Paul Tudor Jones’ Tudor Investment has increased its exposure to bitcoin through BlackRock’s iShares Bitcoin Trust ETF, reversing a year-long reduction in the hedge fund’s position, according to a report by The Street.
Tudor held 688,529 shares of the ETF at the end of June, worth approximately $22.9 million, according to its latest 13F filing. That compares with 579,083 shares three months earlier, representing an increase of 109,446 shares during the second quarter.
The shift comes alongside a significant reduction in Tudor’s exposure through IBIT call options. The fund cut the number of underlying shares represented by its reported call options from 998,000 to 148,000, an approximately 85% reduction, while maintaining its put position.
The changes suggest Tudor has been reshaping rather than simply increasing its overall Bitcoin exposure, with the fund moving away from a substantial options position while adding to its direct ETF holdings.
Tudor’s current IBIT position remains well below its peak. At the end of 2024, the hedge fund held more than 8 million shares of the ETF, worth around $427m at the time.
Jones has been a longstanding advocate of bitcoin. He disclosed in 2020 that he had allocated around 1% to 2% of his assets to the cryptocurrency and has subsequently described bitcoin as a potential hedge against inflation, alongside assets such as gold and equities.
