Tudor Investment — the macro hedge fund founded by Paul Tudor Jones — boosted its stake in BlackRock’s iShares Bitcoin Trust (IBIT) for the first time in a year, according to an Aug. 14 SEC filing that reports positions as of June 30. Key moves - Tudor added 109,446 IBIT shares in Q2, lifting its total to 688,529 shares (about $22.9 million), an 18.9% increase from 579,083 shares at the end of March. - The purchase reverses a long run of reductions that took the firm from a peak position of more than 8 million IBIT shares (roughly $427 million at the end of 2024) to a much smaller exposure; the current holding remains more than 90% below that peak. - By assets under management, the $22.9 million IBIT stake is tiny: Tudor manages over $100 billion, so this represents a sliver of its reported securities book. Options and reporting limits - Tudor sharply cut its reported IBIT call-option exposure, shrinking the calls’ equivalent underlying to about 148,000 shares from 998,000 — an ~85% drop in call exposure — while reported put exposure stayed roughly the same. - The 13F filing does not disclose option strike prices or expirations, so it’s unclear whether the reduction reflected sales, expirations or other strategy shifts. Form 13F itself is a quarter-end snapshot that omits shorts, many derivative exposures, cost bases and trades opened and closed within the quarter. Institutional context Tudor’s modest rebound in IBIT comes amid a busy slate of institutional 13F filings that show other big players changing their BlackRock Bitcoin positions in Q2: - Morgan Stanley increased its IBIT holding by about 23%, adding some 3.04 million shares to reach ~16.5 million shares (reported value fell from ~$667 million to ~$549 million as Bitcoin’s price slid). Morgan Stanley also reported 2.57 million shares of its own Bitcoin Trust (~$43.3 million). - UBS grew its IBIT position to roughly 2.5 million shares (~$90 million) from about 549,000 shares at the end of 2025 — a roughly 355% increase in six months. - Harvard Management Company held steady at 3.04 million IBIT shares after earlier reductions from 6.81 million in September 2025. Its remaining IBIT stake was valued at about $101.4 million at quarter-end. - Abu Dhabi entities left positions unchanged: Mubadala reported 14.72 million IBIT shares (~$490.1 million) and the Abu Dhabi Investment Council reported 8.22 million shares (~$273.6 million). Why it matters - The filing confirms Tudor added direct IBIT shares between March 31 and June 30 but provides only a partial picture of the firm’s total Bitcoin exposure because of 13F disclosure limits. - The changes sit alongside continued strong flows into U.S. spot Bitcoin ETFs in early August: the funds pulled in about $853.5 million over five trading days (Aug. 3–7), with BlackRock’s IBIT accounting for roughly $694 million of that total. The momentum follows earlier single-day inflows — e.g., a $209.4 million inflow into U.S. spot Bitcoin ETFs on July 7. Background on Tudor and Bitcoin - Paul Tudor Jones has publicly supported Bitcoin for several years, first outlining it as a hedge against monetary expansion and inflation in 2020. He has likened Bitcoin to gold and other scarce assets and previously discussed allocating roughly 1–2% of a portfolio to the asset. In a June 2025 interview, Jones suggested Bitcoin, gold and equities could be combined to protect against inflation, with portfolio weights adjusted for Bitcoin’s higher volatility. Product note - BlackRock markets IBIT as a way to gain Bitcoin exposure without the custody and operational complexities of holding the cryptocurrency directly. As of Aug. 14, the fund carried a 0.25% sponsor fee and reported a net asset value of $35.58 per share. Bottom line: Tudor’s Q2 purchase marks a modest re-entry into BlackRock’s spot Bitcoin ETF after extensive reductions — an incremental move within a broader institutional reshuffle in spot-Bitcoin ETF holdings, but still small relative to both Tudor’s overall assets and the positions held by some other major institutions.
Tudor Investment Adds $22.9M to BlackRock's IBIT After Year-Long Pause
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Summary
Tudor Investment, the macro hedge fund led by Paul Tudor Jones, added 109,446 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in Q2, raising its stake to 688,529 shares valued at $22.9 million. This is the first IBIT purchase by Tudor in a year, following a period of reductions that cut holdings from a peak of over 8 million shares in late 2024. The firm also reduced its IBIT call-option exposure by ~85%. Other major institutions, including Morgan Stanley and UBS, also adjusted their positions in Q2, showing ongoing interest in U.S. spot Bitcoin ETFs. The move aligns with a crypto investment strategy that emphasizes long-term investing.
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