Paul Tudor Jones’ investment firm increases stake in Black
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Summary
Paul Tudor Jones’ investment firm, Tudor Investment, increased its direct stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT) by 18.9% to 688,529 shares, valued at $22.9 million as of June 30. Concurrently, the firm cut its reported call option position in the fund by 85%, holding fewer call options and slightly reducing its put options. This information comes from a recent 13F filing.
Why it matters
The move shows ongoing, though reduced, interest by a high-profile investor in bitcoin through a regulated ETF vehicle. Tudor Jones has previously positioned bitcoin as an inflation hedge, which may indicate his firm’s strategic approach to cryptocurrency within broader market inflation concerns.
Key context
Tudor Investment initially built a large position in IBIT shares through 2024, peaking at 8.05 million shares worth $427 million before steadily cutting back throughout 2025 to under 600,000 shares. These changes appeared correlated with bitcoin price movements, including rallies and declines between $60,000 and a peak of $124,000. The firm’s derivatives positions likely serve as hedging tools, with strike prices and expiration dates undisclosed.
Key numbers and entities
Tudor Investment held 688,529 IBIT shares worth $22.9 million as of June 30. The share count grew by 109,446 (18.9%) since March. Calls tied to 148,000 shares were down 85.2% from 998,000, while puts decreased slightly to 715,000 from 725,000. The position remains 91.4% below its 2024 peak of 8.05 million shares. Tudor’s overall portfolio is valued at $71.9 billion.
What remains unclear
The filing does not disclose the strike prices or expiration dates for the call and put options, limiting insight into Tudor’s exact exposure or hedging strategy. The source does not provide details on Tudor’s future intentions or views beyond past statements on bitcoin as an inflation hedge.