Tudor Investment, the hedge fund founded by billionaire Paul Tudor Jones, added to its stake in BlackRock's spot Bitcoin ETF last quarter, reversing a year-long stretch of selling. The firm also cut its reported call options on the fund by about 85%, shifting toward direct spot exposure.
Tudor Investment raised its stake in BlackRock's iShares Bitcoin Trust to 688,529 shares, or IBIT, worth about $22.9 million as of June 30. The move reverses a year-long stretch of selling and comes from a 13F filing submitted to the SEC on Aug. 14.
Stake climbs 18.9% from prior quarter
The new total marks an 18.9% jump from the 579,083 shares Tudor reported at the end of March, a net addition of 109,446 shares. The increase is modest against the firm's roughly $100 billion-plus in assets, amounting to a fraction of a percent of its reported 13F holdings. It also remains far below the firm's late-2024 peak of more than 8 million IBIT shares, then worth around $427 million, which Tudor whittled down through 2025. Still, the reversal is being read as a notable signal from one of Wall Street's most closely watched traders returning to accumulation.
Options position shifts toward spot exposure
The filing also showed Tudor reshaping how it holds that exposure. The firm slashed its reported call options tied to IBIT by about 85%, to the equivalent of 148,000 underlying shares from 998,000, while its put position held roughly steady. The shift from options toward direct shares suggests a move away from leveraged bets and toward straightforward spot exposure, though 13F filings don't disclose strike prices or expirations, leaving the full strategy unclear.
Renewed institutional appetite for Bitcoin ETFs
Jones has long championed Bitcoin as a hedge against inflation, a thesis he first laid out in a 2020 market note and has reiterated since, framing the asset as a bet against currency debasement and, at times, as an option on geopolitical instability. His firm's buying arrives during a stretch of renewed institutional interest in the Bitcoin ETF category. The funds drew hundreds of millions in inflows over a recent five-day span as expectations for interest-rate hikes cooled. IBIT continues to dominate the category, commanding roughly 49% of U.S. spot Bitcoin ETF assets.
Source: SEC EDGAR 13F filing
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