The Jane Street Agenda? Ethereum (ETH) Identified As Next Key Target By Experts
TL;DR
Jane Street is shifting its focus to Ethereum (ETH) after reducing its Bitcoin (BTC) holdings by 71%. Experts suggest Ethereum may be the firm's next key target in the crypto market.
Key points
- Jane Street is shifting focus to Ethereum (ETH)
- The firm reduced Bitcoin (BTC) holdings by 71%
- Jane Street's Bitcoin position fell to about 5.9 million shares
- Current value of Bitcoin holdings is near $225 million
Mentioned in this story
Jane StreetBlackRock
iShares Bitcoin Trust
Market maker giant Jane Street is again drawing intense attention in crypto markets, with experts claiming the firm’s “next target” may now be Ethereum (ETH).
The speculation comes after reports that Jane Street made several major adjustments to its positions during the week, following months of scrutiny tied to alleged trading manipulation connected to Bitcoin (BTC).
From Bitcoin Retreat To Ethereum Expansion
Jane Street, one of Wall Street’s most active proprietary trading firms, reportedly reduced multiple Bitcoin-linked holdings in the first quarter (Q1) of the year, while meaningfully increasing its exposure to assets tied to Ethereum.
Jane Street’s position in BlackRock’s iShares Bitcoin Trust (IBIT) fell by 71% quarter-over-quarter to about 5.9 million shares, with a reported value near $225 million.
The firm also cut its stake in Fidelity’s Wise Origin Bitcoin Fund (FBTC), where holdings fell approximately 60% to around 2 million shares, valued at nearly $115 million at quarter-end.
The reduction also extended to Strategy (previously MicroStrategy). Jane Street’s Strategy holdings fell from about 968,000 shares in Q4 2025 to roughly 210,000 shares by the end of Q1. The reported value declined from close to $146 million to around $27 million.
But while the firm was dialing back Bitcoin exposure, it was simultaneously building its Ethereum footprint. Jane Street expanded its holdings in Ethereum ETFs, with positions in BlackRock’s iShares Ethereum Trust nearly doubling during the quarter.
The firm also added substantially to Fidelity’s Ethereum fund. Combined additions across the two ETH products were estimated at approximately $82 million.
Smaller Derivatives, Bigger Impact?
The move is now being framed by analysts as a potential continuation of the same pattern some observers associate with Jane Street’s earlier Bitcoin-linked controversies.
Analysts at Bull Theory suggested that the firm behind a “daily 10 AM Bitcoin dump,” the same firm that was reportedly sued for insider trading in the $40 billion LUNA collapse, and the same firm with $567 million frozen by Indian regulators could now be targeting Ethereum.
Q&A
Why is Jane Street focusing on Ethereum after reducing Bitcoin holdings?
Jane Street's shift to Ethereum follows a significant reduction in its Bitcoin positions, indicating a strategic pivot towards assets associated with Ethereum.
What changes did Jane Street make to its Bitcoin holdings in Q1?
In the first quarter, Jane Street reduced its position in BlackRock’s iShares Bitcoin Trust by 71%, bringing its shares down to approximately 5.9 million.
What is the current value of Jane Street's Bitcoin holdings?
Jane Street's reduced Bitcoin holdings are valued at around $225 million after the significant cut in shares.
What implications does Jane Street's shift to Ethereum have for the crypto market?
Jane Street's increased focus on Ethereum could signal a broader market trend and influence investor sentiment towards Ethereum and related assets.
