Tudor Investment Reverses Bitcoin ETF Selling Streak, Boosting BlackRock Stake

Woofun AI reports that Tudor Investment, founded by Paul Tudor Jones, executed a strategic pivot in the second quarter by increasing its direct stake in BlackRock's iShares Bitcoin Trust (IBIT) after a prolonged period of divestment. This accumulation marks a distinct reversal from the firm's previous trajectory, signaling renewed confidence in bitcoin as a core portfolio component despite the broader market volatility.

The deeper driver of this adjustment is evident in the latest regulatory disclosures. A 13F filing on Friday revealed that Tudor held 688,529 shares of IBIT, valued at $22.9 million as of June 30. This represents an increase of 109,446 shares, or 18.9%, from the 579,083 shares held at the end of March, bringing the current holdings to approximately $24.5 million. Simultaneously, the firm drastically reduced its derivatives exposure; call options tied to 148,000 underlying IBIT shares were reported, down 85.2% from 998,000 in March. Put positions also edged down 1.4% to 715,000 underlying shares from 725,000. Per Woofun AI, the filing does not disclose the options' strike prices or expiration dates, meaning the underlying share counts do not provide a direct measure of Tudor's directional exposure, suggesting these derivatives are likely a hedging mechanism for its bitcoin bets.

Structurally, the current position remains a fraction of historical highs. Tudor first disclosed 869,565 IBIT shares in mid-2024 and aggressively increased the position to 8.05 million shares, worth $427 million by year-end.

However, the firm cut its stake in every quarter of 2025, ending December with 576,523 shares. This reduction occurred as bitcoin rallied from around $60,000 to $92,000, with further cuts made during the second and third quarters of last year when BTC hit an all-time high of $124,000. Even after the latest purchases, the direct-share position remains 91.4% below its late-2024 peak, accounting for only a minor portion of the $71.9 billion in the company's portfolio.

The rationale behind this selective accumulation lies in Tudor Jones' persistent macroeconomic view. He has repeatedly framed bitcoin as an inflation trade, stating in 2024 that "all roads lead to inflation." While maintaining long positions in both bitcoin and gold, he called bitcoin the "best inflation hedge" in April this year, citing its fixed supply as a structural advantage over gold. This conviction suggests the recent buying activity is a tactical realignment rather than a fundamental shift in long-term outlook.