Company disclosures show that Tudor Investment, the macro hedge fund founded by billionaire investor Paul Tudor Jones, increased its stake in BlackRock’s spot Bitcoin ETF, IBIT, last quarter, ending a year-long trend of reductions. Although the increase was modest, it has been viewed by the market as a noteworthy signal amid growing institutional interest in Bitcoin ETFs.
Position ends with continuous reduction
According to the latest 13F filing, Tudor Investment has rebalanced its position in IBIT. However, this holding still represents a very small portion of the fund’s total assets under management and is significantly lower than the peak reached at the end of 2024, when the fund held over 8 million shares of IBIT, with a market value of approximately $427 million, followed by continuous reductions throughout 2025.
This means that although the fund has repurchased, it is still significantly below its previous large-scale allocation.
Option positions have clearly contracted.
The document also shows that the fund simultaneously adjusted its holdings of the Bitcoin ETF. Its long position in call options linked to IBIT was reduced by approximately 85%, with the underlying share count falling from 998,000 to about 148,000 shares; its put option position remained largely unchanged.
- Number of shares underlying call options: reduced from approximately 9.98 million to 148,000
- Put option: Overall change is minimal.
- IBIT remains a key vehicle for its Bitcoin-related exposure.
This change suggests that the fund may be reducing leveraged options positions in favor of more direct spot ETF holdings. However, since 13F filings do not disclose option strike prices or expiration dates, outsiders cannot fully determine the specifics of its trading strategy.
Institutional funds are flowing back into ETFs
Paul Tudor Jones has long viewed Bitcoin as a hedge against inflation. He publicly articulated this view as early as 2020 and has since repeatedly described Bitcoin as a configuration choice to combat currency depreciation, and at times, as a hedge against rising geopolitical risks.
This increase in holdings comes as U.S. spot Bitcoin ETFs are experiencing a renewed surge in institutional interest. The report notes that, as market expectations for rate hikes ease, related funds have attracted hundreds of millions of dollars in inflows over the past five consecutive trading days. IBIT remains one of the largest products among U.S. spot Bitcoin ETFs, accounting for approximately 49% of the total assets in this category.
Additional information: The 13F filing reflects U.S. equity holdings as of the end of the quarter; it typically does not disclose specific purchase prices, nor does it show option strike prices or expiration dates.