PANews reported on May 13th, citing Bits.media, that Wells Fargo disclosed its holdings in crypto ETFs to the U.S. Securities and Exchange Commission (SEC). In the first quarter, the bank increased its holdings of Ethereum ETFs, increasing its share in BlackRock's iShares Ethereum Trust ETF (ETHA) by 63.5%, from 672,600 units to 1.1 million units; and its share in the Bitwise Ethereum ETF (ETHW) by 37%, from 186,800 units to 257,000 units. Despite a net outflow of approximately $769 million from Ethereum spot ETFs and a 29% drop in the price of ETH in the first quarter, Wells Fargo still holds approximately $21.5 million worth of Ethereum ETFs, of which $17.6 million are BlackRock products.

Regarding Bitcoin ETFs, the bank's investments in the Bitwise Bitcoin ETF and Grayscale Bitcoin Mini Trust increased by approximately 24% and 41%, respectively. BlackRock's iShares Bitcoin Trust remains the largest holding, with approximately $250 million. Wells Fargo also significantly adjusted its holdings in crypto-related stocks: reducing its stake in Galaxy Digital by 97%, from 2.5 million shares to 78,600 shares; while increasing its stake in Strategy by 125%, from 322,700 shares to approximately 726,000 shares.