13F Read: Wells Fargo Trims IBIT, Buys Puts, Doubles Down on ETH and Proxy Equities
SEC filing shows a hedged rotation, not an exit: fewer BTC ETF shares, ETH exposure up 65%, first Solana allocation, BTC near $63,900.
A fresh 13F from Wells Fargo shows the $2.5 trillion asset manager cutting 75,102 shares of BlackRock’s IBIT while simultaneously adding put options against the same fund. The bank also trimmed spot Bitcoin positions in Invesco, ARK 21Shares and Fidelity products. Read together with the rest of the filing, this looks like a defined-risk rebalance rather than a directional exit from crypto.
Bitcoin: hedged, not abandoned
The filing still shows Wells Fargo holding Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust and Bitwise’s spot BTC ETF, with the Bitwise line up 24% quarter over quarter. Capital instead rotated into Bitcoin-proxy equities: the Strategy (formerly MicroStrategy) position rose 125% to roughly 726,000 shares, valued near $41.5 million, alongside brand-new stakes in American Bitcoin (ABTC) and Strive (ASST).
Spot BTC trades near $63,900 as this repositioning surfaces. Open interest sits at $12.4 billion and the Fear & Greed Index reads 23, per COINOTAG data. Funding is mildly positive at +0.0069%, with longs paying shorts, RSI(14) is neutral at 53.3, and MACD is printing bullish even though the broader trend still reads bearish.
COINOTAG’s support/resistance model puts $63,215 as the strongest floor at 80/100, with $64,615 as resistance at 69/100 and a pivot at $63,728 — a tight range that leaves little room for the put hedge to be read as a bearish conviction trade rather than portfolio insurance.
ETH allocation scales, Solana debuts
Ethereum exposure moved the other way. The iShares Ethereum Trust holding expanded roughly 65% to more than 1.10 million shares, worth close to $17.56 million. The filing also lists 257,157 shares of a Bitwise Ethereum ETF, a position in a VanEck Ethereum product, and 4,637 shares of a Grayscale Ethereum Staking ETF that earns yield from staking rewards.
Solana appears for the first time in the book: 13,280 shares of Grayscale Solana Trust and 1,638 shares of a Fidelity Solana Fund. The size is small relative to the BTC and ETH lines, but a first allocation to a top layer-1 outside Bitcoin and Ethereum marks a scope change for a manager this size.
Equity book: treasury names up, Galaxy and Coinbase cut
On the equity side, the Robinhood (HOOD) stake rose to roughly 2.56 million shares, paired with about $116,000 in puts hedging insider-selling and volatility risk. The position in Ethereum treasury company BitMine Immersion (BMNR) jumped 828%, while Galaxy Digital exposure was cut 97% and Coinbase (COIN) was reduced 25%.
Net effect: fewer shares in headline spot BTC ETFs, hedged with IBIT puts, offset by larger stakes in Bitcoin-proxy equities, a 65% build in Ethereum fund exposure, and an inaugural Solana line — a rotation profile, not a retreat.
Read more: ETH Short Carries $2,172 Liquidation as Bitmine Adds 40K Coins, Staking Hits 33%