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Tudor Investment Increases IBIT Stake After Year of Selling

Tudor reported more shares in BlackRock’s IBIT in a 13F filing, while its call position was cut sharply. The move highlights Paul Tudor Jones’ continued use of bitcoin as a macro hedge.

By Mike Hesp
• 2 min read
Tudor Investment Increases IBIT Stake After Year of Selling

Key Takeaways

  • In the second quarter, Tudor Investment increased its direct stake in BlackRock’s iShares Bitcoin Trust ETF to 688,529 shares.
  • The reported call position on IBIT fell by 85.2% in the same period to 148,000 underlying shares.
  • The move fits Tudor’s earlier Bitcoin thesis, in which Paul Tudor Jones sees Bitcoin as an inflation hedge.

Tudor Investment, the fund run by billionaire Paul Tudor Jones, increased its direct stake in BlackRock’s spot Bitcoin ETF in the second quarter, while the reported call position in the same fund was cut sharply. The filing in a 13F filing shows that the company once again added more exposure to IBIT after a period in which the stake was gradually reduced.

More Shares in IBIT

As of June 30, Tudor Investment held 688,529 shares in the iShares Bitcoin Trust ETF, worth $22.9 million (€19.8 million) according to the filing. That is 109,446 more shares than at the end of March, an increase of 18.9%. Based on the later valuation, the position comes to about $24.5 million (€21.2 million).

At the same time, the fund reported calls tied to 148,000 underlying IBIT shares, down 85.2% from 998,000 in March. The put position slipped slightly by 1.4% to 715,000 underlying shares. Because the filing does not mention strike prices or expiration dates, the size of those positions does not directly tell the full story of Tudor’s total exposure.

Jones Sticks With Bitcoin Thesis

The move fits into a broader history of Tudor around Bitcoin. Jones publicly said back in 2020 that he bought Bitcoin futures as a hedge against inflation, and at the time compared that role to gold in the 1970s. Later, he again called Bitcoin an inflation hedge, partly because of its fixed supply.

Tudor has also shown before that the fund can move quickly. In 2024, it built up the IBIT position significantly, only to reduce it again quarter by quarter in 2025. Even after the recent purchase, the direct stake is still well below the peak reached at the end of 2024 and makes up only a small part of the total $71.9 billion (€62.2 billion) portfolio.

Relevant for European Investors

For European crypto followers, this is mainly relevant because it shows that a major macro investor is still using Bitcoin through a regulated exchange-traded product as an allocation tool. These 13F filings do not give a full picture of total exposure, but they do offer a rare look at how professional firms structure their Bitcoin position through the U.S. market. That fits into a broader institutional trend around IBIT, which is increasingly used as a more liquid way for large investors to get Bitcoin exposure.

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