Key facts
- Tudor Investment increased its stake in BlackRock's IBIT by 18.9% in the last quarter.
- The firm now holds 688,529 shares of IBIT, valued at approximately $22.9 million as of June 30.
- Tudor Investment reduced its call options on IBIT by about 85%.
- The firm's position in IBIT is far below its peak holdings of over 8 million shares.
Tudor Investment, the macro hedge fund founded by billionaire Paul Tudor Jones, has increased its stake in BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), reversing a year-long trend of selling. As of June 30, the firm held 688,529 shares of IBIT, valued at approximately $22.9 million, representing an 18.9% increase from the previous quarter. This move comes as institutional interest in Bitcoin ETFs sees a resurgence, with IBIT continuing to lead the market.
The filing also indicated a strategic shift in how Tudor Investment holds its Bitcoin exposure. The firm significantly reduced its call options tied to IBIT by about 85%, while its put positions remained largely unchanged. This suggests a move away from leveraged bets towards more direct spot ownership, although the exact strategy remains unclear due to the nature of 13F filings.
Paul Tudor Jones has historically advocated for Bitcoin as a hedge against inflation and currency debasement. The renewed accumulation by his firm arrives at a time when Bitcoin ETFs are experiencing substantial inflows, driven by cooling expectations for interest rate hikes.