Paul Tudor Jones’ Firm Boosts Bitcoin ETF Stake After a Year of Selling

Tudor Investment, the firm founded by billionaire investor Paul Tudor Jones, increased its direct stake in BlackRock’s spot bitcoin ETF during the second quarter, marking a shift after a full year of consistent selling.

According to a 13F filing, the firm held 688,529 shares of the iShares Bitcoin Trust, worth 22.9 million dollars as of June 30. That figure represents an 18.9 percent increase, or 109,446 additional shares, from the 579,083 shares reported at the end of March.

Options Positions Move in Different Directions

Tudor also reported call options tied to 148,000 underlying IBIT shares, a sharp 85.2 percent drop from 998,000 shares in March. Its put option position slipped slightly, down 1.4 percent to 715,000 underlying shares from 725,000. The filing does not disclose strike prices or expiration dates for these options, meaning the raw share counts don’t offer a clear picture of the firm’s overall directional stance. These derivative positions are also likely tied to hedging strategies around Tudor’s core bitcoin holdings.

A Year of Steady Selling Before the Rebound

Tudor first disclosed an IBIT position of 869,565 shares in mid-2024, later expanding it to 8.05 million shares worth 427 million dollars by the end of that year. The firm then trimmed its position in every quarter throughout 2025, ending the year with just 576,523 shares. Notably, Tudor built up its stake as bitcoin climbed from around 60,000 dollars to 92,000 dollars, but began cutting exposure even as bitcoin later surged to an all-time high of 124,000 dollars. The share count hit its lowest point as bitcoin’s price started to decline.

Even with the recent increase, Tudor’s direct IBIT position remains 91.4 percent below its late-2024 peak and makes up only a small portion of the firm’s 71.9 billion dollar overall portfolio.

Bitcoin as an Inflation Hedge

Paul Tudor Jones has long framed bitcoin as a hedge against inflation. In 2024, he said “all roads lead to inflation” while disclosing long positions in both bitcoin and gold. More recently, in April of this year, he called bitcoin the “best inflation hedge,” pointing to its fixed supply as an advantage over gold.