Paul Tudor Jones' macro hedge fund has resumed buying shares of BlackRock's spot Bitcoin exchange-traded fund, reversing a year-long stretch of reductions and signaling renewed confidence in direct exposure to the cryptocurrency.
A Reversal in Strategy
Tudor Investment Corporation lifted its holding in the iShares Bitcoin Trust by 18.9% during the second quarter, according to recent regulatory disclosures. The move brought the firm's stake to 688,529 shares, valued at roughly $22.9 million at the time of the filing.
The purchases mark a notable shift for the firm founded by the veteran macro trader, which had spent much of the prior year trimming its position in the fund. The renewed accumulation suggests the fund is once again leaning into Bitcoin as part of its broader macro playbook.
After a year of selling, one of Wall Street's sharpest macro minds is buying Bitcoin exposure again.
From Leverage to Spot Exposure
Alongside the increase in ETF shares, Tudor sharply reduced its call options tied to the fund. That pivot indicates a strategic reorientation away from leveraged, derivatives-based bets and toward straightforward spot exposure to Bitcoin's price.
The distinction matters for market watchers gauging institutional sentiment. Rather than wagering on rapid price swings through options, the firm appears to be positioning for a more direct, longer-horizon stake in the asset.
Key takeaways from the filing include:
- The iShares Bitcoin Trust stake rose 18.9% to 688,529 shares
- The position was worth about $22.9 million during the quarter
- Call options on the fund were cut significantly
Why It Matters
Paul Tudor Jones has long been among the more prominent traditional finance figures to voice support for Bitcoin, framing it as a hedge against inflation and monetary debasement. His firm's decision to rebuild a direct position adds to the growing narrative of institutional participation in regulated crypto products.
The shift toward spot holdings over options also reflects how large investors are increasingly comfortable treating Bitcoin as a core allocation rather than a speculative trade, using ETFs as the vehicle of choice.