‘10 AM Bitcoin Dump’ Firm Jane Street Rotates Millions From IBIT, MSTR Into Ethereum

• Jane Street cut its stake in Strategy, Bitcoin ETFs, and Bitcoin mining companies in the first quarter of 2026, according to the firm’s latest 13-F filing.
• The market maker simultaneously increased exposure to Ethereum ETFs, adding roughly $82 million across ETHA and FETH positions.
• Jane Street also increased stakes in Riot Platforms, Coinbase and Galaxy Digital.

Wall Street trading giant Jane Street, accused by crypto traders of triggering the market’s so-called ‘10 AM Bitcoin Dump’ last year, sharply cut its exposure to spot Bitcoin (BTC) exchange-traded funds during the first quarter while doubling down on its bets on Ethereum (ETH) funds.

According to the firm's 13-F filing on Tuesday, Jane Street decreased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) fell roughly 71% from the fourth quarter (Q4) of 2025 to about 5.9 million shares, valued at approximately $225 million. Its position in Fidelity Wise Origin Bitcoin Fund (FBTC) declined about 60% to nearly 2 million shares worth around $115 million.

On the Ethereum side, Jane Street nearly doubled its position in BlackRock’s iShares Ethereum Trust (ETHA) and increased holdings in Fidelity Ethereum Fund (FETH). Data showed the firm added about $82 million combined across the two products over the quarter.

The rotation comes after speculation surrounding the so-called ‘10 AM Bitcoin Dump’ last year. Prominent cryptocurrency analyst and influencer Justin Bechler theorized Jane Street was pushing Bitcoin lower through frequent morning sell-offs using ETF-related trades, maintaining the price below $150,000.

Exposure To MSTR, Bitcoin Miners Also Slashed

Jane Street also sharply reduced its stake in Michael Saylor-backed Strategy (MSTR). The firm held roughly 968,000 shares valued at about $146 million at the end of Q4 2025. By the first quarter (Q1) of 2026, that position had fallen to approximately 210,000 shares worth around $27 million, marking a decline of about 78%.

The reduction followed aggressive buying in the previous quarter, when Jane Street reportedly increased its MSTR position by more than 470%.

MSTR’s stock moved 0.7% higher in pre-market trade. Retail sentiment around the company on Stocktwits fell to ‘bearish’ from ‘neutral’ territory over the past day. Chatter tumbled to ‘low’ from ‘high’ levels. 

The firm also trimmed exposure to several Bitcoin mining companies, including IREN (IREN), Cipher Mining (CIFR), TeraWulf (WULF) and Core Scientific (CORZ).

Jane Street Picks Up RIOT, COIN, GLXY Stakes

Despite those cuts, Jane Street increased positions in select crypto-linked equities. Its stake in Riot Platforms (RIOT) rose to roughly 7.4 million shares from about 5 million. The firm also increased its Coinbase (COIN) position to around 888,000 shares.

Galaxy Digital (GLXY) saw the largest increase. Jane Street expanded its holdings to roughly 1.5 million shares from about 17,000 shares in the prior quarter.

GLXY’s stock gained over 1% in pre-market trade. Like MSTR, it also saw sentiment fall to ‘bearish’ from ‘neutral’ territory over the past day. Chatter dipped to ‘low’ from ‘normal’ levels. 

Bitcoin, Ethereum Steady Ahead Of PPI Report

Bitcoin’s price struggled to hold $81,000 on Wednesday morning ahead of the producer price index (PPI) data report, expected to show hotter-than-expected inflation after Tuesday’s core consumer price index (CPI) came in higher than expected. 

Economists expect PPI to rise 0.5% month-over-month and 0.3% year-over-year, according to MarketWatch data. Retail sentiment around BTC on Stocktwits remained in ‘neutral’ territory over the past day, alongside ‘normal’ levels of chatter.

Meanwhile, Ethereum’s price rose 1% in the last 24 hours recapturing the $2,300 mark. Retail sentiment around the leading altcoin remained in ‘bearish’ territory over the past day, accompanied by ‘normal’ levels of chatter.

Read also: Bitcoin Traders Brace For PPI Data, CLARITY Act — Could ‘Go Both Ways’ For BTC, Says MN Fund Investment Chief

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