Hedge fund manager Paul Tudor Jones increased his stake in BlackRock’s spot Bitcoin ETF in the second quarter after spending the past year selling, while sharply reducing his call option exposure on the same fund. According to CoinDesk, citing a 13F filing, Jones’ Tudor Investment raised its holdings in iShares Bitcoin Trust (IBIT) to 688,529 shares, worth about $22.9 million as of June 30. That marked an increase of 109,446 shares from the previous quarter, or 18.9%.
At the same time, the firm cut its IBIT call position by 85.2%. The number of underlying shares tied to those calls fell from 998,000 in March to 148,000. The shift indicates a move away from using options to express a bullish view and toward holding the spot ETF directly.
Even so, the position remained relatively small. The report said the stake was still 91.4% below its 2024 peak and accounted for about 0.03% of Tudor’s reported 13F securities. ABMedia also noted that Jones has long viewed Bitcoin as a hedge against inflation, and the latest portfolio adjustment was consistent with that stance.
Paul Tudor Jones rebuilt part of his Bitcoin ETF exposure in the second quarter after a year of selling, but he did it with a different structure: more IBIT shares, far fewer calls.
According to CoinDesk, citing a 13F filing, Jones’ Tudor Investment increased its position in BlackRock’s spot Bitcoin exchange-traded fund, iShares Bitcoin Trust (IBIT), to 688,529 shares valued at about $22.9 million.
IBIT share holdings rose 18.9% in the second quarter
As of the June 30 13F filing, Tudor added 109,446 IBIT shares during the quarter, lifting the position 18.9% from the prior quarter to 688,529 shares.
Over the same period, the firm sharply reduced its IBIT call options exposure. The number of underlying shares tied to those calls fell 85.2%, dropping from 998,000 shares in March to 148,000 shares.
In practical terms, the change meant a shift away from using options to bet on upside and toward holding the spot ETF directly.
The position remained modest in size
The stake was still relatively conservative. The report said the holding was 91.4% below its 2024 high and represented about 0.03% of Tudor’s reported 13F securities.
That makes the move look less like an aggressive Bitcoin bet and more like a partial rebuild after a year of selling, combined with a change in how the exposure is held.
Jones has long described Bitcoin as an inflation hedge
ABMedia said Jones has long viewed Bitcoin as a tool to hedge against inflation, and this latest adjustment was in line with that standing view on BTC.
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