Tudor Investment has increased its direct stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT) by 18.9% in the second quarter, while sharply reducing its call option position in the fund by 85.2%, according to a 13F filing. The firm held 688,529 shares of IBIT valued at $22.9 million as of June 30, with the filing noting uncertainty about the options’ strike prices and expiration dates.
The firm’s share count in IBIT rose to 688,529 from 579,083 at the end of March, reflecting a significant increase in its direct exposure to the ETF. Meanwhile, its call option position, tied to 148,000 shares, fell from 998,000 in March, though its put position decreased marginally to 715,000 shares.
Tudor’s holdings in IBIT expanded substantially from mid-2024, when it held 869,565 shares, to 8.05 million shares worth $427 million by year-end. However, its direct share position as of June 30 was 91.4% below its late-2024 peak, suggesting a strategic realignment.
The 13F filing did not disclose the strike prices or expiration dates for the options, leaving the firm’s directional exposure unclear. Analysts have described the derivatives positions as “likely a hedging mechanism” but have not confirmed their purpose.
Paul Tudor Jones, founder of Tudor Investment, has previously highlighted bitcoin’s role as an inflation hedge, stating in April that the asset’s fixed supply gives it an advantage over gold. His comments align with the firm’s increased focus on digital assets amid broader macroeconomic concerns.
Written by Oliver Grant
Markets Desk
