Tudor Investment boosts ownership of BlackRock Bitcoin ETF with purchase of 109,446 shares.

Tudor Investment has boosted its stake in the BlackRock Bitcoin ETF by 18.9% during the second quarter, ending a lengthy period of reductions, although it has significantly decreased its reported call-option exposure to the fund.

The filing with the Securities and Exchange Commission dated August 14 revealed that the macro hedge fund established by billionaire Paul Tudor Jones held 688,529 shares of BlackRock’s iShares Bitcoin Trust (IBIT) as of June 30, up from 579,083 shares at the end of March.

Tudor acquired 109,446 shares within that quarter, raising the reported value of its position to about $22.9 million. This purchase marked a shift in its IBIT holdings after the firm had spent much of 2025 divesting from a position that originally exceeded 8 million shares.

At the end of 2024, Tudor possessed more than 8 million IBIT shares valued at around $427 million. The subsequent reductions through 2025 left the latest share count down over 90% from that peak, indicating that the second-quarter purchase only recaptured a small portion of the previously sold exposure.

The stake remains relatively small compared to the overall size of Tudor’s portfolio. The firm manages over $100 billion in assets, and the $22.9 million IBIT holding constituted just a small fragment of its total reported securities holdings as of the end of June.

Tudor Investment Increased Shares While Cutting IBIT Calls

Alongside its acquisition of direct shares, Tudor notably reduced the call options it held against BlackRock’s Bitcoin fund.

Their IBIT call position decreased by approximately 85% during the quarter, falling to the equivalent of 148,000 underlying shares from 998,000 at the end of March. The reported put exposure for the firm remained relatively stable.

The filing specifies Tudor’s holdings as of June 30 but does not provide information on the strike prices or expiration dates of the options. It also does not clarify whether the reduction was due to sales, expirations, or a shift in the firm’s strategy, limiting the inferences that can be drawn from the lower call position.

The Form 13F itself offers only a snapshot at quarter-end of certain U.S.-listed securities held by institutional investment managers. Filers typically have up to 45 days after a quarter’s close to submit the report, and short positions and other forms of exposure are not disclosed.

As previously noted by crypto.news in June, 13F reports can reflect long positions in listed crypto investment products but do not include directly held cryptocurrencies, complete hedges, cost bases, or trades initiated and closed within the reporting quarter.

Tudor’s filing, therefore, confirms that its direct IBIT share count increased between the reporting dates of March 31 and June 30, while presenting only a partial view of the hedge fund’s comprehensive Bitcoin-related exposure.

Other Institutions Also Added BlackRock Bitcoin ETF Shares

Tudor’s acquisition was revealed during a busy season of second-quarter institutional filings concerning BlackRock’s Bitcoin product.

Morgan Stanley disclosed on August 14 that it had enhanced its IBIT stake by 23% during the second quarter, increasing its position to approximately 16.5 million shares from around 13.4 million at the end of March.

The bank added roughly 3.04 million shares, although the reported value of its holding declined from about $667 million to $549 million as Bitcoin prices fell during the quarter. Morgan Stanley also reported 2.57 million shares of its Bitcoin Trust, valued at about $43.3 million, following the fund’s launch in April.

UBS also announced a larger position in BlackRock’s fund. An SEC filing dated August 13 indicated the Swiss bank held about 2.5 million IBIT shares valued at nearly $90 million as of June 30, compared to approximately 549,000 shares at the end of 2025.

The change represented an increase of nearly 355% in its share count over six months, as reported in the UBS filing coverage on August 13. However, like other 13F reports, it does not clarify whether all reported shares were proprietary investments or assets held on behalf of clients.

Not every major holder increased its allocation. Harvard Management Company maintained its 3.04 million IBIT shares during the second quarter, marking a halt to two consecutive quarters of reductions.

Harvard previously held 6.81 million shares at the end of September 2025, subsequently decreasing its position to 5.35 million in Q4 and then by another 2.31 million shares in Q1 2026. Its remaining holdings were valued at about $101.4 million as of June 30.

The same second-quarter holdings report indicated that Abu Dhabi investment entities, Mubadala Investment Company and Abu Dhabi Investment Council, also left their IBIT share counts unchanged. Mubadala possessed 14.72 million shares worth approximately $490.1 million, while the council reported 8.22 million shares valued at around $273.6 million.

Paul Tudor Jones Has Backed Bitcoin as an Inflation Hedge

Tudor’s renewed acquisition follows years of public endorsement for Bitcoin from Jones, who initially outlined his investment thesis for the asset in 2020.

Jones initially presented Bitcoin as a safeguard against monetary expansion and inflation, continuing to discuss it in relation to gold and other limited supply assets. His focus centered on Bitcoin’s capped supply and the potential erosion of purchasing power in traditional currencies.

During a June 2025 interview with Bloomberg, Jones suggested that Bitcoin, gold, and equities could fit into a portfolio designed as protection against inflation, with allocations adjusted to reflect Bitcoin’s increased volatility.

At that time, he speculated that policymakers managing significant debt might strive to keep real interest rates below inflation, hence making assets like Bitcoin and gold crucial stores of value under such circumstances.

Jones had previously discussed allocating around 1% to 2% of a portfolio to Bitcoin but did not specify a new percentage during the 2025 interview.

The hedge fund manager also sustained a favorable perspective on Bitcoin during an earlier phase of regulatory scrutiny in the United States. In May 2023, he expressed his intention to keep a minor allocation to the cryptocurrency while referencing its fixed supply as part of the investment rationale.

Bitcoin ETF Inflows Returned Ahead of Tudor Filing

Tudor’s position at the quarter’s end was disclosed following a period of renewed net inflows into U.S. spot Bitcoin ETFs in early August.

The funds collectively attracted approximately $853.5 million over five consecutive trading days from August 3 through August 7, according to SoSoValue data cited in an August 8 report. BlackRock’s IBIT accounted for nearly $694 million of that total.

The five-day inflow streak commenced with $170.1 million in total net inflows on August 3, followed by $211.5 million on August 4, and $244.4 million on August 5. The products received about $128.8 million on August 6 and $98.85 million on August 7.

BlackRock’s fund had recorded a $209.4 million single-day inflow on July 7 as total U.S. spot Bitcoin ETF inflows reached $265.7 million for that session. Fidelity’s FBTC, Bitwise’s BITB, ARK 21Shares’ ARKB, and Grayscale’s Bitcoin Mini Trust also experienced net inflows that day, while Grayscale’s GBTC saw outflows.

BlackRock describes IBIT as a product designed to offer exposure to Bitcoin while minimizing the custody and operational requirements associated with directly holding the cryptocurrency. The fund carries a 0.25% sponsor fee and reported a net asset value of $35.58 per share as of August 14.