Bank of America, the second-largest bank in the United States, significantly increased its spot Bitcoin ETF holdings while paring back its exposure to Ethereum and Solana during the first quarter of 2026. According to a Form 13F filing submitted to the Securities and Exchange Commission (SEC) on May 15, the bank’s strategy focused heavily on Bitcoin, solidifying its position as the primary digital asset for institutional portfolios. As of March 31, 2026, the bank’s total cryptocurrency ETF holdings were valued between $52.8 million and $53.1 million.
The disclosure highlights a widening preference for Bitcoin among major financial institutions, which increasingly view it as a digital reserve asset. While the bank’s total ETF exposure remains less than 0.2% of its total assets under management, the shift away from altcoins suggests a cautious approach to the broader market. This trend is not confined to one institution; for instance, Goldman Sachs also reduced its Ethereum ETF holdings by approximately 70% during the same reporting period.
This conservative rotation comes as Bitcoin holds steady while mid-cap tokens face periodic selling waves. For major banks, the combination of regulatory clarity and the “digital gold” narrative continues to make Bitcoin the most viable entry point into the sector. The market has observed similar moves recently as Morgan Stanley expanded Bitcoin access for its wealth management clients, further validates the asset’s tier-one status.
Bitcoin ETF holdings dominated by BlackRock and Bitwise
The centerpiece of Bank of America’s digital portfolio is the iShares Bitcoin Trust (IBIT) issued by BlackRock. During the first quarter, the bank increased its IBIT position by more than 35%, growing its stake from 719,008 shares to 972,590 shares. The market value of this single holding is estimated between $37 million and $37.3 million, representing the largest portion of the bank’s crypto-linked ETF assets.
The bank also maintained several other Bitcoin-focused positions to diversify its exposure. These include a $7.98 million allocation in the Bitwise Bitcoin ETF (BITB) and a $3.32 million stake in the Grayscale Bitcoin Mini Trust. Fidelity’s FBTC accounted for approximately $1.71 million of the portfolio, alongside smaller allocations in the original Grayscale Bitcoin Trust (GBTC), VanEck’s HODL, and the ARK 21Shares Bitcoin ETF (ARKB).
Slashed exposure to Ethereum and Solana funds
In contrast to the accumulation of Bitcoin, the bank notably reduced its interest in alternative digital assets. Holdings in the BlackRock iShares Ethereum Trust (ETHA) were slashed to 67,492 shares, valued at roughly $1.06 million by the end of March. This reduction reflects a broader institutional hesitation toward Ethereum, even as Ether enters rare accumulation phases in other market segments.
Solana holdings also saw a decline during the first quarter. Bank of America slightly reduced its position in the Standard Solana ETF to 10,296 shares, valued at $86,000. Additionally, the bank reduced its stake in the Volatility Shares 2x Solana ETF by selling 700 shares. These moves indicate that while the bank remains engaged with the Solana ecosystem, it is currently prioritizing the lower relative volatility of the market leader.
A stable outlook for XRP holdings
Despite the cuts to other altcoins, the bank’s position in XRP-related products remained unchanged. The filing shows that Bank of America held 13,000 shares in the Volatility Shares XRP ETF, a position valued at approximately $98,500. While the dollar amount is small in the context of a multi-billion dollar balance sheet, the decision to maintain the stake stands in contrast to the active selling seen in the Ethereum and Solana accounts.
Indirect exposure reaches $2.2 billion through equity stakes
The bank’s involvement in the digital asset space extends far beyond direct ETF holdings. Its most significant indirect exposure comes through a massive holding in MicroStrategy (MSTR). Bank of America holds roughly 3.96 million shares in the company, a stake valued at approximately $660 million as of the end of the first quarter. MicroStrategy is widely known for maintaining the world’s largest corporate treasury of Bitcoin.
When combined with investments in other crypto-related stocks, the bank’s total digital asset exposure reaches approximately $2.2 billion. This figure includes equity positions in companies such as Coinbase, Robinhood, and Circle. These investments suggest that while the bank is selective about which specific tokens it holds via ETFs, it remains heavily invested in the infrastructure and service providers that comprise the modern digital economy.
The 13F filing confirms that traditional finance is no longer ignoring the asset class, but it is applying a rigorous filter. By focusing on the institutional-grade liquidity and regulated wrappers provided by spot ETFs, Bank of America is building a digital asset strategy centered on Bitcoin. This “Bitcoin-first” approach appears to be the standard operating procedure for the banking sector as it navigates the current regulatory and market environment.