Key Takeaways:
Paul Tudor Jones' macro fund reversed a year of selling to add 109,446 BlackRock bitcoin ETF shares in the second quarter.
Tudor Investment Corp raised its BlackRock bitcoin ETF stake 18.9% to 688,529 shares worth $22.9 million, its first increase after a year of selling.
Jones has called bitcoin the "best inflation hedge" available, citing its predetermined supply cap as an edge over gold, he said in April.
The firm added 109,446 shares during the quarter while cutting call options 85.2% to 148,000 underlying shares from 998,000 in March, a shift from leveraged bets toward direct spot exposure. Put positions slipped 1.4% to 715,000 underlying shares. The filing does not disclose strike prices or expirations.
The position remains 91.4% below its late-2024 peak of 8.05 million shares valued at $427 million, a small slice of Tudor's roughly $106 billion in assets under management. The next 13F filing, covering Sept. 30 positions, is due in mid-November.
Jones first disclosed 869,565 iShares Bitcoin Trust shares in mid-2024, a position that grew to 8.05 million shares worth $427 million by the end of that year before being trimmed each quarter of 2025. Today's holding sits 91.4% beneath that peak. The reversal comes as bitcoin trades near $63,000, down roughly 30% year-to-date and about 50% below its October 2025 all-time high above $126,000.
BlackRock's IBIT, the largest US spot bitcoin ETF, held about 747,361 BTC and managed roughly $47.35 billion in total net assets as of mid-August, with 1,500 institutional investors on record. The fund controls about 49% of aggregate US spot bitcoin ETF assets, which approached $105 billion at the end of the second quarter. The disclosure landed the same week Edelman Financial revealed a $34 million bitcoin ETF allocation, while Harvard's endowment held its $101.4 million IBIT position steady and Abu Dhabi's Mubadala kept $490.1 million.
The shift from derivatives to spot holdings at a fund of Tudor's scale points to bitcoin's growing role as a portfolio hedge against inflation, with regulated ETFs offering a custody route that direct holdings do not. Whether the increase holds into the next quarter-end snapshot will show in the mid-November filing.
This article is for informational purposes only and does not constitute investment advice.
