along with the U.S. Securities and Exchange Commission, Wells Fargo increased its investments in the Bitwise Ethereum ETF (ETHW) and BlackRock’s iShares Ethereum Trust ETF (ETHA).
To be more precise, ETHW’s holdings rose 37% to 257,000 shares, while its holdings in ETHA rose 63.5%, from about 672,600 shares in Q4 2025 to about 1.1 million shares.
Price action explains the shift
This happened during a period of troubling price movements for Ethereum, which traded at around $2966 in early 2026 before falling to $2023 by the end of the first quarter of 2026.
Also at the time of writing, ETH was trading at $2,251.25, having dropped 2.33% in the past 24 hours.
However, the shift from Bitcoin to Ethereum seems understandable when you compare it to the price of Bitcoin. The price of the leading cryptocurrency was $87,000 when the first quarter started, falling to $66,000 on March 31, 2026.
ETF inflow and outflow charts shed more light
In the first quarter of 2026, Bitcoin ETFs saw inflows of $8.02 billion, but outflows rose to $8.52 billion. At the same time, Ethereum ETFs saw inflows of $2.03 billion and outflows of just $2.79 billion.
Unlike Wells Fargo, JP Morgan recently disclosed in a Form F13 filing that it had invested $731,246 in a Spot Bitcoin ETF on behalf of its clients.
Along with Bitwise’s BITB, Fidelity’s FBTC and Grayscale’s GBTC, JP Morgan invested $477,425 in BlackRock’s IBIT.
Final summary
- Wells Fargo has reshuffled its ETF holdings and has now increased its investments in Bitwise’s ETHW and BlackRock’s ETHA.
- Price action of both Ethereum and Bitcoin in the first quarter of 2026 explains the shift from Bitcoin to Ethereum.