Tudor Investment, the macro hedge fund founded by billionaire Paul Tudor Jones, increased its stake in BlackRock’s iShares Bitcoin Trust during the second quarter, marking a significant shift after an extended period of reductions in the position.
The Connecticut-based firm held 688,529 shares of IBIT valued at approximately $22.9 million as of June 30, based on regulatory filings submitted on August 14. This represented an 18.9% increase from the 579,083 shares the firm reported three months earlier, representing a net addition of 109,446 shares. The position remains substantially below the firm’s holdings from late 2024, when Tudor Investment owned more than 8 million IBIT shares worth around $427 million before gradually reducing the stake throughout 2025.
While modest relative to Tudor Investment’s total assets exceeding $100 billion, the renewed buying activity was interpreted by market observers as a notable signal from one of Wall Street’s most closely followed traders returning to accumulation. The filing revealed adjustments to how the firm structured its Bitcoin exposure, with call options tied to IBIT declining by approximately 85% to the equivalent of 148,000 underlying shares from 998,000 previously. Put positions remained relatively stable, suggesting the firm shifted away from leveraged derivative positions toward direct share ownership, though specific strike prices and expiration dates were not disclosed.
Jones has consistently advocated for Bitcoin as an inflation hedge, initially presenting this thesis in a 2020 market note and continuing to frame the asset as protection against currency debasement and geopolitical uncertainty. The timing of the purchases coincided with increased institutional inflows into spot Bitcoin ETFs, with hundreds of millions in new capital entering the category during a recent five-day period as interest-rate expectations shifted. IBIT maintained its leading position in the category, representing approximately 49% of total U.S. spot Bitcoin ETF assets.
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