BofA lifts IBIT stake to $37.3M in Q1; Strategy (MicroStrategy) remains a $660M Bitcoin proxy

Bank of America increased its exposure to Bitcoin-linked ETFs in the first quarter, with most of its positions concentrated in BlackRock’s iShares Bitcoin Trust (IBIT), according to its Q1 2026 Form 13FHR. The filing, covering the period ending March 31 and submitted May 18, shows the bank held about $53 million in crypto ETF positions. IBIT was the largest holding at 972,590 shares valued at roughly $37.3 million, up from 719,008 shares in the previous report. Other bitcoin ETFs included Bitwise BITB (about $7.98 million), Grayscale’s Bitcoin Mini Trust (about $3.32 million) and Fidelity’s FBTC (about $1.71 million), alongside smaller stakes in GBTC, VanEck HODL and ARKB. The bank’s exposure to non-bitcoin crypto ETFs was smaller. Its Ethereum position declined to about $1.06 million through BlackRock’s ETHA, totaling 67,492 shares. On Solana, BofA reduced holdings by selling 700 shares of the Volatility Shares 2x Solana ETF and ended the quarter with 10,296 shares of the standard Solana ETF, worth about $86,000. XRP exposure was unchanged at 13,000 shares of the Volatility Shares XRP ETF, valued around $98,500. BofA’s crypto-linked equity holdings were significantly larger than its direct ETF positions. The bank reported 3.96 million shares of Strategy (formerly MicroStrategy) valued at about $660 million, more than twelve times its reported crypto ETF exposure. Strategy continues to draw attention because of its sizeable Bitcoin treasury. Form 13F filings disclose positions but do not provide the rationale for trading decisions. Peer disclosures indicate other large institutions are also using regulated crypto vehicles: Wells Fargo’s latest 13F showed IBIT as its largest crypto ETF holding at roughly $250 million in Q1. Survey data also point to sustained institutional interest. A Coinbase and EY-Parthenon survey of 351 institutions found 73% plan to increase digital-asset allocations in 2026, with about two-thirds favoring regulated products as their primary exposure route. Taken together, BofA’s Q1 filing suggests a clear tilt toward bitcoin-focused ETFs over altcoin products, while its largest crypto-related position remains its stake in Strategy—reinforcing a conservative, Bitcoin-centric posture in publicly reported holdings.