Paul Tudor Jones' macro fund increased its BlackRock Bitcoin ETF position by 18.9% to $22.9M in Q2, shifting from leveraged options to spot exposure.
Macro & Markets ·
Tudor Investment expanded its position in BlackRock's iShares Bitcoin Trust to 688,529 shares worth approximately $22.9 million as of June 30, representing an 18.9% increase from the prior quarter, according to a 13F filing submitted in August. The move marked a reversal after a year of steady reductions. Alongside the share purchase, the macro hedge fund cut its call options on the ETF by roughly 85% while maintaining its put positions, signaling a strategic shift away from leveraged derivatives toward direct ownership of the underlying asset.
The accumulation remains modest relative to Tudor Investment's total assets and falls well short of the firm's late-2024 holdings, which exceeded 8 million shares. The rebound nonetheless drew attention as a signal from a prominent macro trader re-entering the market. The timing coincided with a broader uptick in institutional Bitcoin ETF inflows as rate-hike expectations moderated.
The fund's founder has previously described Bitcoin as a hedge against currency debasement. What remains unclear is the full mechanics of the options strategy, as regulatory filings do not disclose strike prices or expiration dates.