Tudor Investment's latest SEC filing shows the firm added 109,446 direct shares of BlackRock's iShares Bitcoin Trust ETF (IBIT) in the second quarter, even as its call-equivalent position on the same ETF fell 85.2%. Put equivalents barely moved. The filing does not reveal why, leaving the firm's underlying Bitcoin strategy unresolved.
Tudor Investment held 688,529 direct IBIT shares at June 30, up from 579,083 three months earlier. That marks an increase of 109,446 shares, or 18.9%. Over the same stretch, the firm's reported call-equivalent quantity on IBIT dropped 85.2% to 148,000 from 998,000. Put equivalents slipped only slightly, down 1.4% to 715,000 from 725,000.
Together, the two moves complicate any simple read that the manager is simply growing its Bitcoin ETF exposure. At June 30, the filing valued the direct shares at $22.9 million. The call line stood at $4.93 million, and the put line stood at $23.8 million.
How the options rows are reported
Form 13F's instructions require option values and quantities to be stated in terms of the underlying security rather than the option's premium or fair value. Here, that reference is IBIT shares and their quarter-end market value.
As a result, the put-equivalent row was about 4.8 times the call-equivalent row at June 30, a reversal from three months earlier, when the call row was about 1.4 times the put row. Those ratios compare underlying-share-equivalent entries in the filing; they are not net exposure or delta-adjusted risk.
What the filing leaves unanswered
Each option row in the disclosure carries a put or call label alongside the underlying value and quantity. Strikes, expiration dates, premiums and position purpose sit outside the SEC disclosure. SEC guidance also excludes written options and short equity positions, so adding or subtracting the three rows would produce an unreliable measure of directional Bitcoin exposure.
The Aug. 14 submission captures holdings only as of June 30, so any trades made since then fall outside the snapshot.
Source: CryptoSlate
Trading involves risk.
Risk Disclaimer
