Tudor Investment, the macro hedge fund founded by Paul Tudor Jones, has increased its direct holdings in BlackRock’s iShares Bitcoin Trust (IBIT) during the last quarter, marking a reversal of its previous year-long selling trend. Concurrently, the firm significantly reduced its call options tied to the ETF, indicating a strategic shift towards more direct ownership.
According to a 13F filing submitted to the Securities and Exchange Commission on August 14, Tudor Investment held 688,529 shares of IBIT as of June 30, valued at approximately $22.9 million. This represents an 18.9% increase from the 579,083 shares reported at the end of March, with a net addition of 109,446 shares.
In parallel, the filing revealed an approximately 85% reduction in Tudor Investment’s reported call options tied to IBIT. The number of underlying shares represented by these call options decreased from 998,000 to 148,000, while the firm’s put position related to IBIT remained largely stable.
This adjustment from options to direct shares suggests a move away from leveraged bets and towards straightforward spot exposure. However, the full extent of Tudor Investment’s strategy remains unclear, as 13F filings do not disclose specific strike prices or expiration dates.
While the increase in direct shareholding is modest relative to Tudor Investment’s overall assets, it is being interpreted as a notable signal from a prominent trader returning to accumulation. Paul Tudor Jones has historically advocated for Bitcoin as an inflation hedge, a thesis he first outlined in 2020 and has since reiterated, viewing the asset as a hedge against currency debasement.
Tudor Investment’s recent activity coincides with a period of renewed institutional interest in U.S. spot Bitcoin ETFs. These funds have experienced significant inflows recently, particularly as expectations for interest rate hikes have cooled. BlackRock’s iShares Bitcoin Trust (IBIT) continues to lead the market, holding approximately 49% of the total assets in the U.S. spot Bitcoin ETF sector.
Although Tudor Investment’s current IBIT holdings are substantially lower than its peak in late 2024, when it held over 8 million shares valued around $427 million before gradually reducing its position through 2025, the recent increase signifies a change in direction from its prior selling pattern.
Why This Matters
The materials describe a narrow update: Tudor Investment, a hedge fund founded by Paul Tudor Jones, increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) by 18. The full strategy behind Tudor Investment’s shift from options to direct shares is unclear as 13F filings do not disclose strike prices or expirations.
Broader Context
Source materials place the factual news in this context: Tudor Investment, the macro hedge fund founded by billionaire Paul Tudor Jones, added to its stake in BlackRock’s spotBitcoinETF last quarter, reversing a year-long stretch of selling.
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