Wells Fargo pivots crypto strategy with heavy MicroStrategy bet

According to the latest SEC filings, the bank added roughly $41.5 million in MicroStrategy exposure, bringing its total to nearly 726,000 shares. This pivot coincides with a reduction in BlackRock’s iShares Bitcoin Trust (IBIT) by 75,102 shares. While the bank scaled back on several major Bitcoin ETFs, including those from Invesco, ARK 21Shares, and Fidelity, it simultaneously increased positions in Grayscale’s Bitcoin Mini Trust and Bitwise’s Bitcoin ETF.

Institutional interest has clearly shifted toward Ethereum and Solana. Wells Fargo grew its position in BlackRock’s iShares Ethereum Trust (ETHA) by 65%, reaching over 1.10 million shares valued at $17.56 million. The bank also initiated its first reported positions in Solana investment products, acquiring shares in the Grayscale Solana Trust (GSOL) and the Fidelity Solana Fund (FSOL).

Corporate crypto holdings saw significant volatility as well. Wells Fargo expanded its stake in Bitmine Immersion by 828% and increased its Robinhood holding by 65%. Conversely, the firm slashed its investment in Galaxy Digital by 97% and cut its Coinbase position by 25%. These moves suggest a strategic preference for companies holding crypto treasuries, such as the newly added American Bitcoin Corp. and Strive Asset Management’s vehicle, over pure-play crypto exchanges.