Tudor Investment Corporation, the macro hedge fund run by billionaire Paul Tudor Jones, raised its stake in BlackRock's iShares Bitcoin Trust to 688,529 shares as of June 30, 2026, according to its latest quarterly disclosure. The position, worth approximately $22.9 million, marks an 18.9% increase from the 579,083 shares the firm reported at the end of March — a net addition of 109,446 shares over the quarter.
The move reverses a year-long stretch in which Tudor Investment steadily trimmed its Bitcoin ETF exposure. At its peak in late 2024, the firm held more than 8 million IBIT shares worth around $427 million, meaning the current position remains a small fraction of that high-water mark even after the Q2 addition.
A Shift From Options to Spot Exposure
Just as notable as the share increase is the change in how Tudor Investment is expressing its Bitcoin view. The firm cut its call-option exposure tied to IBIT by roughly 85%, from the equivalent of 998,000 underlying shares down to 148,000, while its put positions stayed relatively stable. That rotation away from leveraged, options-based bets and toward directly held spot shares suggests a firmer, less tactical conviction than the calls-heavy positioning the fund carried previously.
Related: Bitcoin ETFs Shed $390M Last Week as Ethereum Funds Hold Steady
Part of a Broader Institutional Return
The position change is documented in Tudor Investment's Form 13F filed with the SEC on August 14, covering holdings as of June 30. The filing lands during a wider pickup in institutional demand for spot Bitcoin ETFs, with Bitcoin and Ethereum ETFs pulling in $1.1 billion in combined inflows in mid-August — including the strongest single week for Bitcoin ETF inflows since mid-April — and BlackRock's IBIT alone capturing roughly 80% of that Bitcoin-specific demand. As other market commentators have debated the sustainability of Bitcoin's current rally, Tudor's filing offers a rare, verifiable data point on how a major macro fund is actually positioning rather than merely opining.
Jones' Long-Standing Bitcoin Thesis
Jones, whose fund manages tens of billions of dollars, has framed Bitcoin as a hedge against inflation and a bet against currency debasement since at least 2020, when he first outlined the thesis in a widely circulated market note. The Q2 filing suggests that thesis is still driving allocation decisions six years later, even as the vehicle for expressing it has shifted from early, opportunistic option trades toward a more conventional, direct ETF holding.
The disclosure was made through Tudor Investment's routine quarterly filing with the U.S. Securities and Exchange Commission, which requires institutional managers above a certain asset threshold to report equity holdings, including ETF shares, at the end of each quarter.
