Key facts
- Tudor Investment increased its stake in BlackRock's spot bitcoin ETF (IBIT) by 18.9% in Q2.
- The firm now holds 688,529 shares of IBIT, valued at $22.9 million.
- Tudor's call option position in IBIT underlying shares decreased by 85.2%.
- The current stake is 91.4% below its peak from late 2024.
- Paul Tudor Jones views bitcoin as an inflation hedge.
Tudor Investment, the firm founded by billionaire investor Paul Tudor Jones, significantly increased its direct stake in BlackRock's spot bitcoin ETF during the second quarter, according to a recent 13F filing. The firm acquired 109,446 additional shares of the iShares Bitcoin Trust ETF (IBIT), boosting its total holdings to 688,529 shares, valued at approximately $22.9 million as of June 30. This marks a notable shift after a period of selling and a substantial reduction in its call option position tied to the ETF.
Despite the recent purchases, Tudor Investment's current share count remains 91.4% below its peak from late 2024 and represents a small fraction of the firm's overall reported securities. The firm also reported a significant decrease of 85.2% in its call option position related to IBIT shares, while its put position saw a marginal decrease. The exact strike prices and expiration dates for these options were not disclosed, making it difficult to ascertain Tudor's precise directional exposure or hedging strategies.
Paul Tudor Jones has consistently viewed bitcoin as a hedge against inflation, previously stating that "all roads lead to inflation" and calling bitcoin the "best inflation hedge" due to its fixed supply. The firm's initial buildup in IBIT occurred as bitcoin's price rallied, followed by reductions during periods of strength and cuts as the cryptocurrency experienced declines.