Paul Tudor Jones Boosts IBIT Stake, Shifts Bitcoin Bet - iShares Bitcoin Trust (NASDAQ:IBIT)

Paul Tudor Jones is buying Bitcoin through an ETF again, but the more revealing part of the trade may be what the billionaire hedge fund manager is no longer using to make the bet.

Tudor Investment, the macro hedge fund Jones founded in 1980, increased its position in BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) by 18.9% during the second quarter, according to a 13F filing submitted to the SEC on Friday, highlighted by Decrypt.

The firm held 688,529 IBIT shares worth about $22.9 million as of June 30, up from 579,083 shares at the end of March. That represents a net addition of 109,446 shares.

The increase is relatively small against Tudor’s more than $100 billion in assets, but it is significant because it reverses a year-long pattern of reducing its Bitcoin ETF exposure.

Tudor Changes the Way It Bets on Bitcoin

The bigger signal in the filing is the shift from options toward direct ownership of IBIT.

Tudor cut its reported IBIT call-option exposure by roughly 85%, reducing the equivalent underlying shares from about 998,000 to 148,000. Its put position remained roughly unchanged.

That means the firm’s reported exposure is becoming substantially less dependent on options and more concentrated in the ETF itself.