Paul Tudor Jones boosts BlackRock bitcoin ETF stake in Q2, cuts options
Paul Tudor Jones’ Tudor Investment increased its direct holdings in BlackRock’s spot bitcoin ETF, iShares Bitcoin Trust (IBIT), in Q2 while sharply reducing call options.
According to a 13F filing, Tudor held 688,529 IBIT shares worth about $22.9 million as of June 30. That is up 18.9% from 579,083 shares at end-March, and the position is now valued around $24.5 million.
Tudor also reported call exposure tied to 148,000 underlying IBIT shares, down 85.2% from 998,000 in March. Put exposure slipped 1.4% to 715,000 underlying shares from 725,000. The filing does not provide strike prices or expiration dates, so directional exposure is unclear and derivatives may function as hedges around the core bitcoin bet.
Historically, Tudor built its IBIT stake in 2024, peaked at about 8.05 million shares (worth $427 million) by year-end, then reduced holdings throughout 2025. Even after the latest increase, the direct-share position remains 91.4% below the late-2024 peak and is only a small fraction of Tudor’s overall portfolio ($71.9B reported).
Tudor Jones has repeatedly framed bitcoin as an inflation hedge, citing its fixed supply as a key advantage. The shift—buying shares again after prior trimming—adds incremental bullish sentiment around the BlackRock bitcoin ETF (IBIT) even as options were pared back.
Neutral
Tudor Investment raised its share count in BlackRock’s bitcoin ETF (IBIT) in Q2, which can be read as incremental demand supportive for BTC-linked flows—especially because this is a direct spot-ETF exposure. However, the impact is capped by two factors.
First, the stake is still far below Tudor’s late-2024 peak (down 91.4%), implying the firm has not returned to “maximum conviction” sizing after earlier trims. That reduces the probability of a strong, sustained one-way inflow.
Second, while calls fell 85.2%, puts were only slightly lower. Because strikes/expiries aren’t disclosed, traders should treat this as more likely risk management (hedging) than a clear, bullish directional bet. Similar patterns—where large allocators adjust ETF share exposure but rebalance derivatives—often lead to muted near-term price effects, with volatility depending more on broader market drivers than on one investor’s tactical changes.
Short-term, this news may slightly improve sentiment toward IBIT/BTC as traders track institutional ETF participation. Long-term, it reinforces that Tudor still views BTC as an inflation hedge, but the reduced peak exposure suggests any bullish influence will be gradual rather than explosive. Net: neutral.